Mozambique: Govt approved 277 investment projects, budgeted at $5.3B, over the last year

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Mozambique: Govt approved 277 investment projects, budgeted at $5.3B, over the last year

6:10 CAT | 21 May 2024

FILE - The projects, according to the Minister of Industry and Trade, Silvino Moreno, who was speaking at last weeks’ Private Sector Conference (CASP), in Maputo, will create more than 30,000 jobs for Mozambican citizens across the country. File photo: O País]

The Mozambican government approved, over the last year, 277 investment projects, budgeted at 5.3 billion US dollars

The projects, according to the Minister of Industry and Trade, Silvino Moreno, who was speaking at last weeks’ Private Sector Conference (CASP), in Maputo, will create more than 30,000 jobs for Mozambican citizens across the country.

In 2022, 211 projects budgeted at 4.8 billion were approved, creating 16,000 jobs, which means that there was a remarkable growth in 2023, of 66 projects, 500 million dollars in investment and over 15,000 jobs.

“From the point of view of industrialization, the northern province of Nampula has seen the most investment in this area, specifically in Nacala, with the birth of an industrial zone linked to the port”, the minister said.

Moreno said that the investments in question come from Mauritius, China, the United States, Namibia and India.

The investment may grow considering the implementation of measures in the Economic Acceleration Package (PAE), which was introduced in 2022 to restore economic growth that had stagnated as a result of the Covid-19 pandemic and the suspension of direct support to the State Budget from donors in the wake of the scandal of the “hidden debts”.

“We expect investments to grow even more in 2024, with the approval of a new Investment Law combined with various other incentives as part of the implementation of the 20 economic measures in the PAE”, he said.

Source: AIM