The new Private Investment Law, approved this week by the Angolan parliament, will make the process “friendlier” for companies, said Paulo Varela, chairman of the Portugal-Angola Chamber of Commerce and Industry (CCIPA).
“Angola needs investment in the productive sector, which requires legislative stability, as well as a stable fiscal framework that is as simple as possible,” said Paulo Varela, questioned by Portuguese news agency Lusa on the sidelines of an initiative of CCIPA in Luanda, held alongside the Luanda International Fair.
In practical terms, Varela acknowledged it was positive that there was no longer a minimum amount for a private investment to be considered in Angola, unlike the previous version of the law that required a minimum of US$1 million.
The new Private Investment Law in Angola was approved in the National Assembly on Wednesday, and provides more incentives for private investors the bigger the Angolan stake in the project.
At the presentation of the new law in parliament, Economy Minister Abraão Gourgel, said the diploma aims to create, strengthen and consolidate the business sector, setting a range of sectors in which the minimum participation of Angolan partners is 35 percent of the share capital, and the authorisation to invest is conditional on meeting this requirement. (macauhub/AO/PT)