Angola passes law to attract foreign investment

2018-04-19 21:38

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Angola on Thursday passed a law scrapping rules that previously forced foreign investors to partner with local firms, as President Joao Lourenco tries to revive the oil-dependant economy.

Lourenco has vowed to pull in foreign investment after he succeeded Jose Eduardo dos Santos, who had ruled Angola for 38 years, in September.

The new law ended a minimum investment level of  $230 000, and the requirement that at least 35% of the capital had to come from Angolan partners.

"The law effectively eliminates the obligation on national citizens participating" in private investment, Finance Minister Pedro Luis da Fonseca told lawmakers.

The law was passed unanimously by parliament with the backing of opposition parties.

Lourenco promised an "economic miracle" in Angola after the nation was badly hit by the drop in oil prices.

During the country's oil boom, Dos Santos was accused of corruption and enriching a small elite, including his own family, while millions of Angolans remained in dire poverty.

Lourenco, a veteran of the ruling MPLA party and previously a loyal minister under Dos Santos, has moved to tackle state corruption and nepotism since taking over.

* Sign up to News24's top Africa news in your inbox: SUBSCRIBE TO THE HELLO AFRICA NEWSLETTER

FOLLOW News24 Africa on Twitter and Facebook

Read more on:    angola  |  southern africa

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.