159x Filetype PPTX File size 1.71 MB Source: www.chathamhouse.org
Angola – An Agenda for Change Angola's institutional framework is changing, with a political and macro-economic agenda focused on development, transparency and inclusion A. Full Commitment to Transparency and Anti-Corruption practices B. Control of Budget Deficit, already with positive results and growth of the Net International Reserves of Foreign Currency Economic Stabilization Plan (approved by IMF ) impacting positively with C. reduction in inflation and convergence between formal and informal exchange rates Schedule for Privatizations of Public Companies being finalized, with future D. impacts on efficiency, public spending and on a pure market oriented economy 2 The Role of the State in the Economy The role of the State has undergone changes of paradigm, being that it is the Private Sector’s responsibility of development, diversification and economic inclusion STATE S • Supervision and regulation - segregation of State agencies’ N responsibilities (regulator vs. participating party in the economy (ex. new Oil O I T & Gas Regulation Agency) C N U F • Promotion the right business environment for private investment (ex. E R Implementation of new Competition Law) O C • Promoting the right infrastructure for economic development E L V L I A T R C GROWTH AND ECONOMIC DIVERSIFICATION E E V J O B O 3 Business Environment Continuous improvement of the business environment is at the top of the Executive’s agenda, already with visible results on the Doing Business ranking Doing Business Angola – Ranking evolution (2015 = Baseline = 183º) Examples of Ongoing Initiatives rd 173 Starting a Business - Reduction from 8 to 5 procedures, scrapping of minimum capital requirement and public deed. rd Construction Permits - New electronic 183 platform that has accelerated license 2015 2016 2017 2018 2019 issuing Registering Property - New Law for the Main areas of Improvement (2016-2019): Simplification and Modernization of Building, Commercial and Notarial Records Getting Electricity Trading Across Borders (8 days for certificate issuing) “… eased with the “…export & import eased by modernization of the Protecting Minority Investors - New laws Luanda power grid” implementing ASYCUDA” related to good governance practices Starting a Business Paying Taxes Trading Across Borders - ASYCUDA “…eased with the implementation (automated system for scrapping of minimum “paying taxes customs data) capital requirement” eased & less costly” Source: Doing Business 4 New Private Investment Projects The new context already has positive impacts, with private investment intentions rounding 569 M USD, in the last 6 months alone Private investment proposals registered in AIPEX (million of USD, August - December 2018) Total: 569 270 110 32 65 68 4 10 10 Turism Education Health Services Fishing Trade Agriculture Industry Main investors : 249 M 215 M USD USD 57 M USD Multi-country investors Source: AIPEX 5 Addressing Private Investment concerns Several key initiatives are in place addressing major concerns from private investors New Private Investment Law, that caters for significant tax benefits, eliminates 1. previous constraints on the form of company ownership and reaffirms the investors rights for repatriation of dividends, royalties and invested capital, and the new Competition Law AIPEX, the Private Investment and Export Promotion Agency, 2. that provides one stop shop services to investors and can act as a facilitator in all required interaction with other Government agencies and ministries 3. Visa Processes Changes, that have been simplified and can be easily and faster obtained for investors Commercial Banks’ Access to Foreign Currencies, where changes 4. have been introduced and there has been a steady offer of foreign currency through competitive open tender processes, with offer exceeding demand 6
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