Angola passes new law scrapping need for local investment partner

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LUANDA (Reuters) – Angola’s parliament approved unanimously on Thursday a new law to facilitate private investment into sub-Saharan Africa’s third largest economy, doing away with the need for local partners and a minimum spend of one million dollars.

The new law, which does not apply to the oil, mining or the finance sectors, is a cornerstone of President Joao Lourenco’s attempts to open up and diversify the Angolan economy in a bid to revive growth battered by a fall in the price of oil.

Previously foreigners looking to invest in Angola had to, in most sectors, join with a local partner who by law was required to have at least a 35 percent stake. Investors had long described the requirements as restrictive.

Reporting by Stephen Eisenhammer

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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