The process of making a private investment in Angola takes a maximum of 45 days to be approved, unlike in previous years, when investors waited months to see their projects approved, said Monday in Luanda the director of the Technical Unit got Private Investment (UTIP).
Norberto Garcia said this was due to the efforts of the government to avoid bureaucracy in analysing investment projects in the country and giving more opportunities to domestic and foreign businesspeople.
Garcia said eight or nine deals had been closed under the Angola – China Investment Forum, amounting to US$1.3 billion, and estimated that the meeting will end with business worth US$2 billion.
The Technical Unit for Private Investment (UTIP) of the President’s Civil House of the Republic of Angola has been around for 12 months, in which time it has approved 43 projects across the country attracting investment of US$9 billion.
UTIP provides a specialist service of continued support to the President, and is responsible for the preparation, conduct, evaluation and negotiation of private investment projects, whose approval under the Private Investment Law and its regulations is the responsibility of the President of the Republic. (macauhub)