On August 22, 2012, the President of the Republic of Congo-Brazzaville enacted the Law No. 19-2012 on the creation of the Investment Promotion Agency. Under this law, the Investment Promotion Agency is an administrative public institution, with legal status and financial self-sufficient. The Agency is based in Brazzaville, the capital city of the Republic of Congo, and is under the supervision of the Minister for the promotion of the Private Sector.
By the Decree No. 2013-132 of April 17, 2013 on the approval of the articles of association of the Investment Promotion Agency the Congolese Government gave effect to the creation of such structure. The purpose of this Agency is to implement the Government policy regarding investments through promotion and facilitation of private investment transactions, to improve the business environment as to promote the image to attract prospective investors in the Republic of Congo.
Specifically, the purpose of the Agency is « to receive, to inform, to assist and to accompany prospective investors in the achievement of their projects; to carry out studies on investment opportunities and manage investment projects; to make reliable information available to investors about investment opportunities and other economical, commercial and technical information; to create and to develop a bunch of small and medium enterprises; to assist in the development of partnerships between Congolese-based companies and foreign companies; to organize economical, commercial events and to participate in events organized by other bodies; to build capacities of enterprises, particularly in the organization of seminars, training and continue formation courses ».
The Investment Promotion Agency is administered and managed by an Executive Committee and a General Directorate, respectively run by a Chairperson of Executive Committee and a General Manager appointed through Decrees adopted by the Council of Ministers, on the proposal of the Minister for promotion of the Private Sector. Other members of the Executive Committee are appointed by Decree adopted by the Minister for the Promotion sector, on the proposal of administrations and bodies represented by the same.
The General Directorate of Investment Promotion Agency is responsible for, among others, decisions or proceedings of Executive Committee, for the budget of Agency, to implement texts governing the organization and operation of the Agency, to negotiate contract, lease, agreements and contracts in the name of the Agency, to prepare and to submit to the Executive Committee plans, business agenda and financing plans of the Agency, to prepare and to organize Executive Committee's meetings, to represent the Agency in any acts of civilian life. The Agency consists of an Executive Secretary, internal audit department, a computer department, research and development department, a promotion and communication department, assistance and monitoring department, administrative and finances department and branches.
With regard to particularly branches, the aforesaid Decree stipulates the intent to maintain a community administration. Relay structures representing the Directorate-General in departments and abroad, run and managed by branch heads having the position of managers, these branches actually deal with the community multiform assistance to be provided to investors and other operators in departments and abroad.
Branches established abroad will undoubtedly enable the Agency to acquire an optimal knowledge of investment requirements in order to provide appropriate services and to better promote business opportunities in the country. To that end, consultants' skills and different bilateral or multilateral partnerships should be required by the Agency pursuant to article 47 of the aforesaid Decree.
Finally, the Agency shall operate based on the resources from State grants, foreign assistance funds, assets, donations and legacy and varied income. Its activities will be controlled by the supervisory authority, State and Auditing Court in charge of fiscal matter.
The Investment Promotion Agency constitutes a significant tool for investments promotion in Congo-Brazzaville. Its implementation should attract many more investors in this country.