Private investment projects in Angola worth more than US$10 million will now be authorised directly by the President of the Republic, José Eduardo dos Santos, according to the proposed review of the country’s Private Investment Law.
Private investments up to an amount of US$10 million will now be approved – as well as instructed and prepared – by the ministerial departments of their respective sectors, in order to “remove excess stakeholders in the review and approval process,” the Minister of Economy, Abraão Gourgel said recently.
Besides making the capital repatriation process of profits and dividends from international companies operating in the country “speedier”, the new regulation will lead to a “reduction of excess bureaucracy” in investing in Angola, making the “decision-making process more agile,” added the Minister of Economy.
The Angolan National Assembly is expected this week to approve a new proposal to revise the Private Investment Law in Angola, in order to facilitate the repatriation of profits and dividends by reducing bureaucratic processes.
The current National Agency for Private Investment thus loses its jurisdiction over instruction and approval processes, and the new framework is intended to focus on internal and external promotion of private investment.
The review of the legislation puts tourism, telecommunications and information technology, logistics and transport, energy and water and construction as priority sectors in which foreign investors will now be required to have a national partnership, equivalent to a minimum of 35 percent. (macauhub/AO)