Luanda and Lisbon sign agreement on protection of investments

Luanda, Angola, on February 25 - Portugal and Angola signed Friday in Luanda an agreement on "promotion and reciprocal protection" of investments with the aim of "encouraging" business initiatives in both countries.

The agreement was signed by the Ministers of Foreign Affairs of Angola, Joao Miranda, and Foreign Affairs of Portugal, Luis Amado during the visit that the minister made the Portuguese Angola.

The agreement has application in investments "of a party to the territory of the other" upon entry into force, remaining investments before under the terms then in effect.

With 16 articles in four chapters, this agreement sets out rules for which investments will be seen, from the "compensation for losses" to the terms in which they are executed as "expropriation", "consultation", "review" or a "life and denunciation "of the same.

The document enter into force 30 days after the last date of receipt of notification, in writing and through diplomatic channels, that were met all the requirements of domestic law of both parties needed for the purpose, referred to in Article 14 of the text.

The agreement will remain in force for successive periods of 10 years, automatically renewable.