Private investment in Angola will be faster under the new Private Investment Law, adopted on August 11, said the Minister of Economy Abrahão Gourgel.
Speaking about the new law at a seminar held on August 17 on “Private Investment”, Abrahão Gourgel said the role of the National Private Investment Agency (ANIP) will be transferred to ministries and enabling the private investments process to be done faster as ministerial departments will deal directly with investors.
The previous law, according to the minister, enabled Angola to attract a great volume of investments, nevertheless the country faced difficulties in regards to attracting high quality investments. He said the new law sought to eliminate red tape and barriers to private investment as well as regulate the repatriation of capital.
The new Private Investment Law gives priority to partnerships with the private companies and defines what constitutes an Angolan company. According to the Minister, the new law defines as an Angolan company a company in which at least 51 percent of the share is Angolan owned.