Angolan Parliament approves the general outline of Private Investment Law

20 April 2018

The proposal to revise the Private Investment Law of Angola, intended to increase the funding of foreign direct investment and reduce bureaucracy, was unanimously approved at the eighth ordinary plenary meeting of the country’s parliament held on Thursday in Luanda, the local press reported.

The proposal, which was sent to be discussed in detail by specialised committees, is focused on liberalising private investment in the country, removing the need for minimum investment amounts and the requirement to involve an Angolan partner in every investment project.

The Angolan Minister of Economy and Planning, Pedro Luís da Fonseca, in presenting the bill in parliament, said it would allow “reduction of bureaucracy” and stressed that as regards the “obligation of participation of nationals” the proposal ” already eliminates these limits,” imposed by the current law.

Last March, the head of the International Monetary Fund (IMF) mission that visited Luanda said that the application of the Competition Law and the revised Private Investment Law will contribute to Angola’s return to higher rates of economic growth.

Ricardo Velloso said that the competition legislation intends to break some of the existing monopolies in the economy, thus encouraging more private investment and leading to more job creation. The private investment law will provide more incentives and guarantees for foreign entrepreneurs to invest in Angola. (macauhub)