Luanda, ANGOLA, April 20 - Draft Law on Private Investment approved last Thursday at Parliament scraps the national compulsories partnership in the investments and the minimum value of USD 1 million to start business. ,

 

The proposal is meant to bring specific changes to ensure the efficiency in promotion, attraction and private investment procedure.

 

Presenting the proposal, the minister of Economy and Planning, Pedro Luís da Fonseca, said that the reduction of bureaucracy play a key role in the cost related to the launch of new economic activities.

 

He also said that the law does not set limits for investment or in terms of the amount for implementation of investment projects.  

 

The law does not apply to investments in oil and mining exploration as well as other activities related to  financial institutions governed by specific law.

 

Public commercial companies in which the State holds all or most of the capital are not governed by draft Law, added the minister.

 

He also said that the law stipulates that the benefits and incentives must directly respond to each method of investment.

 

Regarding transgressions or penalties, the official clarified that the law stipulates a single amount of one percent of the value of the investment.

 

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