Mozambique: Country has potential to be economic force in Africa, world – president

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Mozambique: Country has potential to be economic force in Africa, world – president

3:21 CAT | 30 Aug 2022

Photo: Presidente Filipe Nyusi on Facebook

Mozambican President, Filipe Nyusi, has said that the country has the potential to become an “economic force” on the African continent and the world, and should capitalise on the potential it has in various sectors and promote internationalisation.

“We should compete, through the constant search for higher levels in value creation [in production], bringing quality and selling the Mozambique brand well, as an economic force in the region and the world,” Nyusi said.

The Mozambican head of state was speaking at the opening of the 57th edition of the Maputo International Fair (Facim), which kicked off on Monday in the Marracuene district of Maputo.

According to Filipe Nyusi, the availability of arable land, river basins, access to the sea, climatic conditions for tourism, mineral resources and hydrocarbons put the African country in a privileged position to achieve “food autonomy and industrial sovereignty.”

“Our intention is to make the leap towards economic autonomy,” stressed Filipe Nyusi.

For the country’s economic affirmation, he continued, domestic companies must focus on internationalisation, conquering the Southern African market and other parts of the world.

This goal will be achieved through quality production and based on the export of finished products and with added value, instead of concentrating exports on raw materials.

Filipe Nyusi noted that strengthening the national production base is important for reducing the imbalance of the external trade account, characterised by a greater weight of imports compared to exports.

In this perspective, Nyusi stressed that Mozambique’s economy has been showing signs of recovery from the slowdown caused by the Covid-19 pandemic in the last two years.

“Our economy shows a trend of sustained recovery started in the aftermath of the Covid-19 pandemic, having accelerated to 4.14 percent in the first quarter of the current year, above the expected annual average,” he stressed.

On Mozambique’s biggest business fair, which kicked off yesterday, Filipe Nyusi stressed that the event is an opportunity to showcase the country’s economic power and to establish partnerships between businesspeople.

The event is attended by over 2,000 exhibitors, including 350 from 22 foreign countries, and is expected to be visited by over 50,000 people.

In his speech, the Mozambican president announced that he would return to the fair in the company of Portugal’s prime minister, António Costa, who is travelling to the African country for a working visit on Thursday and Friday.

Watch the Miramar report.

Source: Lusa / Miramar