In Mozambique, the new Private Investment Law has been passed by consensus in parliament, considered by the government to be a crucial measure for making the nation even more attractive to domestic and foreign private investment.
The law won the unanimous approval of Mozambique's three parliamentary benches: the Mozambique Liberation Front (Frelimo), the ruling party; the Mozambican National Resistance (Renamo), the main opposition party; and the Democratic Movement of Mozambique (MDM), the third-largest parliamentary group.
This new legislation, which replaces the law that had been in force for three decades, was approved in general terms two weeks ago.
"This revision comes after about thirty years of the current law being in force, at which point the need for harmonisation with other laws relating to the business environment and investment in the country is justified", the Ministry of Industry and Trade said in a statement accompanying the bill.
Among the new measures is a set of incentives announced in August 2022, including, last Monday, the abolition of entry visas for citizens of 29 countries.
As regards the new law, the Ministry of Trade and Industry highlights several innovations, from the emphasis on investors' social responsibility to the creation of investment regimes (a simple or simplified registration regime and an authorisation regime).
In addition, one article provides for the reasoning behind acts refusing applications, while other articles regulate complaints, appeals and infringements.
