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CASP 2024: Over 250 Projects Worth $5B Approved in 2023

CASP 2024: Over 250 Projects Worth $5B Approved in 2023

The Executive recently revealed that 2023 was the year in which the most projects were approved, emphasising that there was an increase in projects compared to 2022, which led to an improvement in the business environment and boosted the emergence of new jobs for young people across the country.

In concrete terms, in the last financial year, 277 projects were validated, valued at 5 billion dollars (316 billion meticals), generating more than 30,000 jobs, while in 2022 only 211 were approved, budgeted at 4.8 billion dollars (303.3 billion meticals) and responsible for the creation of 16,000 jobs.

‘If we compare, we can say that there was signable growth in 2023 in terms of investment. These figures show that the economy is effectively getting back on its feet and that the country remains attractive to new businesses,’ explained the Minister of Industry and Trade, Silvino Moreno.

Speaking during the 19th Annual Private Sector Conference (CASP), he said that most of the projects were implemented in the provinces of Inhambane and Maputo, more specifically in the hotel and tourism sector, followed by industry and services.

‘From the point of view of industrialisation, Nampula province had the most investment in this area, specifically in the Nacala area, where the industrial enterprise was inaugurated,’ he added.

‘If we compare, we can say that there has been signalled growth in 2023 in terms of investment. These figures show that the economy is effectively getting back on its feet and that the country remains attractive to new businesses’

Moreno emphasised that last year Mauritius, China, the United States of America, Namibia and India were the countries that invested the most in the country. ‘We hope that in 2024 investments will grow even more, especially with the approval of the new Investment Law, combined with various incentives developed as part of the implementation of the Package of Economic Acceleration Measures,’ he concluded.

The 19th edition of CASP, organised by the Confederation of Economic Associations (CTA), in partnership with the government, aimed 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) were also discussed.

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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) was attended by 80 foreign businesspeople, more than 4,000 face-to-face participants and 20,000 virtual participants.

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