19 June 2012

Angola: ANIP Formalises Investment Contracts

Luanda — The Angola National Agency for Private Investment (ANIP) Tuesday in Luanda formalised the signing of six private investment projects in the fields of manufacturing industry, services and wholesale and retail commerce.

Of the overall projects estimated at Usd 163.9 million (One Usd is Akz 95,5), stress goes to that of production of steel in northern Bengo province, under a consortium involving Gesimet, SA which is a partner of Grupo Gema and a Spanish company.

According to Grupo Gema CEO, José Leitão, the Spanish party joined the Gesimet, SA society with 74 percent, Grupo Gema (23%), while three other parties represent individual entities.

José Leitão stated the accord will come into effect 30 days after the signing of the deal, with the consortium having a year-and-a-half period to start the implementation of the project.

Speaking at the end of the ceremony of formalisation of the deal, ANIP CEO, Maria Luísa Abrantes, stressed the fact that the accord involves Angolan and Foreign parties that are legally bound to invest in training of local personnel.

She said that in terms of the Private Investment Law, investors are obliged to gradually replace foreign manpower with local personnel.

Other companies that formalised accords with ANIP are Multilem (Design, Construção e Publicidade), Socifarma, Impulso Angola, Inovia - Electrónica de Angola and Mercoforma.

The approval of the projects that are expected to bring benefits to the provinces of Bengo, Luanda and Benguela, is part of the Government's strategy to stimulate the national production, reduce imports, diversify the economy and increase the country's productive

capacity and jobs.

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