Tuesday, June 15, 2021
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    Angola passes new law scrapping need for local investment partner

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    Naija247news, Nigeriahttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    LUANDA (Reuters) – Angola’s parliament approved unanimously on Thursday a new law to facilitate private investment into sub-Saharan Africa’s third largest economy, doing away with the need for local partners and a minimum spend of one million dollars.

    The new law, which does not apply to the oil, mining or the finance sectors, is a cornerstone of President Joao Lourenco’s attempts to open up and diversify the Angolan economy in a bid to revive growth battered by a fall in the price of oil.

    Previously foreigners looking to invest in Angola had to, in most sectors, join with a local partner who by law was required to have at least a 35 percent stake. Investors had long described the requirements as restrictive.

    Reporting by Stephen Eisenhammer

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