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Tue, 18 Aug 2015 10:48 - Updated Tue, 18 Aug 2015 10:48

Private investment in Angola to be faster

Luanda - Private investment in Angola will be faster with the new Private Investment Law, adopted on 11 August (Law 14/15), said on Monday here the Minister of Economy, Abrahão Gourgel.

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Minister of Economy - Abrahão Gourgel

Photo: Rosário dos Santos

The minister, who was speaking about the new law at the seminar on "Private Investment", said the role of the National Private Investment Agency (ANIP) will be transferred to the ministries and this will provide greater speed of private investment, because it will be the ministerial departments to deal directly with investors.

The previous law, according to the minister, enabled Angola to attract a greater volume of investment, but the country faced difficulties with respect to higher capturing of qualified investment.

He went on saying that the country was not successful as expected with the former law, through the attraction of many investments.

According to him, the new law sought to eliminate bureaucratic procedures and barriers to private investment as well as regulate the repatriation of capitals.

He justified in this context that many investors repatriated capitals even before investment returns.

The new Private Investment Law prioritizes joint ventures s with the private sector and provides a definition of Angolan company.

The event was held under a joint initiative of the Civil Office of the Angolan President, Ministry of Economy and the Secretariat of the Cabinet Council.

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