The Angolan Economy minister, Abraão Gourgel announced that the decision-making process for private investment in Angola is expected to become more agile and that repatriation of capital, profits and dividends will also be speedier.
The Economy Minister’s statement was based on a favourable assessment at the joint meeting of the Committees for the Economy and the Real Economy, both linked to the Council of Ministers, of the Proposed Review of the Private Investment Law, which will be taken to the National Assembly.
Gourgel said the investment process would be regulated from now on following “the establishment of priority areas, which are Tourism, Telecommunications and Information Technology, Logistics and Transport, Energy and Water, as well as Construction.”
The minister also said that in these sectors “foreign investors shall be required to have a national partnership at a rate of 35 percent.”
“The new law states that investments up to US$10 million are to be approved by ministerial departments and investments of over US$10 million will be forwarded to the holder of executive power,” he said.
When the new Private Investment Law is approved in parliament, the current National Agency for Private Investment (ANIP) will be charged with monitoring and promotion of domestic policy on investment. (macauhub/AO)