Loading...
See More

Angola woos investors with law changes

May 15 2011 15:29 Reuters

Related Articles

Deals bolster SA, Angola ties

Angolan state visit to boost economic ties

PetroSA eyes oil-rich Angola

'Oil shields Africans from criticism'

Malema: Govt can stop African influx

Africa fails to reverse trade imbalances

 

Libon - New legislation on private investment will help Angola attract overseas investors, with a return to growth this year ensuring the economy has left its payment problems behind, the head of the country's investment agency said on Friday.

Oil-exporter Angola announced last August that it owed $6.8bn - twice what was previously estimated - to foreign firms involved in the southern African country's post-war reconstruction.

"Angola cannot face its huge economic challenges on its own. We have to bring in private, foreign capital, so we have just approved new laws which will come into force next week," Aguinaldo Jaime, head of the Anip investment agency told reporters on the sidelines of a conference in Lisbon.

He said the new private investment code will provide incentives such as tax breaks, reduced red tape and giving his agency more authority to approve the incentives

The law would also help tap huge interest in investment opportunities in a country where the primary infrastructure was mostly destroyed during a 27-year civil war that ended in 2002, Jaime said.

Angola, which rivals Nigeria as Africa's biggest oil producer and is the world's fifth biggest diamond exporter, had double-digit growth between 2004 and 2008, but has slowed sharply in the last two years due to a slump in oil and diamond prices.

Jaime said that the crisis had depleted the country's foreign reserves and led to the payment problems, but added that a return to growth this year will ensure they are not repeated.

"Fortunately we are overcoming the effects of the crisis and international financial institutions forecast Angola to grow around 6 percent this year," he said.

"This means that Angola will return to the robust growth path it had before the crisis and will honour its commitments," he added. 

angola
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 
 

3 sports games you have to watch this weekend

Whether it’s date night or a braai with buddies, plan around these three exciting sporting games!

 
 

Men24.com

Everyday struggles of naturally skinny guys
And this year's Miss Bumbum title goes to...
How to maintain your mo, bro
Hottie of the day: Colette

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...