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Private Investment in Tourism at $20.1M in Q1

Private Investment in Tourism at $20.1M in Q1

Private investment in the tourism sector totalled 1.3 billion meticals (20.1 million dollars) in the first quarter of this year, with 66 new hotel and restaurant developments coming into operation in the country.

According to the budget execution report drawn up by the Ministry of Economy and Finance, the new tourist facilities increased the number of rooms on offer to 414 (up from the 323 created in the same period last year) and created 559 jobs for young people.

‘Sixty-six developments came into operation compared to 42 in the same period last year, an increase of 57.1 per cent. Of the total, 28 are for accommodation, 33 for catering and beverages and five are in the travel agency sector,’ he explained.

In March, Mozambican President Filipe Nyusi revealed that more than 40 per cent of the investment projects registered in the country in 2023 were aimed at the tourism sector, yielding 7.3 billion dollars.

‘Tourism brought in a total of 7.3 billion dollars, due to the large number of projects received, contributing 8.9 per cent to the Gross Domestic Product, compared to 7.4 per cent in 2022,’ he explained.

At the time, he explained that the good results were related to the measures implemented by the government, which consisted of improving the business environment, developing support infrastructures, restoring wildlife and training human resources.

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