Mozambique: Location, development needs good opportunities for China – president

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Mozambique: Location, development needs good opportunities for China – president

6:09 CAT | 03 Sep 2024

Photo: Presidente Filipe Nyusi / Facebook

Mozambican president Filipe Nyusi said on Monday that the country’s geostrategic location and development needs in infrastructure, agriculture and tourism are great investment opportunities for Chinese companies.

Nyusi was speaking during the opening of the Mozambique-China Economic Forum, held in the eastern city of Shandong, as part of the head of state’s working visit to the Asian country.

‘The economic potential of the geostrategic position is a very attractive reason for the business sector,’ he said.

Mozambique’s location on the east coast of Africa makes it an ‘unavoidable platform for regional and international trade’, he continued.

Filipe Nyusi pointed to the ports and railways that allow Mozambique’s neighbouring countries access to the Indian Ocean as a potential that can be exploited by China’s businessmen.

Mozambique, he continued, needs to develop its railway and port infrastructure, build new ports, such as the Techobanine project in the south and the Macuze project in the centre, and rebuild National Road Number 1, which links the country’s three regions, as windows of opportunity for investment.

The extensive arable land for agriculture, tourism, energy, including the emerging potential in renewables, as well as minerals such as graphite, rubies and heavy sands also offer investment possibilities, he added.

The Mozambican head of state considered the country’s current macroeconomic situation to be attractive to businesspeople, characterised by a forecast Gross Domestic Product (GDP) growth of 5.5% this year, inflation below single digits, falling interest rates and exchange controls.

The approval of the new Investment and Labour Laws, debureaucratisation and the new rules on capital repatriation all contribute to facilitating business, he added.

‘The Mozambique-China Economic Forum is of great significance in terms of deepening economic relations by boosting investment,’ said Filipe Nyusi.

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As part of his visit to the Asian country, the Mozambican head of state will take part in the 9th Forum on China-Africa Cooperation (FOCAC), which will be held from Wednesday to Friday in Beijing, ‘a platform for dialogue’ between China, the African Union Commission and ‘the 53 African countries that maintain diplomatic relations with China’, according to the Chinese ministry of foreign affairs.

Source: Lusa