Law 6/2012, Of 17 May, Additional Credit For Dealing With The Current Transfer To Fund The Project For Advice And Attract Foreign Investment

Original Language Title: llei 6/2012, del 17 de maig, de suplement de crèdit per fer front a la transferència corrent per finançar el projecte d’assessorament i captació d’inversió estrangera

Read the untranslated law here: https://www.bopa.ad/bopa/024027/Pagines/778A6.aspx

Law 6/2012, of 17 may, additional credit for dealing with the current transfer to fund the project for advice and attract foreign investment since the General Council in its session of May 17, 2012 has approved the following: exhibition of illustrations and the economic situation of the current crisis has led Governments to adopt a series of measures to try to revive national economies. In this sense, one of the actions of the Government of Andorra has been started the modification of the law of foreign investment with the aim to develop and sustain the necessary economic opening that allows you to activate the growth of our economy.

In this line of work have been identified as objectives: the implementation of an initial project aimed at generating new activity sectors in Andorra, with the purpose of making the economy of Andorra much more competitive and be much less dependent on traditional sectors, in order to have a much more solid and balanced economic model; and a second project to help improve traditional engines of the Andorran economy, so pick up the innovative character that they had years ago.

After analyzing from Andorra development and investment, SAU (ADI, SAU) the need to combine the economic opening with these two projects, it is considered essential to count on the support of a strategic consulting firm that has extensive knowledge of other markets and sectors, investment capacity and resource management with investment capital (private equity), a methodological model tested and validated, their proven experience in similar work processes and at the same time, it represents a guarantee of success of the project. This provision of services will engage and manage from ADI, SAU and the spending required to deal with is valued in 900,000 euros for the first phase of the project, and 600,000 euros for the second.

Seen that the Government does not have sufficient budgetary credits to deal with the current transfer to ADI, SAU to fund these costs, estimated at 1,500,000 euros;

Seen that the character of necessity and urgency of this expense is justified by the will of the Government to submit to parliamentary procedure next month of March the new law on foreign investment, and the need to have a plan of implementation of the economic opening on the first day that the new legal framework is slick;

For this reason, it is crucial to start with before the activities resulting from this project to have all of the essential elements of the diversification of our economy as soon as possible, since the current economic situation does not allow delays in this respect.

Seen that the Government, by resolution of 29 February 2012, has approved an advance of funds of a total of 900,000 euros to deal with the first phase of the project mentioned for the next budgetary: 310 Department of Economics-311 strategic projects-PROJ-0023 Promoting economic activity-44320 ADI, SAU;

Seen the report of the General intervention;

Seen the governmental agreement of 29 February 2012;

Article 1 approves a credit fee of € 1,500,000, 900,000 euros of which are for the year 2012 and 600,000 euros for the financial year 2013, to deal with the current transfer to fund the project for advice and attract foreign investment, for budgetary as follows: 310 Department of Economics-311 strategic projects-PROJ-0023 Promoting economic activity-44320 ADI, SAU Article 2 credit supplement for the year 2012 for a total of 900,000 euros is financed through a new debt. The credits of expenditure with pluriannual and their funding, with a total of 600,000 euros, will be included in the budget for the financial year 2013 when drafted by the corresponding budget project, in accordance with article 29 of the general law on public finance.

Final provision this law comes into force the day after being published in the official bulletin of the Principality of Andorra.

Casa de la Vall, 17 may 2012 Vicenç Mateu Zamora Syndic General Us the co-princes the sancionem and promulguem and let's get the publication in the official bulletin of the Principality of Andorra.

Joan Enric Vives Sicília Bishop of Urgell Co-prince of Andorra