The draft law amending the private investment law was approved with 175 votes in favor of the Popular Movement for the Liberation of Angola (MPLA), the National Union for the Total Independence of Angola (UNITA), the Wide Convergence of Salvation of Angola - Electoral Coalition (CASA-CE), the Social Renewal Party (PRS) and the National Liberation Front of Angola (FNLA), none against and seven abstentions, by independent deputies.
In the presentation of the law proposal, the Secretary of State for Economy and Planning, Mário Caetano João, stressed that Law No. 10/18, of 26 June in force brought many advances, especially in the simplification and reduction of bureaucracy in the procedural process. , with previously defined and typified tax incentives, allowing to substantially reduce the period of registration of investment proposals.
Mário Caetano João stressed that, despite the advances and facilities, it is still verified that investments involving high financial amounts require a flexible mechanism that allows investors, especially foreigners and nationals who attract foreign partners with large investments, to obtain incentives , benefits and facilities, compatible with the high volume of capital of your investment.
According to the minister, the absence of this negotiating regime has constituted a considerable constraint, which has, in many situations, curbed investment initiatives, especially investment projects that can be structuring for the national economy.
"The present diploma proposal that we bring to your consideration aims to change the current private investment law, thereby reinforcing the country's competitiveness in attracting private investment, especially foreign direct investment, as well as improving the business environment," he said.
The proposed law that has been considered and approved, in general, by the parliament intends, equally, to enshrine in the private investment law the reinforcement of the simplification measures of the support service to national and foreign private investors, through the creation by window law. Investor's Only.
This service will be provided by the Private Investment Agency of Exports of Angola (AIPEX), aiming to accelerate all investment implantation processes licensed by it.
In the explanations of vote, UNITA deputy Ruben Sicato said with a vote in favor the opposition party hopes that the changes will attract businessmen to private investment.
"The UNITA parliamentary group voted in favor, as it hopes that by simplifying the procedures for implementing investment projects, this law will increase the capture of foreign direct investment by large multinationals," he said.
According to Ruben Sicato, this law in itself can do little if the executive does not implement the taking of measures that show the existence in the country of a favorable environment for foreign investment, such as, for example, the existence of a stable political environment, the functioning of an economic democracy, the development of a solid banking system and the existence of a relentless fight against corruption.
In turn, the leader of the CASA-CE parliamentary group, Alexandre Sebastião André, justified the sense of voting in favor with the "need for greater public and private investments".
"We also know that Angola has immense economic potential, that there is room for everyone, but it is true that there are principles and rules to be able to order the best procedure for the exploitation of our wealth", he said, pointing out some concerns, namely "successive changes, in a short space of time, of laws ".
"Laws that do not last for two years are immediately changed, this conveys the feeling of legal and legal uncertainty for investors, especially foreigners. It creates fears for foreign investors and makes us have a gray period in which the investor is evaluating", he stressed .
