Angola and China investment protection agreement in final phase

Luanda - Angola's ambassador to China, João Salvador dos Santos Neto, Thursday said that the Reciprocal Investment Protection Agreement between the two countries was in its final phase.

João Salvador dos Santos, who was speaking at the opening ceremony of the Commercial and Economic Promotion Council between China and Africa, held in Changsha, capital of the province of Hunan, said that technicians from both countries are finalising the details of the above-mentioned agreement which is part of the bilateral legal instruments for the facilitation of investments.

The two countries have a bilateral agreement that avoids double taxation and the Angolan institutions in the last three years have introduced other general reforms that ensure greater dynamism, security and less bureaucratic expediency.

The country has had new legal instruments since 2018, including the Private Investment Law, the Competition Law, which make the business environment more favourable for investment in Angola.

The diplomat explained that these laws introduce the concept of free competition in the Angolan market, eliminate monopolies and the obligation of partnership with nationals and guarantee the repatriation of invested capital.

João Salvador dos Santos noted the potential in the sectors of the economy and that they could make up the basis for broad and diversified cooperation with Angola.

The diplomat pointed out as options for the Chinese to invest in Angola the creation of a company under Angolan law and carry out its investments directly, without necessity of national partnership, establish a partnership with an Angolan company, with project or infrastructure that requires investment with a view to expansion and modernisation and acquisition of firms or state assets in various sectors of the economy in 195 units under full or partial privatisation until 2022.

For his part, the Deputy Governor of Hunan Province, He Baoxiang, encouraged Chinese entrepreneurs to help Africa exploit and transform its natural resources, industrialise and develop the continent, based on a win-win principles.

 

João Salvador dos Santos, who was speaking at the opening ceremony of the Commercial and Economic Promotion Council between China and Africa, held in Changsha, capital of the province of Hunan, said that technicians from both countries are finalising the details of the above-mentioned agreement which is part of the bilateral legal instruments for the facilitation of investments.

The two countries have a bilateral agreement that avoids double taxation and the Angolan institutions in the last three years have introduced other general reforms that ensure greater dynamism, security and less bureaucratic expediency.

The country has had new legal instruments since 2018, including the Private Investment Law, the Competition Law, which make the business environment more favourable for investment in Angola.

The diplomat explained that these laws introduce the concept of free competition in the Angolan market, eliminate monopolies and the obligation of partnership with nationals and guarantee the repatriation of invested capital.

João Salvador dos Santos noted the potential in the sectors of the economy and that they could make up the basis for broad and diversified cooperation with Angola.

The diplomat pointed out as options for the Chinese to invest in Angola the creation of a company under Angolan law and carry out its investments directly, without necessity of national partnership, establish a partnership with an Angolan company, with project or infrastructure that requires investment with a view to expansion and modernisation and acquisition of firms or state assets in various sectors of the economy in 195 units under full or partial privatisation until 2022.

For his part, the Deputy Governor of Hunan Province, He Baoxiang, encouraged Chinese entrepreneurs to help Africa exploit and transform its natural resources, industrialise and develop the continent, based on a win-win principles.