Angola and Mozambique are two African markets that have remained attractive for foreign investors, especially those seeking to invest in the exploration and exploitation of natural resources. Apart from the sectoral similarities attracting foreign investors, the legal regimes of these two markets have a common influence of Portuguese legal tradition arising out of their colonial past. This commonality makes it desirable to study the two jurisdictions’ foreign investment regimes in order to develop a comparative perspective that could provide valuable insights. Such exercise can enable foreign investors to assess and identify similarities and differences in the legal treatment of their investments in the two markets and take necessary measures to counter potential legal challenges. The paper makes a close assessment of the legal environment and changes introduced in the foreign investment regimes of Angola and Mozambique in order to enable the identification of the key implications for foreign investors. The paper exposes the contrast between the two jurisdictions that is evidenced by the more recent momentum in Angolan initiatives to improve its foreign investment regime, distinct from the sustained evolution of the investment regime in Mozambique during the last three decades. The paper contributes to providing specific insights into the two comparable markets in order to enable the identification of how the respective national foreign investment law standards distinguish in the treatment and protection of foreign investments. Finally, the paper calls for the enhancement of intra-Lusophone investment cooperation and highlights the role of Macau SAR in the facilitation of investment relations with specific Lusophone host markets.