Implementation of private investment in Angola will be faster following approval of the new Private Investment Law (Law 14/15), adopted on 11 August by parliament, said Monday in Luanda the Minister of Economy.
Minister Abraão Gourgel, who spoke about the new law at a seminar on private investment, said the role previously played by the National Private Investment Agency will be passed on to the ministries, “which will make private investment speedier because it will be the ministerial departments that deal directly with investors.”
Cited by Angolan news agency Angop, Gourgel also said that the previous Private Investment Law allowed Angola to attract a large number of investments, but said there had been difficulties with regard to “attracting quality investments.”
The new law, with 67 articles that include benefits and investment incentives, rights, obligations, guarantees and sanctions, gives priority to private partnerships and presents a new definition of an Angolan company, as having at least 51 percent Angolan ownership.
The seminar, coordinated by the Civil House of the President, the Ministry of Economy and the Office of the Council of Ministers, addressed topics such as “Framework of the national policy on private investment” and “Draft regulation of the Private Investment Law.”
Law 14/15 – Private Investment Act of 11 August, 2015, revoked Law 20/11, of 20 May. (macauhub/AO)