Mozambique: Parliament approves law to attract more private investment, 30 years on

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Mozambique: Parliament approves law to attract more private investment, 30 years on

11:37 CAT | 18 May 2023

File photo: Lusa

Mozambique’s parliament has definitively approved by consensus the new Private Investment Act, which the government says is needed in order to make the country “more attractive” to domestic and foreign private investment.

The diploma was approved with votes in favour of the three benches of the Mozambican parliament – the Front for the Liberation of Mozambique (Frelimo), the ruling party; the Mozambican National Resistance (Renamo), the main opposition party; and the Democratic Movement of Mozambique (MDM), the third-largest bench in parliament.

The bill, which was generally approved two weeks ago, replaces the one that came into force 30 years ago.

“This revision takes place after about 30 years of validity” of the current one, at a time when “harmonisation with the other legislation regarding the business environment and investments in the country is justified”, the Ministry of Industry and Commerce said in a statement presenting the draft bill.

Among the new measures is a set of stimuli announced in August, 2022, and which included, on Monday, the abolition of Mozambican entry visas for 29 countries.

As for the new law, the Ministry of Trade and Industry highlights several innovations, ranging from the enunciation of the social responsibility of investors to the establishment of investment regimes (mere registration or simplified regime and authorization regime).

There is also an article that provides for the substantiation of acts denying requests as well as other articles that regulate complaints, appeals and infractions.

Source: Lusa