[2019-07-05] Angola has legislation to attract private investment

Source: Macauhub

Angola’s Oil and Mineral Resources Minister Diamantino Azevedo said on Thursday in Lisbon that his country already has the necessary legislative framework to attract private investment.

The minister, on the sidelines of the seminar on “Investment opportunities in the Angolan mining sector,” organised by the Portuguese Economy Ministry, said that the Angolan government has increasingly improved legal conditions, so as to give national investors and foreigners greater security.

“Angolan law is good and the tax system for the mining sector is competitive. What we are doing is to further improve what already exists in the sector,” he said, quoted by Angolan news agency Angop.

The minister said the sector has been working on the creation of a mineral resources agency that will be become both the sector regulator and concessionaire.

He explained that Angola benefits from only around 20% of the oil that is extracted in the country, because it has only one refinery with capacity for about 60,000 barrels, while 80% of its oil derivative needs have to be imported.

He also said that the country intended to encourage investors to focus on the area of ornamental rocks, in production as well as transformation, because this will also be an incentive for the construction sector in Angola.