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Chapter III - Foreign Investment Procedures Section 4 - Contractual Regime Article 30 - Framework
ARTICLE 30 The following categories of investment shall be subject to the contractual regime: a) investments valued at greater than the equivalent of fifty million U.S. dollars; b) regardless of the value, investments involving areas of economic activity in which operations and management may only legally be carried out through a concession; c) regardless of the value, investments considered to be of special significance to the national economy, whether for structural purposes or by reason of their contribution to the development and internationalization of the national economy. ARTICLE 31 1. The contractual regime of foreign investment is essentially characterized by: a) definition and quantification of the objectives to be undertaken by the foreign investor during the contract period; b) definition and quantification of the tax benefits and other incentives to be granted and ensured by the Government to the foreign investor, in compensation for accurate and timely compliance with the predetermined objectives. c) effective and systematic monitoring by the State of the activities involved in carrying out the investment during the contractual period. 2. Investment contracts are administrative in nature, with the parties being the State, represented by the Minister of Planning and Economic Coordination, and the foreign investor. 3. It is permitted to agree in investment contracts that any litigation arising from the interpretation and execution of said contracts be resolved through arbitration. 4. In the cases referred to in section 3 above, arbitration must take place in Angola, and Angolan law will apply to the contract. ARTICLE 32 Foreign investment proposals shall be submitted to the competent body, accompanied by the documents required for the legal, economic, financial and technical description and characterization of the investor and the planned investments. ARTICLE 33 Upon receipt of the proposal, the competent body must decide, within a period of ten days, the appropriateness of the contractual regime, and this decision will be formally communicated to the applicant. ARTICLE 34 1. After determining the appropriateness of the regime as described in the previous article, the competent body shall have a period of thirty days in which to evaluate and give its opinion on the proposal. 2. During that period, the competent body shall analyze and evaluate the proposal, seeking the assistance of the evaluation committee to which the Council of Ministers Resolution N∫ 2/90 of January 6th refers. ARTICLE 35 1. Rejection of the proposal is within the competence of: a) the Minister of Planning and Economic Coordination, for investments which are valued at less than the equivalent of fifteen million U.S. dollars, in the cases mentioned in sections b) and c) of Article :30 of this Law; b) the Prime Minister, for all the other cases mentioned in Article 30 of this Law. 2. Rejection of the proposal, which shall be formally communicated to the applicant by the competent agency, may only be based on: a) reasons of a legal nature; b) undesirability of the planned investment in the light of the development strategy established by the competent sovereign bodies or the objectives set out in the economic and social development plans. ARTICLE 36 1. In the absence of express rejection of the proposal, it shall be submitted to the evaluation and decision of the Ministry of Planning and Economic Coordination, for the purpose of: a) appointing a negotiation committee; b) defining negotiating guidelines and instructions. including estimating its duration. 2. The decision referred to in the previous section must be rendered within a period of fifteen days. 3. Without prejudice to the specific circumstances of each particular case, the committee to which part a) of this Article refers shall be coordinated by the competent body and shall include representatives of the Ministry of Finance and the competent Gov ernment agencies involved in the project. ARTICLE 37 1. Upon conclusion of the negotiations, the draft contract shall be remitted by the competent body to the Ministry of Planning and Economic Coordination which, in turn. shall forward it to the Council of Ministers for approval. 2. Approval by the Council of Ministers shall take the form of a resolution to be published in the Diario da Republica. 3. The contract shall be granted in a private document, the original of which is to remain in the archives of the competent body.
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