22 January 2016

Angola - Trade Minister Hails Institutional Cooperation With Zambia

Luanda — The Angolan Trade Minister, Rosa Pacavira stressed on Thursday in Luanda the importance of institutional and business cooperation between Angola and Zambia, involving public and private institutions.

According to Rosa Pacavira, in addition to bilateral commitments in the various fields between the two countries, Angola began a cycle of legal and institutional reforms, culminating in the review and amendment of the legal framework linked to private investment.

According to him, with the publication of the new law on private investment, the requirement of the amount of one million US dollars to invest in Angola is ceased, which, for several years, slowed down the investment in the country, as well as the creation of micro, small and medium companies.

He stressed that currently to invest in Angola, there is a certain amount. "With the new law on private investment, the entrepreneur will have greater protection and guarantees of state, and is faster, being up to the ministries analyze and approve them whenever the proposals are up to 10 million dollars, over 10 million the responsibility rests with the Angolan president".

Rosa Pacavira stressed that the allocation of benefits and tax and customs incentives became more selective, especially when the entrepreneur directs his investment in priority sectors to generate more jobs, national greater added-value and relevant contribution to the diversification of the national economy.

Among the priority sectors, the minister also cited the food industry, textiles (clothing, footwear), construction, recycling of paper, plastics, metallurgy and others.

The official said that the new legal framework, based on a coherent national policy, boost qualified investment attraction to the selective and gradual replacement of imports, promoting exports of greater added- value products and the diversification of the national economy.

On her turn, the Minister of Trade and Industry of the Republic of Zambia, Margaret D. Mwanaktwa said that Angola offers great opportunities that private and public partnerships in her country may take advantage, working together with Angolan businesspeople.

Margaret D. Mwanaktwa acknowledged the work that the Angolan government is doing in order to connect by land the two countries, as well as the political stability in the country.

On Thursday morning, minister Rosa Pacavira signed a bilateral agreement with her Zambian counterpart, Margaret D. Mwanaktwa.

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