The Portuguese Parliament has approved the new Private Investment Law, replacing the one that had been in force for 30 years.

According to a statement issued by the Ministry of Industry and Trade on Friday, the measure aims to make the country "more attractive to domestic and foreign private investment".

"This revision is taking place after around 30 years" of the current one, and is justified by "harmonizing it with other legislation on the business and investment environment in the country", reads a statement quoted by Lusa.

The new law highlights several innovations, ranging from the enunciation of the Social Responsibility of Investors to the establishment of investment regimes (mere registration or simplified regime and authorization regime).