Mozambique: Business should diversify, increase capacity, not depend on tax exemptions – president

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Mozambique: Business should diversify, increase capacity, not depend on tax exemptions – president

5:48 CAT | 30 Mar 2022

Photo: CTA

Mozambican President, Filipe Nyusi, on Wednesday called on the country’s private sector to focus on diversification of productive activity, arguing that entrepreneurs should not remain dependent on state incentives such as tax exemptions.

“We would like to see more entrepreneurs adopting the system of exploration and diversification of investments in products and services, always paying attention to productivity, diversity, quality and increasing productive capacity,” said Filipe Nyusi.

The Mozambican head of state was speaking at the opening of the 17th Annual Private Sector Conference (CASP), the largest gathering of businessmen in Mozambique.

Mozambican businesspeople, he said, should have a sense of opportunity in identifying business areas, an interest in knowledge in the field of their activity and the ability to mobilise resources.

The Mozambican head of state called for synergies inside and outside the country with a view to strengthening productive and competitive capacity, using spaces such as CASP as a “showcase”.

“That CASP serves as a showcase for the visibility of our country at regional and international level, functioning as a block and geostrategic productive and commercial platform,” Filipe Nyusi said.

National businessmen, he continued, should not depend on State incentives to be competitive, as such aid is transitory.

“More than demanding reforms from the Government, the private sector must increasingly invest in increasing production,” Nyusi emphasised.

The CASP brings together over a thousand people over the next three days in Maputo, under the slogan “Accelerating the actions of economic recovery of the private sector in Mozambique.”

At the conference a business portfolio valued at US$990 million (US$893.5 million) will be presented for the agriculture, energy, tourism, water infrastructure and transport sectors.

The event resumes this year after being suspended for the last two years due to the Covid-19 pandemic.

Source: Lusa