A newly approved private investment law in Angola will spur investments in the African nation by reducing bureaucracy, government officials said.

Edeltrudes Costa, Minister of State and Chief of Staff of the Angolan Government, said the new law would create a non-bureaucratic system for approving and monitoring investments at different stages through co-operation between different ministerial departments. Mr Costa was speaking in a seminar about the new private investment law held in Luanda on Monday.

The new co-operation mechanism is set to ease and speed up the administrative process in order to meet investors’ deadlines and business plans, Mr Costa said, quoted by Angolan news agency Angop. “We are aware that the new law represents a new way to boost private investment,” he added.

The National Assembly of Angola approved the new private investment law earlier this month. According to the law, the incentives would be applied respectively to domestic investments of at least 50 million kwanzas (US$397,940) and to foreign investments of at least 100 million kwanzas.

Angola’s Minister of Economy Abrahão Gourgel, speaking in the same seminar, said he hoped the new law would help the nation to attract more qualified investment. Under the new law, the competencies of the National Private Investment Agency (ANIP) will be transferred to different ministries in a bid to quicken the administrative procedures, Mr Gourgel added.