During the 19th Annual Private Sector Conference (CASP), which is taking place in Maputo, Silvino Moreno, Minister of Industry and Commerce, highlighted the leading role of Inhambane province and the city of Nacala in Nampula in Mozambique’s investments. According to the minister, these key sectors, which include tourism and industrialisation, will attract 42.1% of total investment in 2023, standing out ‘as central pillars of the country’s economic development strategy’.
‘In 2023, the hospitality and tourism sector captured the lion’s share of our investments, accounting for 42.1 per cent of the total. This reflects our strategic vision of transforming Mozambique into a tourist destination of global excellence,’ he said. Inhambane and Nacala were identified as the key regions for these investments, with Inhambane ‘capitalising on its natural beauty and Nacala consolidating itself as an emerging industrial hub’.
At the same time, Nacala is emerging as an ‘industrial force’, driven by the construction of a new industrial zone adjacent to its strategic harbour. ‘With 2.4% of investments directed towards industry, the city is set to become a crucial economic centre, not just for Mozambique but for the whole of East Africa. This is part of our strategy to induce balanced economic development throughout the country,’ said Mr Moreno.
Meanwhile, Maputo province and city continue to be critical areas for economic growth, ‘although the focus is now more diversified, covering more regions and sectors’. According to the minister, the services sector also saw an increase in investment, receiving 15.7 per cent of the total, reflecting an increasingly diversified economy.
Regarding the legislative reforms, the Minister of Industry and Trade explained that ‘the new investment legislation we implemented this year replaces the previous one, which had been in force since 1993. With these changes, we intend to bring our investment policy into line with international best practice, making the country even more attractive to both foreign and domestic investors.’
Referring to Mozambique’s participation in the African Continental Trade Area, the minister emphasised the importance of this move for the country’s future.
‘We are on the verge of a great opportunity. Joining the African Continental Trade Area will open up new avenues for our entrepreneurs to expand their business beyond national borders.’
Concluding his speech, the minister appealed to the private sector, ‘This is a decisive moment. I encourage all Mozambican companies to prepare themselves to make the most of the opportunities that will arise from the new trade zone. The government is ready to support and facilitate this process.’
This edition of CASP, organised by the Confederation of Economic Associations (CTA), in partnership with the government, aims to reflect ‘on the progress and challenges of the Package of Economic Acceleration Measures and to debate the conditions of the business environment in order to make the country more competitive’. Projects valued at 75.8 billion meticals (1.7 billion dollars) will also be discussed.
Taking place under the theme ‘Investments and Business in the Environment of Economic Acceleration Measures: Challenges and Opportunities’, the three-day event (15, 16 and 17 May) will include 80 foreign entrepreneurs, more than 4,000 in-person participants and 20,000 virtual ones.
According to a CTA press release, there are also more than 40 national and foreign speakers and delegations from more than 12 countries, such as Mauritius, South Africa, Angola, Brazil, Portugal, the Netherlands, France, Italy and Zimbabwe, among others.
