Congo grants approval to nine companies to invest in critical sectors
Brazzaville, Congo (PANA) - The national investment commission on Friday granted approvals to nine companies which plan to carry out investments of 70 billion CFA francs in several sectors of the Congolese economy, the state radio announced on Saturday.
"We reviewed nine applications and after our deliberations, six companies received a favorable opinion from the investment committee. Three other companies received their approvals with reservations, while waiting for them to add some documents to their applications," the chairman of the committee, Jean Raymond Dirat, was quoted as saying.
These companies, according to him, represent a global investment of 70 billion CFA francs. The latter's projects, once completed, would generate more than 2,196 direct jobs.
They intend to invest in various sectors of growth-promoting activities. These include industry, agro-industry, telecommunications, building and public works, agriculture, transport, hotels, forestry, hydrocarbons, services and the banking sector.
Having obtained their approvals, these companies will get all forms of benefits from the Congolese government, in accordance with the investment policy of the government.
The guaranteed benefits include the 5% reduction in customs duties, three years reduction in profit tax and many other fiscal favors.
In return, the companies have the obligation to recruit Congolese staff and social security registration as a priority. Likewise, they are required to transform the raw material on site in order to participate in national economic development.
PANA recalls that the national investment commission is an executive body of the government in matters of investment promotion. Its main mission is to examine the requests for approvals from companies in order to grant those which meet the criteria of the specific advantages provided for in the investment programme.
-0- PANA MB/IS/KND/VAO 31May2020
