Angola’s Private Investment Law under review

8 April 2014

Angola’s Private Investment Law is undergoing a review, the director of the National Private Investment Agency (ANIP), Luís Domingos said Monday in Luanda.

The information was provided whilst answering a question from Switzerland’s ambassador to Angola, Giancarlo Fenini, at the Angola-Switzerland Economic and Commercial Forum, which began Monday and is due to end Friday in Luanda.

According to Domingos, the 2011 private investment law, which stipulates a limit of US$1 million, is being reconsidered, and technical work on the law has already been carried out.

Speaking at the meeting’s opening session, Fenini pointed out some challenges that Angola is still facing, including “weak growth of the number of jobs, unqualified workforce, weakness of regulatory frameworks, a lack of legal security and still incipient economic integration and intercontinental links.”

Angola’s Secretary of State for Cooperation of the Foreign Relations Ministry, Ângela Bragança, said that the Swiss ambassador’s warnings were “pertinent” and noted that Angola needed foreign investment, Portuguese news agency Lusa reported.

Eighteen Swiss companies took part in the business contact meeting with a view to helping Angola diversify its economy. (macauhub)