Maputo, 29 Aug (AIM) – The Mozambican government’s Agency for Investment and Export Promotion received in the first half of the current year over 123 investment projects, budgeted at 1.7 billion dollars.
According to Mozambican President Filipe Nyusi, who was speaking on Monday in the southern district of Marracuene, at the opening ceremony of the 58th edition of the Maputo International Trade Fair (FACIM), the major business event in the country, this number of investments should create over 9,000 jobs.
“It is also important to emphasize that, without ignoring the complexity of this international situation, we expect greater vigor in growth, with the protection of the continental market, resulting from Mozambique’s accession to the Continental Free Trade Area agreement”, he said.
According to the President, FACIM, which is being held under the slogan: “Industrialization: Innovation and diversification of the national economy”, is a snapshot that shows that the Mozambican economy is fully viable and ready to put its potential into the regional, continental and global economy.
The President highlighted as key factors for business opportunities in Mozambique the young human capital, extensive agricultural land with river basins and lakes that also enrich the diversified energy matrix, proven reserves of natural gas, minerals and other resources that can be industrially transformed, as well as an extensive coastline.
Nyusi said that Mozambique’s GDP rose by 4.17 per cent in the first quarter of this year, “driven largely by the extractive industry, agriculture and the significant recovery of the leisure, tourism and transport sectors in the post-COVID-19 period”.
Aware of the country’s high development potential, he said, the Mozambican government has been promoting and encouraging domestic and foreign private investment.
Nyusi pointed to projections that indicate a slowdown in the global economy to annual growth of three per cent, with 1.5 per cent in advanced economies and four per cent in emerging and developing economies.
However, average growth of 3.5 per cent is expected in the Southern African Development Community (SADC), compared to 4.1 per cent for 2022, and five per cent growth for the Mozambican economy, in a scenario full of various adversities.
As challenges, Nyusi listed the persistence of inflation, high interest rates on the international market, placing restrictions on access to external financing and the reduction of fiscal space in most countries.
He called for improvements in the business environment, and boosting the fight against corruption.
“We’re going to simplify procedures, shorten the time it takes for companies to trade, we’re going to reduce property costs and improve the quality of land administration, i.e. more credibility, transparency, coverage, dispute resolution and equal property rights”, he concluded.
At this year’s FACIM, there are 2,500 exhibitors, of whom 2,050 are national and 450 foreign, from 25 countries.