Presidential Order No. 3/18 of January 12nd has recently been published, which establishes a Multisectoral Commission with the objective of making a diagnosis of the institutional and regulatory framework of the private investment procedure, which will be coordinated by the Minister of the State for the Economic and Social Development.

According to the aforementioned Order, the main purpose of the Commission is to make a diagnosis on the institutional and regulatory framework of the private investment procedure and to amend it with a focus on the following:

  • Definition of the responsible body for promoting, articulate and integrate with the necessary State services at all stages of the investment procedure;
  • Analysis and presentation of proposals with a view to change the levels and deadlines for approval of the investment and its competent entities;
  • Analysis and definition of the necessary documentation for the approval of Private Investment Projects;Study and suggestion of a governance model for the institution in control of the Private Investment;
  • Study and suggestion of a more attractive and less costly regime for the investor;
  • Analysis and definition of the best operational framework for the private investment system;
  • Suggestion of more effective measures and/or solutions to accelerate the implementation of Private Investment Projects.

We highlight that until the amendments to the currently legislation are implemented, the Technical Units to Support Private Investment (UTAIP) of each Ministerial Departments will remain in operation under the terms of the current Private Investment rules.