May 18

Parliament approves new law on Private Investment

Source: Angop

The new law, which was approved with 191 votes in favour, rules out the previously imposed compulsory partnership with locals and the minimum amount of USD 1 million for investment.

The new law encourages the performance of economic agents, hence, the government has chosen the private investment as top issue to develop and speed up the economy, which needs to be attractive and increase the direct foreign investment to help to grow and create employment.

The current law has turned the process of promotion, attraction and private investment paperwork into a less bureaucratic one.

The law is not applicable to investments in the fields of oil and mining exploitation and activities related to financial institutions, which are ruled by a specific law.

The public companies, which the State owns or possesses the majority of the capital are not included in the new investment law.

The law stipulates that the usage of amount brought from outside the country for different purposes, which is not of those authorized, will be punished.

The private investor is also obliged to employ Angolan staff, give them professional training and provide them social and payment conditions, according to their professional skill, being forbidden any kind of discrimination.