Angola seeks to attract foreign investment in China

18 March 2016

The new Private Investment Law in Angola was presented Wednesday in Beijing during a conference with at least 3,000 potential Chinese investors, Angolan news agency Angop reported.

The law was presented by the Director of the Technical Unit for Private Investment (UTIP), Norberto Garcia, and the Director of the Angolan Agency for Investment and Export Promotion (Apiex), António Henriques dos Santos, at a conference aimed at attracting investment to Angola.

The two officials also talked about the priorities and other advantages of the law that aims to channel new investments into different sectors as a way of diversifying the Angolan economy.

One of the main innovations of this law, the officials said, is that it no longer sets a minimum amount of foreign investment, unlike the previous version, which set a minimum amount of US$1 million.

However, the rule that only foreign investment exceeding US$1 million can take advantage of tax benefits remains in place.

After the end of the civil war in Angola in 2002, China supported the reconstruction of the country and Chinese companies got involved in reconstruction and/or construction of major infrastructure such as bridges, roads, railways, hospital facilities and others. (macauhub/AO/CN)