The United Nations Conference on Trade and Development (UNCTAD) has recently released a comprehensive report on Angola´s legal instruments regulating private investment in the country. The report, entitled “The Legal Framework of Private Investment in the Republic of Angola” and available only in Portuguese, focuses on the changing legal conditions for Foreign Direct Investment (FDI) in this African country since 1975.
The report examines the development of the Angolan legal framework for private investment since 1975 and its historic impact on private investment in the country, including in its scope national laws and decrees, national investment-concerned institutions, and international and regional investment agreements or conventions signed by Angola. The conclusion of the study is that, in order to promote further FDI flows into the country, and conclude more beneficial investment agreements, Angolan authorities must commit to the reinforcement of the general legal framework being studied.
The aim of UNCTAD reports such as the current one is to help developing countries strengthen their capacities to attract FDI, thus generating jobs for locals as well as business and trade opportunities that will allow a bigger economic growth. The legal framework report programme is funded by the European Commission in an attempt to further open developing countries´ markets for their companies´ FDI. Angola has celebrated only 9 investment agreements with foreign governments, 6 of which have been signed with European Union members (France, Great Britain, Italy, Portugal, Spain, and Sweden).