Angola has signed with Portugal its second Convention to Avoid Double Taxation (the first was with the United Arab Emirates) which will come into force from 2020. A long-awaited measure and an important milestone in the relationship between both countries.
In the first week of July, Angola’s Minister of Oil and Mineral Resources, Diamantino Azevedo, claimed that Angola has recently prepared new legislation.
The United Nations has recently dedicated support for building social and economic programs in Angola. In doing so, the UN has presented Angola with $284 million to put toward sustainable advancement and expansion of the country. UN Coordinator, Paolo Balladelli, explains that financing these opportunities for development will hopefully lead to the elimination of issues that the country has faced in the past, while working on other aspects that could still benefit from improvement.
In recent news, Angola is looking to Lisbon to support them through private investments in the development of new electricity and power sources. Over the next three years, Angola is looking to increase their energy sector by $3 billion in order to keep up with the production of their power capacity. With an increased emphasis on renewable energy, Angola hopes that, through investors from cities such as Lisbon, they can grow to where they need to be as a country in terms of energy and power.
On Monday, May 20th, 2019, Portugal and Angola signed a memorandum regarding the sea economy. This memorandum established a cooperation agreement between the two nations in areas such as technical and scientific research, legislation, training, and several other areas that involve bringing “Portuguese and Angolan businesspeople together for sustainable sea cooperation”.