Mozambican business mission to Canada strives to raise investment and reduce debt

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Mozambican business mission to Canada strives to raise investment and reduce debt

3:09 CAT | 04 Apr 2017

416 News

A Mozambican business mission has just returned Canada where it went to raise investment to help “reduce the country’s external debt”, Mozambican High Commissioner for Canada, Carlos dos Santos has told Lusa.

“The country will develop thanks to internal and external investments. This is what will make the economy grow. Cooperation partners have been working with the government since independence, but investments are what create the sustainable development of the economy,” Dos Santos said.

The High Commissioner led a mission from the Ministry of Transport and Communications of Mozambique in meetings in Montreal and Toronto aimed at boosting business between the two countries.

The International Monetary Fund suspended financial aid to Mozambique following the discovery last April of loans taken out by government-backed public companies between 2013 and 2014 without the knowledge of the Assembly of the Republic and the main state budget donors.

The World Bank also suspended financial aid to the country, but has announced that it will resume support to Mozambique this year, and foresees investing US$ 1.9 billion over the next five years.

“The hope is that Mozambique will pay as agreed when the economy can afford these payments. The Government of Mozambique is serious, and we want to honor these commitments,” Dos Santos said.

This is the Mozambican High Commissioner for Canada’s first visit to Toronto, and what he called “an extraordinary opportunity for collaboration”.

The Mozambique Chamber of Commerce for Canada, which was involved in organizing the visit, hopes to “bridge the gap for more Canadian investment in the country”.

“After the IMF’s adjustments, we think we will get through this phase soon. All support is welcome,” Chamber of Commerce president Inácio Natividade said.

Natividade hopes to strengthen economic and institutional ties between both countries and enable entrepreneurs who have the capacity to invest in Mozambique “to get a sense of the reality of the country in business terms in various sectors of activity”.

There are about 50 Mozambicans living in Canada, with the majority in the province of British Columbia.

Source: Lusa