Angola: Government Amends Private Investment Law

Luanda — The Economic Commission of the Cabinet Council approved Tuesday the amendment to Private Investment Law.

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Cabinet Council´s Economic Commission meeting

The move aims to improve competitiveness in attracting private investment, indicates the final communiqué from the 5th ordinary meeting of the Economic Commission.

The intention is to improve the attracting of foreign direct investment with the participation of large multinationals.

The statement adds that the objective is to provide investors with better conditions for the implementation of major projects.

With the amendment of the Law, a new regime was included, the contractual one, which allows the negotiation of incentives and facilities taking into account the specificity of investment projects, the economic and social impacts resulting from their implementation, the contribution to the promotion of production national and export diversification.

In the economic field, the session, chaired by the President, João Lourenço, approved the report of accounts of the National Bank of Angola, a document that reports the economic and financial performance of that institution during 2019.

The session also approved the foreign exchange origin and destination report for the first quarter of 2020, which represents a summary of the behavior of international reserves, their expansion and contracting factors and the evolution of export earnings.

In the transport sector, the Economic team considered the draft presidential decree on the general bases for the concession of operating airport services to support civil aviation.

The document establishes the principles and rules to be observed when entering into concession contracts for the operation of airport services in the country, including the operation, maintenance, financing and expansion thereof.

The global strategy of the airport system was also discussed, an instrument that aims to promote the growth of the civil aviation sector.

The intention is to transform Angola into an important turntable in the sub-Saharan region of Africa, anticipating the future development and challenges of African Air Trasport Market.

The strategy also aims to promote foreign direct investment in the airport system, disseminating knowledge, technological innovation and good governance practices.

The session also analysed the proposed notice of the exchange rate regime applicable in the diamond sector, a diploma that establishes the exchange rate regime applicable to the diamond sector.

Beneficiaries of the referred proposal are the entities that perform the exploration, polishing and or any type of diamond improvement, as well as their commercialization, under the terms of the mining code and complementary legislation.

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