Mozambique: The great contraction of financing Regional economic perspectives April 2023 by Alexis ...
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The Mozambique – Portugal Chamber of Commerce has backed its commitment to the agribusiness sector in the country, considering it to be “rich in opportunities”.
“Mozambique is extremely rich in opportunities (…). There are opportunities in the agribusiness sector, where we have to invest in the growth of the production value chain,” said the president, João Figueiredo, quoted in a statement by Mozambican Moza Banco, an institution that he chairs and which recently received a group of Portuguese businesspeople.
João Figueiredo also highlighted the tourism sector as one of those with potential in Mozambique, mentioning the country’s vast coastline, as well as its diverse natural and mineral resources.
“We, as the Mozambique – Portugal Chamber of Commerce, but also on behalf of the banks, law firms and other players in the market, have to start publicising the opportunities that our country has,” added the source in the document sent to the media on Wednesday.
The group of Portuguese businesspeople visited Moza Banco for a ‘networking’ session and to assess opportunities for inter-institutional co-operation,” the document said.
Portugal’s trade balance with Mozambique worsened by 2.4% last year, but remained positive at €448.2 million, continuing the favourable balance recorded in recent years.
According to data from the Portuguese Agency for Investment and Foreign Trade (AICEP) based on the Bank of Portugal, sent to Lusa, trade with Mozambique has always had a favourable balance for Portugal over the last five years, with 2022 being the year in which the balance tipped more towards Portugal.
The positive balance that year was €459.4 million, an increase on the €356.1 million recorded in 2021.
Mozambique is the 33rd customer of Portugal’s exports, representing 0.28% of sales, and is the 78th supplier, selling 0.03% of the goods that Portugal buys abroad, which means that its influence on the evolution of Portugal’s trade balance is very insignificant.
Mozambican investment in Portugal has always been below €100 million since 2019, reaching a peak in 2022, with €94 million invested by Mozambican companies in Portugal, representing around 0.1% of total foreign investment.
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