The new foreign investment regime in Angola - the creation of AIPEX MARÇO 2018

Presidential Decree no. 81/18, dated 03.03., created AIPEX.

This Decree is the first integrated legislative measure to reform the legal framework for private investment.
Remember that Presidential Decree No. 258/17, of 27.10., approved the Interim Plan for the period from October 2017 to March 2018, which included, among many other measures, the following:

(i) The establishment of a central body for the management of investment processes (corresponding to the amendment now registered, with the creation of AIPEX);

(ii) The definition of a new regime for the granting of visas and residence permits to promote foreign investment and the entry of expatriate labor force (which has already begun with certain types of entry visas);

(iii) The promotion of foreign investment, simplifying the respective investment processes (pending the approval of a new Private Investment Law, which included foreign investment).

In the Presidential Decree that creates AIPEX, it is possible (according to the stipulated therein) to anticipate that the future Private Investment Law may establish two procedural regimes for foreign investment:

- the contracting regime;

- the extraordinary regime.

Only with the approval of the new Private Investment Law will it be possible to confirm the existence of these two regimes, possibly supplemented by another simplified scheme (as stated in the above-mentioned Interim Plan).

With the creation of AIPEX this diploma extinguished U.T.I.P. (Technical Unit for Private Investment), APIEX (Agency for the Promotion of Investment and Exports of Angola) and UTAIP (Technical Units to Support Private Investment). AIPEX will have the following attributions:

- Promote and attract private investments of internal and external origin that can contribute to the country's socio-economic development;

- Contribute to the creation of conditions conducive to the realization of private investments in the national territory;

- Ensure the reception and monitoring of the intentions of private investment to be carried out in the national territory;

- Supervise and monitor the implementation and execution of approved private investment projects;

- Promote the attraction of foreign direct investment to the strategic sectors of the national economy;

- Promote the increase and diversification of exports of products and services of the Country;

- Ensure the inclusion of national companies in international markets and attract foreign direct investment;

- Ensure the development of the competitiveness of national companies and promote their internationalization;

- Prepare, conduct, evaluate, negotiate and approve private investment projects; and

- Implement policies and programs to replace imports and increase exports.

When the contracting regime is adopted:

(i) The negotiation of Private Investment Contracts is conducted by a Negotiation Committee.

(ii) The Chairman of the Board of Directors of AIPEX shall sign the investment contracts, after approval by the Board of Directors.

For the negotiation of private investment contracts under an extraordinary regime, ad-hoc committees are set up, consisting of the Ministerial Department holder who exercises the supervisory authority of AIPEX, on the proposal of the Chairman of the Board of Directors of AIPEX.

This Presidential Decree entered into force on March 20.


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