The Angolan government intends to create a Single Private Investment System, merging several state agencies that receive and process investment proposals as a way of speeding up and simplifying processes, according to the “New Private Investment System Operational Framework,” document prepared by the Technical Unit for Private Investment (UTIP).
The document, quoted by the Lusa news agency, notes that the current model, which provides for a “fast, ‘unbureaucratised and simplified procedure” for private investment projects, has not achieved the desired objectives.
This reality, it said, is the result of “a lack of greater integration of State services related to private investment, non-standardisation of procedures between agencies involved in the system, and a lack of knowledge of private investment procedures” as it is “a new matter” for the Technical Units of Investment Support in the ministerial departments and the provincial governments.
The proposed model calls for merging UTIP – extinguishing the respective technical units that operate in provincial governments and ministries for investment projects of less than US$10 million – and the Agency for the Promotion of Private Investment and Exports ( piex), which were recently created.
The proposal outlines the creation of a Single Private Investment System, explaining that the “concentration of private investment procedures in a single entity ensures uniformity and better coordination of the investment system in the country at all stages of the process.”
The proposal involves the creation of an entity “with services in a One Stop Shop model, which would provide services for the approval of investment projects, incorporation of companies and the pre-licensing required for the operation of companies approved within the scope of private investment.” (macauhub)