Angola and Spain Sign Investment Protection Accord
AngolaPress, Luanda
Angola and Spain Sign Investment Protection Accord
22 November 2007
Luanda - The Governments of Angola and Spain Wednesday in Luanda signed an accord for reciprocal protection of investments and a memorandum of understanding, that sets a programme of financial cooperation involving two credit lines of about Usd 600 million.
Signed by Finance minister, Pedro de Morais, for Angola, and Joan Clos, Spanish minister of Industry, Commerce and Tourism, the accord is meant for protection of investments made by investors in each others’ country.
The accord is also intended to push the flow of capital between the two countries, thus providing an investment environment that reduces the factors of political and juridical uncertainty that could affect the development of projects.
With the Memorandum of Understanding, Angola and Spain wish to strengthen existing economic cooperation and contribute for the funding of projects of common interest.
On the occasion, the Spanish minister expressed satisfaction at the accords signed through which he expects strengthened bilateral cooperation and security of investments in both countries.
According to a note from the Finance Ministry that reached Angop, the volume of bilateral trade reached 571,8 million Euros in 2006, and recorded a 61 percent rise early in 2007, due mainly to a rise in Angolan exports.
Firms of Spanish capital or origin are established in various sectors of the Angolan economy like those of infrastructures and public works, energy and electricity, environment, fishery, supply of equipment, health and others.
The two accords have been signed in the light of the visit of Joan Clos to Angola, aimed at analysing with local authorities the actual state of economic and commercial relations between the two countries.
Spain closely follows the country’s reconstruction process being carried out by Angolan Government, not only at bilateral level, but also through international organisations, maintaining a commitment of cooperation with Angola.
The Spanish business community has showed interest to invest in the sectors of tourism, hotels, civil construction, energy, transports and water treatment. The visiting delegation has already left Angola for Dakar, Senegal
