Nyusi interested in Mozambican sovereign fund

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Nyusi interested in Mozambican sovereign fund

9:23 CAT | 14 Nov 2018

Photo: Presidencia da Repúblic de Moçambique (cropped)

Mozambican President Filipe Nyusi said on Tuesday that Mozambique should set up its own sovereign wealth fund, based on earnings from natural resources such as gas and petroleum, but should not automatically imitate foreign models.

On the first day of an official visit to Norway, Nyusi met with the governor of the central bank of Norway, Oystein Olsen, with whom he discussed Norway’s sovereign wealth fund, and how it operates. This is the largest sovereign fund in the world, holding more than a trillion US dollars, much of it deriving from the country’s hydrocarbon resources.

Accompanied by the governor of the Bank of Mozambique, Rogerio Zandamela, and other members of the government, Nyusi said that the model of a wealth fund adopted in Mozambique should not be a mere imitation. It should result from the sharing of experiences of partners and, above all, it should serve the interests of the country and its citizens.

“We shall work with the Central Bank of Norway so that we can understand how the sovereign fund works”, Nyusi said. “They are very advanced in this. With all our prudence and patience, we shall monitor what may be to the advantage of Mozambicans, so that we don’t do it by imitation, or because it’s fashionable”.

Speaking to the Mozambican business people accompanying him, Nyusi said “we have to do things with precision, and with the certainty that they will produce results. These are experiences we can learn from”.

For Nyusi, the participation of the private sector is fundamental to emancipate the national economy which has begun to show signs of recovery after years of recession. “Norway has experience in the transparent management of resources”, said the President. “It does this with the private sector and it’s been successful”.

“It would be good to see how this is handled, to look at methods of transparency, how to hate corruption in a forceful manner, and in this you’re going to win”, he told his audience.

The business delegation accompanying Nyusi is led by Agostinho Vuma, chairperson of the Confederation of Mozambican Business Associations (CTA), who has been holding meetings in Oslo to establish more business partnerships for Norwegian investment in Mozambique.

Vuma told reporters that Mozambique is ready to receive foreign investment, and stressed the great interest Norway has shown in promoting Mozambican exports, notably of cashew nuts.

Happy to sign MoUs on bilateral political consultations and cooperation on #WomenPeaceAndSecurity in the presence of President Nyusi of #Mozambique and @ErnaSolberg today pic.twitter.com/GiNzEz9RLN

— Marianne Hagen (@StatssekHagen) November 14, 2018

President Felipe Nyusi of #Mozambique spoke today in #Oslo about the importance of including women to achieve lasting peace #UNSCR1325 and a MOU has been signed with #Norway concerning women, peace and security @PRIOUpdates @StatssekHagen pic.twitter.com/UFSowaGOxG

— Kjersti Lindøe (@kjerstilin) November 14, 2018

‘All this progress and success we are now having is only possible because of the participation of women’. President of Mozambique Filipe Nyusi speaks in Oslo on the roadmap to peace. #genderinclusion #Mozambique #WPS @prioGPS #UNSCR1325 pic.twitter.com/klzsAPM5jn

— PRIO (@PRIOUpdates) November 14, 2018

It’s been exciting to host President Filipe Nyusi of Mozambique and his delegation at our Technology Center in Tranby, Norway. We showcased our world class subsea technology and manufacturing capabilities and discussed the future of energy #sustainability #technology #oilandgas pic.twitter.com/N9rpgsZXOo

— Aker Solutions (@akersolutions) November 14, 2018

Source: AIM