Figures from Angola's National Agency for Private Investment (Anip) showed that during the second half of 2003, entrepreneurs pledged to plough $160 million into the oil-rich country, said Ari de Carvalho.

This brought the total for the year to $185 million, compared with just $50 million in 2002, with most of the money aimed at construction and manufacturing.

"People are knocking at the door; they want to take a look at Angola," he said. "Since the end of the war there's been an increased interest from investors.

"We receive three or four delegations a day and lots of interest from embassies."

Angola, sub-Saharan Africa's second-largest oil producer after Nigeria, is trying to rebuild its economy after a 27-year civil war ended in April 2002.

The government wants to diversify activity away from oil production, which stands at about 1 million barrels a day.

An investment law introduced last May obliged investors in non-oil and diamond sectors to register with Anip, a one-stop shop approving investments of less than $5 million. 

It also prepares larger investments for government approval.

De Carvalho said the new law made investing a lot easier, quicker and more centralised, giving business a framework and protection rights for property and investment.

But foreign investors need authorisation from the central bank and that requires approval from Anip, which also asks companies to register before providing incentives.

"Angola is still full of bureaucratic hurdles," he said. "One of our responsibilities is to cut these down because they penalise investors."

Angola-watchers say making a deal can often depend on who you know, and corruption underpins many transactions.

De Carvalho said some corruption still existed, but added that this would decrease as the benefits of business trickled down to the people.

He said the main opportunities for foreign investors were in agriculture, light industries, telecommunications, construction and in service industries related to mining and oil.