The Angolan government has introduced further changes to the organic statute of the Private Investment and Export Promotion Agency (Aipex), which is now responsible for registering investments but not for their approval.
The amendment is contained in Presidential Decree No. 96/19, already in force, which reaffirms Aipex as the Public Administration responsible for the registration of investments, under the terms of the Private Investment Law (LIP) of 2018, according to Legis-PALOP+TL.
Aipex is also responsible for supervising and controlling the implementation and execution of registered investment projects, responsibilities that in the previous statute were specifically of the Department of Studies and Monitoring of Investments and International Business, and not general responsibilities of Aipex.
The agency, through its Investment Proposals Evaluation Department, is the entity responsible for issuing certificates to private investors, with the department ensuring the receipt and processing of private investment project procedures, namely investments made in priority areas of activity and in development zones, under the LIP.
However, according to Legis-PALOP+TL, Aipex is no longer responsible for negotiating and approving private investment projects.
As a result, the Investment Contracts Negotiation Committee, the executive service of Aipex, which until now negotiated private investment contracts under the hiring regime, ceases to exist.
To date, Legis-PALOP+TL said, new legislation that assigns powers to another entity to negotiate and approve private investment projects has yet to be published.
Aipex was created about a year ago to promote investment and exports and to foster the international competitiveness of Angolan companies.
The Angolan government previously announced the creation of a unique private investment system, merging several state agencies that receive and process investment proposals to accelerate and simplify processes, according to the “New Private Investment System Operational Framework” prepared by the Technical Unit for Private Investment (UTIP).
The proposed model advocated the unification of the UTIP – closing the respective technical units that operate in the provincial governments and ministries for investment projects of less than US$10 million – and the Agency for the Promotion of Private Investment and Exports (Apiex).
The Africa Monitor newsletter reported that the government, in order to improve the country’s business environment, will prepare a proposal for a review of the new Private Investment Law by the end of the year. (Macauhub)