The Confederation of Economic Associations of Mozambique (CTA) signed a memorandum of understanding with the Texas-Africa Chamber of Commerce (TXACC) in Houston, United States, on Monday, 3 August, in an initiative aimed at strengthening bilateral trade, promoting investment, and creating new business opportunities between Mozambican and American companies, according to the Mozambique News Agency.
The agreement was concluded during the US-Mozambique Business Forum and establishes a cooperation framework designed to bring together the private sectors of both countries, facilitate business partnerships, and promote foreign direct investment in areas considered strategic for Mozambique's economic development, according to a CTA statement cited by the agency.
Under the memorandum, CTA and TXACC commit to supporting the internationalisation of companies from both markets by promoting access to new markets, sharing information on investment opportunities, and building networks between entrepreneurs and investors.
"The partnership also envisages capacity-building activities targeting entrepreneurs and micro, small and medium-sized enterprises (MSMEs), considered fundamental to strengthening the competitiveness of Mozambique's business community and expanding its participation in international supply chains," the document states.
The memorandum further provides for enhanced cooperation between the public and private sectors through the sharing of market intelligence, the identification of business opportunities, and the promotion of a more investment-friendly environment.
"The partnership envisages capacity-building activities targeting entrepreneurs and MSMEs, considered fundamental to increasing the competitiveness of Mozambique's business community and expanding its participation in international supply chains." — CTA
The document identifies priority sectors as energy, oil and gas, infrastructure, manufacturing, agriculture, information technology, renewable energy, and professional training — areas in which Mozambique and the US state of Texas hold potential for developing joint projects.
For CTA, "the partnership represents a strategic step in bringing national companies closer to the American market, while also facilitating the transfer of knowledge, technology, and good business practices."
The confederation also considers that the agreement could help strengthen the capacity of domestic MSMEs, preparing them to meet the demands of major investment projects currently under way in the country and to increase their integration into global value chains.
The signing of the memorandum comes as Mozambique seeks to diversify its international economic partnerships and attract new private investment into sectors considered strategic for economic growth and industrialisation.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/?p=527160