The National Assembly of Angola approved on Wednesday a Private Investment Law. It could reduce bureaucracy in investment approval procedures and set up a clearer incentive scheme for such investments, Angolan news agency Angop reported.

The Parliament, made up of over 200 members, passed the law with 145 votes in favour during the 10th plenary session.

Abraão Gourgel, Angolan Minister of Economy, said in the session: “The Private Investment Law is a step forward in improving the business environment for investors in order to promote private investment.”

The law defined the rules on incentives relating to private investments, he added. According to the law, the incentives would be applied respectively to foreign investments of more than 100 million kwanzas (US$769,830) and to domestic investments of more than 50 million kwanzas.

Mr Gourgel also noted the law helped “establish the general basis of private investment in Angola”, including for its special economic zone, free trade zones and other areas with special investment status.