Mozambique: Eurocam advocates bold reforms to attract investors

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Mozambique: Eurocam advocates bold reforms to attract investors

4:34 CAT | 20 May 2022

Image: Noticias

Eurocam, the Association of European Entrepreneurs in Mozambique, is pressing for permanent dialogue between the Mozambican government and the country’s private sector, and the implementation of “bold” reforms for the country to attract more foreign direct investment.

Eurocam also highlights the need for the government to invest more in small and medium enterprises (SMEs), which, according to Eurocam president Simone Santi, will increase gross domestic product (GDP) and attract more foreign investment, boosting the country’s socio-economic development.

Santi said that the recent announcement of the resumption of direct support to the Mozambican State Budget by the International Monetary Fund (IMF) and the World Bank, and the large investments in the country’s energy and hydrocarbon sectors were clear signs that attracting foreign direct investment opens a window for more consistent economic growth.

“Progress in the implementation of the Rovuma natural gas projects in Cabo Delgado is positive. It is indisputable that Mozambique needs a more dynamic business sector, which implies carrying out bold reforms and massifying foreign direct investment,” Santi said.

At a time when Europe is heading towards energy transition, Santi observed, Mozambique has enormous and little-exploited resources such as its biomass, its hydric, geothermal, oceanic potential, its forest and agricultural mass, which could be key elements in this change.

Santi noted that Mozambican gas is recognised by the EU as one of the factors in the energy transition.
Regarding hydrocarbons, Santi said that, with Russia being the biggest supplier of gas to Europe, the military conflict with Ukraine meant there would soon be a need for the old continent to seek other partnerships.

The conflict between the two countries would open an opportunity for Europe to start buying gas produced in Mozambique.

“This is a great opportunity for Mozambique,” Santi said. “The country’s first gas project will start producing this year, and Europe will be one of the beneficiaries.”

Eurocam’s main objective is to promote investment by European and non-European companies in Mozambique and Mozambican investments in Europe and other parts of the world. Thanks to the organization of networking events and the affirmation of an alliance with the European Union, the Association allows member companies to build and consolidate relationships with the main political and entrepreneurial institutions of Mozambique and provide support to create opportunities between the European international business community and the Mozambican community.

Eurocam is made up of five Chambers of Commerce and an Embassy:: Chamber of Commerce Mozambique Italy; Chamber of Commerce Mozambique Greece: Chamber of Commerce Mozambique Portugal: Chamber of Commerce Mozambique Spain: Chamber of Commerce Mozambique France: Embassy of Finland in Mozambique.

Source: Noticias