The Chairman of the Mozambican Stock Exchange (BVM), Salim Valá, said that stock exchanges are crucial in financing economic diversification and industrialisation of countries in Portuguese-speaking African Countries (PALOP).
Speaking on the panel on “The Growth of the Stock Market in the PALOP’s”, at a forum organized in Luanda, by the Angola Stock Exchange (BODIVA), Salim Valá said it is necessary to explore new paradigms, approaches and innovative instruments, where the capital market and the stock exchange are the main tools to finance and empower companies in an adverse economic context.
“Stock exchanges must be properly connected with the financial sector and the economic system, so that they help provide the oxygen that companies need to make their businesses viable,” explained the source.
BVM’s PCA said before an audience of about 150 guests, including businessmen, government officials and the Angolan financial community, that stock exchanges still face a falling challenge both in the PALOPs, but also at the level of the Southern African Development Community (SADC) and the African continent in general.
“We advocate that stock exchanges should help countries bypass monoproduction and mono-export strategies, as well as focus on policies that favor economic diversification, promotion of industrialization, and structural transformation of our economies. We have to look at the needs of the megaprojects, but also at the demands of the Small and Medium Enterprises (SMEs),” emphasized the PCA.
“Stock exchanges must be properly connected to the financial sector and the economic system so that they help provide the oxygen that companies need to make their businesses viable.”
According to the speaker, “one should pay attention to agriculture, fishing, construction, transport and tourism, but also not lose sight of the resources to be obtained through oil and natural gas projects, cutting edge technologies and the financial system”.
At the forum, Salim Valá invited Angolan businessmen and investors, and also Cape Verdean ones, operating in several economic areas, to invest and develop business in Mozambique, having referred that the country launched a Package of Measures for Economic Acceleration (PAE), in August 2022, aiming at improving the business environment, stimulating private initiative and removing barriers that hinder economic development, a context that expands opportunities for private investment.
Diário Económico
