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, 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, on August 9 in Luanda.
The deal was inked during Japanese Minister of Economy, Trade, and Industry Nishimura Yasutoshi’s three-day trip to Angola. The President of Angola, Mr. João Lourenço, welcomed the Japanese minister and a delegation of 26 businessmen from diverse sectors.
The agreement protects the assets of businesses that operate in each other’s nations. Additionally, it prohibits asking for unfair technology transfers. The sixth African country with which Japan has signed an investment agreement is Angola.
With the help of this agreement, investments between the Contracting Parties will be further liberalised, encouraged, and protected. It outlines the treatment given to investment activities and investments when an investor (such as an enterprise) of one Contracting Party invests in the other Contracting Party: national treatment and most-favourable-nation treatment at the pre-establishment and post-establishment phases of investments; equitable and just treatment; prohibition of performance requirements; terms for expropriation and compensation; freedom of transfers; and procedures for dispute resolution.
Angola is swiftly attempting to entice international investment by advocating improvements in the investment climate and legislation, including fiscal and financial reforms, anti-corruption measures, and reforms of the foreign exchange system. This is done in an effort to diversify and stabilise its economy. Angola is one of the biggest economies in Sub-Saharan Africa, ranks among Africa’s top oil producers, and has a lot of natural resources, which could lead to rapid economic expansion. Japanese companies are highly attracted to Angola, and it is anticipated that their investment will increase. This agreement is anticipated to foster the growth of the investment environment further and deepen economic ties between the two nations.
Speaking to the media, the Japanese minister emphasised that this agreement was signed after the head of Angola’s government visited Japan in March of this year. He also emphasised that the two nations have notable infrastructure cooperation, specifically in the port of Namibe and staff training.
Mr. Nishimura Yasutoshi expressed his optimism that the deal would, in fact, encourage Japanese investment in the African nation, helping it to achieve its objective of diversifying its economy.
