Publishes a new Investment Code

28 Jul 2022

Published in the official journal on 28 July 2022, the new investment law aims to (i) lay down the rules governing investment, (ii) to define the rights and obligations of investors and the incentive schemes applicable to investments. It applies to natural persons or legal entities, national or foreign residents or non-residents.

The provisions of this Law are intended to encourage investment with the aim to (i) develop priority sectors of high added value; (ii) ensure sustainable and balanced territorial development; develop local natural resources and raw materials; (iii) foster technology transfer and develop innovation and the knowledge economy; (iv) generalize the use of new technologies; (v) boost the creation of sustainable jobs and promote the competence of human resources; and (vi) strengthen and improve the competitiveness of the domestic economy and its export capacity.

This law establishes the principles of freedom to invest and transparency and equality in the processing of investments. It governs investments made through (i) the acquisition of material or intangible assets, directly involved in the production of goods and services, as part of the creation of new activities, the extension of production capacity and/or the redevelopment of the production tool; (ii) shareholding in the capital of a company in the form of contributions in cash or in kind; and (iii) the relocation of activities from abroad.