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Salim Valá: “Industrialisation Will Boost and Diversify Mozambican Economy”

Salim Valá: “Industrialisation Will Boost and Diversify Mozambican Economy”

The CEO of the Mozambique Stock Exchange (BVM), Salim Valá, argued that industrialisation will help to modernise agriculture and diversify the economy, making room for increased productivity, income for small producers and the creation of more jobs.

“It is crucial to focus on small and medium-sized enterprises, trained young people, the rural economy, innovation and new technologies, so that poverty is drastically reduced and social and spatial inequalities are no longer an obstacle to inclusive economic growth,” he emphasised.

According to the leader, between 2022 and 2023, the economy will show growth in Gross Domestic Product of between 4.1% and 5%, figures that illustrate a change in the trend of deceleration that has prevailed since 2016, but he emphasised that this level of growth is still far from desirable.

In an interview with Rádio Moçambique (RM), Valá emphasised that the extractive industry is fundamental for strengthening the economy, as it allows the resources obtained by the state to be invested in the areas of Technology, Agriculture, Manufacturing, Tourism, Infrastructure, Transport and Energy.

“It’s important that major natural resource exploitation projects, through correct supervision and taxation, can be a powerful vector for the structural transformation of our economy. The Sovereign Wealth Fund can bring additional value to the process, through good governance, management, transparency, meritocracy and efficient application of funds,” he explained.

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BVM’s PCA added that it is vital that terrorist hotspots, kidnappings, the high cost of financing, corruption and bureaucracy cease to be obstacles that constrain the business environment.

“Kidnappings, particularly in Maputo city, are making entrepreneurs fearful, and this does not favour entrepreneurial initiative,” he stressed.

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