The new regulations for carrying out private investment in Angola stipulates the creation of a “fast lane” to speed up procedures and technical support units in each ministry, according to a presidential order.
“The investment process must be urgent and benefit from the practice of a ‘fast lane’ (via verde), with expedited and automated processing, dedicated, personalised support and computer integration of public services at a ‘service desk’ within each ministerial department,” according to paragraph 5 of Article 12.
Presidential order 182/15, of 30 September, entered into force immediately after its publication and is intended as an incentive for investment in Angola, which has experienced a significant drop in tax revenues due to the fall in oil prices and is now trying to accelerate economic diversification, reducing dependence on oil.
Investments of less than US$10 million will be analysed by the “the ministerial department responsible for the main activity of the private investment,” and above this amount the responsibility passes to the President, who can still delegate analysis of the investment to the appropriate Ministry.
Outside this scheme, and therefore the sole responsibility of the President, are proposed investments in sectors with “special legal regimes, including financial, mining and diamonds, as well as others provided by law, except when these regimes stipulate statutory assignment of responsibility to another body.”
The document defining the new rules for private investments also addresses the issue of ministry responsibility according to the dominant activity of the investment area, stipulating that, “when the dominant activity of the investment to be made is the responsibility of more than one ministerial department, the leaders of the ministerial departments concerned are considered responsible.”
The law cited by Portuguese news agency Lusa also requires creation of specific units to support investors, both at the ministries and provincial governments, called Technical Units to Support Private Investors (UTAIP), which are “responsible for the investment of procedure outlined in this regulation.”
In the provinces, these UTAIP should work alongside the provincial governor’s office and will be charged with “facilitating, preliminary contacts and guidance of the private investor.” (macauhub/AO)