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The governments of Mozambique and US signed a memorandum of understanding on Wednesday in Maputo to boost trade and the removal of barriers to investment.
The memorandum of understanding was signed by Mozambique’s Finance Minister Adriano Maleiane and the U.S. secretary of state for trade, Karen Kelley, during the U.S. – Africa Business Summit, which is taking place until Friday in Maputo.
Kelley said Mozambique is the fourth African country to sign this kind of agreement with the US and that they are part of the roadmap that will lead to the signing of free trade agreements.
The memorandum is to allow the identification of priority projects in key areas of the commercial domain and the use of instruments to boost trade.
Kelley noted that memorandums are part of the U.S. administration’s efforts to increase trade with Africa.
Speaking at the opening of the summit, Kelley pointed out that although the country is the largest donor of humanitarian aid for Africa, trade with the continent has declined 62% since 2014.
“We want to work with you to better understand how to reverse this trend,” Kelley said.
She also said that the U.S. government has financial instruments and incentives available to invest small and medium-sized companies abroad, but the companies in the country have made little use of these advantages.
We are at the US Africa Summit where Beluluane Chairperson Luísa Diogo will be participating in the discussion on Advancing a resilient and sustainable US-Africa partnership. Did you know that Beluluane is home to more than 35 companies from 15 countries including the USA? pic.twitter.com/eozXCrmlJd
— Beluluane Park (@beluluane) June 19, 2019
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