Press Club Brussels Europe #WeLoveBrussels - Page 23

The economic and social sectors currently offering the highest number of investment opportunities are: • Agriculture, Livestock Production and Forestry • Manufacturing and Processing Industries • Fisheries and Aquaculture, including fish processing • Construction and Housing Support • Healthcare (Preventive Medicine, Pharmaceutical Industry, etc.) • Education (Regular Education and Technical-Vocational Training) • Transport and Telecommunications • Hospitality and Tourism • IT and Management Technology Angola’s New Private Investment Act With the aim of improving the business environment and making the Angolan market more attractive for private investment, as well as for direct foreign investment, the Government passed the new Private Investment Act (Law no. 14/15 of 11/8/2015), which lays down the general framework for private investment in Angola. The new law sets out the principles and rules for ac c ess to b enefits and other facilities provided by the State, most notably, tax, customs and foreign exchange incentives, which favour the establishment of partnerships for the implementation of development projects, mainly related to construction, expansion and rehabilitation of infrastructures across the various sectors. Such benefits include exemption from industrial tax over specific periods of time and rebates on customs duties paid on imports of raw materials, equipment and capital goods. Although this law applies to internal investments in a minimum global amount equivalent to AOA 50,000,000.00 (fifty million Kwanzas) and to all foreign investment regardless of the global amount, the granting of fiscal incentives is subject to the following criteria: a. Internal investments, whose global amount is equivalent to a minimum of USD 500,000.00; b. Foreign investments, whose global amount is equivalent to a minimum of USD 1,000,000.00. 23