Through Resolution no. 63/21, of 1 September, Angola adhered to the Convention for the Settlement of Disputes arising from Foreign Investment (ICSID), also known as the Washington Convention.
The ICSID Convention entered into force in 1966 and aims to promote investment and globalization by allowing investors to benefit from a neutral, fast, and efficient means of alternative dispute resolution that allows for the definitive resolution of any disputes that may arise between the State and investors.
The adhesion of the ICSID Convention and the recent ratification of the New York Convention on the Recognition and Enforcement of Foreign Arbitral awards are big steps in the foreign investment attraction policies that Angola has been implementing, thus guaranteeing an increasingly stable and secure investment environment in the country.
Following the adhesion, Angola must regulate the form in which access to the ICSID Convention jurisdiction is provided since Angola has three alternatives to consent:
– In the Bilateral Investment Treaties;
– Directly through the national investment law;
– In the investment contracts to be entered into with foreign investors.
Article by Duarte Marques da Cruz
Duarte Marques da Cruz Duarte Marques da Cruz is partner of the Portuguese law firm MC&A, specialised in international business advisory, with a special focus in Lusophone markets. With extensive experience in the Energy sector (Renewables and Oil & Gas) and in International Taxation, he has supported international companies in major upstream, midstream transactions and projects, including in implementing, exploration and development programs. Duarte has also supported international clients in other areas of practice, namely, Mining, Transport & Logistics, Regulatory Compliance and Mergers & Acquisitions in Mozambique, Angola and Portugal. Through this Simplification Project, Angola shows to investors and economic players that intends to maintain its bet on the internal and external investment; on other hand, it is important to note that this simplification procedure is only at its beginning and is expected a wider range of facilitation in multiple public administration proceedings and regarding more sectors of the economy.