The Mozambican President, Filipe Nyusi, revealed on Monday 26 August that Mozambique has seen a ‘very significant’ flow of investment over the last five years, highlighting that a total of 10 billion dollars has been accounted for, distributed across various crucial sectors of the economy.
Speaking during the opening ceremony of the 59th edition of the Maputo International Fair (FACIM 2024), the statesman clarified that the money was used to boost the energy sector, which received 40 per cent, tourism 18 per cent, industry 15 per cent, services 14 per cent and construction 5 per cent, with the remainder going to other activities.
According to the government official, these investments served to boost growth in the Gross Domestic Product (GDP), which stood at 3.2 per cent in the first quarter of 2024, as well as the measures introduced by the government and the central bank.
‘These situations are allied to low inflation with solid economic growth trends, the flow of investments, exports and exchange rate stability,’ he said.
The head of state stressed that the national trade balance is diversified, since exports are dominated by primary extraction and energy products, in particular electricity, coal, natural gas, aluminium and various agricultural products.
‘With regard to the diversification of our sales abroad, the data shows that we have exported to the following countries: India, South Africa, China, the United Kingdom, Italy, South Korea, Singapore, Vietnam and more,’ he emphasised.
In his speech, Nyusi called for an increase in the quality and quantity of products exported, in order to make the country more competitive, at a time when large-scale projects are underway in the Rovuma basin, Cabo Delgado province, northern Mozambique.
FACIM is taking place at the Ricatla International Trade Fair and Exhibition Centre, located in the Marracuene district of Maputo province, and its theme is ‘Industrialisation: Innovation and Diversification of the National Economy’.
It will last seven days (from 26 August to 1 September) and will showcase the country’s potential for production and exports, as well as promoting business and investment opportunities in the various segments of economic activity.
‘These situations are allied to low inflation with solid economic growth trends, the flow of investments, exports and exchange rate stability’
This year, 2,300 nationals and 650 foreigners from 25 countries around the world have been attracted, spread over more than ten pavilions and free spaces, and all economic sectors, associations, public and private companies are also invited.
The fair is a platform for exchange and co-operation and will feature a range of activities including exhibitions, seminars, promotion sessions and contact exchanges.
Cleusia Chirindza
