Angolan investment agency has received 57 proposals since May 2018

29 November 2018

Angola’s private investment and export promotion agency, Aipex has received at least 57 private investment proposals since May last year worth a total of US$502 million, the president of the institution said in Luanda.

Licínio Vaz Contreiras also said that of the proposals submitted since May, the month in which the new Private Investment Law came into force, 30% were related to foreign investment and the remaining 70% to national investment, according to the Angop news agency.

The president of Aipex, speaking at a meeting to present the law to Angolan consultants and businesspeople, also said that the agency would analyse the proposals as soon as possible “so that they contribute to the increase of production and the promotion of exports.”

The Secretary of State for the Economy, Sérgio dos Santos, said that the new law, in addition to breaking the limit for investment and reducing red tape, will attract more investment to the interior of the country, boost employment, and promote diversification of the economy.

The Law published in the Diário da República official gazette splits the country into four investment zones, zone “A” made up of Luanda, and the municipalities that are the capitals of Benguela and Huíla provinces.

Zone B includes Bié, Bengo, Kwanza Norte, Kwanza Sul, Huambo, Namibe and the other municipalities of Benguela and Huíla, the provinces of Kuando Kubango, Cunene, Lunda Norte, Lunda Sul, Moxico, Uíge and Zaire belong to Zone C, while Zone D comprises the province of Cabinda. (macauhub)