On August 9 (same day local time) , in Luanda, the “Agreement between Japan and the Republic of Angola for the Liberalisation, Promotion and Protection of Investment (Japan-Angola Investment Agreement) was signed by H.E. Mr. SUZUKI Toru, Ambassador Extraordinary and Plenipotentiary of Japan to the Republic of Angola and H.E. Mr. Téte ANTÓNIO, Minister of External Relations of the Republic of Angola, in the presence of H.E. Mr. NISHIMURA Yasutoshi, Minister of Economy, Trade and Industry of Japan and H.E. Mr. João Manuel Gonçalves LOURENÇO, President of the Republic of Angola.
- This Agreement aims at further liberalisation, promotion and protection of investment between the Contracting Parties. It stipulates the treatments accorded to investment activities and investments when an investor (e.g. an enterprise) of a Contracting Party invests in the other Contracting Party: national treatment and most-favoured-nation treatment at pre-establishment and at post-establishment phases of investments; fair and equitable treatment; prohibition of performance requirements; conditions for expropriation and compensation; freedom of transfers; procedures for dispute settlements.
- In an effort to diversify and stabilise its economy, Angola is actively working to attract foreign investment by promoting improvements in the investment environment and legislation, including anti-corruption measures, fiscal and financial reforms as well as reforms of the foreign exchange system. Angola is one of the largest economies in Sub-Saharan Africa, while being one of the largest oil producers in Africa and has a high potential for economic growth with abundant mineral resources. Japanese companies are strongly attracted toAngola and their investment in the country is expected to continue to grow. It is expected that this Agreement willfurther promote the development of the investment environment and bring economic relations between the two countries even closer.
- The Contracting Parties will notify each other, through diplomatic channels, of the completion of their respective internal procedures necessary for the entry into force of this Agreement (in case of Japan, the approval of the National Diet will be required). This Agreement will enter into force on the thirtieth day after the latter of the dates of receipt of the notifications.
SOURCE:https://www.zawya.com/