Nyusi Calls For More Us Investment And Trade
Maputo, 14 Dec (AIM) – Mozambican President Filipe Nyusi on Tuesday called for an increase in the flow of investment and trade between the United States and Mozambique.
He was speaking in Washington at a round table on business opportunities in Mozambique, organized in collaboration with the Corporate Council on Africa (CCA). Nyusi is in the US at the invitation of his American counterpart, Joe Biden, to attend the Second Summit between the US and African leaders.
According to a report in Wednesday’s issue of the Maputo daily “Noticias”, Nyusi told the round table that there is plenty of room for an expansion of the economic relations between the two countries.
In terms of investment, between 2010 and 2019 the accumulated value of US investment in Mozambique was 5.2 billion dollars, of which 3.8 billion were directed to oil and gas exploration in the Rovuma Basin, off the coast of the northern province of Cabo Delgado.
As for trade flows, Nyusi said the main exports from Mozambique to the US are sugar, tobacco, titanium-bearing heavy sands, timber, cashew nuts, groundnuts and works of art. From the US, Mozambique imports medicines, building materials, wheat, fertilizer and vehicles.
“As you can see, our economic relations are very limited”, said the President. “Mozambique and the US can do much more. I think the time has come for us to advance”.
The potential for Mozambique’s economic growth was high, he claimed. “We have committed ourselves to following our programme with the International Monetary Fund (IMF), with which our relations are very good. The projections are that, if we maintain the current macro-economic performance, the growth in our GDP could reach five per cent in 2023”.
Nyusi added that the Mozambican economy is becoming more competitive thanks to the government’s move to eliminate red tape, modernize the tax system, and adopt a package of measures to simplify procedures.
(AIM)
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