The Angolan Government is to set up an Investment Promotion Agency to replace the existing National Agency for Private Investment (ANIP). The move follows the recent approval of a new Private Investment Law, Angolan news agency ANGOP reported.

Two committees under the Angolan Council of Ministers held a joint meeting last week, chaired by President José Eduardo dos Santos, to discuss the matter.

The National Assembly of Angola approved the new Private Investment Law last month. It states that several competencies of ANIP will be transferred to different ministries in a bid to quicken the administrative procedures in investment approvals. ANIP will just focus on private investment promotion.

Angolan officials last week said the newly approved law would help reduce bureaucracy and thus spur private investment in the African nation.