Watch: Nyusi addresses ‘Financial Times’ Conference in Maputo

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Watch: Nyusi addresses ‘Financial Times’ Conference in Maputo

7:04 CAT | 02 Nov 2016

presidencia.gov.mz / President Nyusi at the opening of the 'Financial Times' Mozambique Summit

Mozambican President Filipe Nyusi on Wednesday urged international investors to regard Mozambique as a preferential destination for their investments, so that they could benefit from the vast potential of the country’s natural resources.

Speaking in Maputo at the inaugural session of a conference organized by the British newspaper, the ‘Financial Times’, Nyusi encouraged investors to establish effective partnerships to exploit a wide variety of areas, but particularly agriculture.

The President declared that, after two decades of noteworthy economic growth, the challenge now was to make growth more inclusive and more broad-based, a goal which must be pursued in the midst of additional fiscal, exchange and balance of payments difficulties.

He argued that, despite an unfavourable international economic environment, the Mozambican economy has displayed a certain resilience. Gross Domestic Product had, in the first six months of 2016, grown at an annual rate of 4.4 per cent, and by the end of the year GDP growth was expected to rise slightly to 4.5 per cent. (This, however, is much lower than earlier hopes for growth of six or seven per cent).

Despite all the constraints, the projects indicate that, for the next five years “the economy will be favourable for foreign investment”, said Nyusi.

“We are committed to inclusive and sustainable economic growth, with greater production, productivity and competitiveness”, he added – but insisted on the need for peace and stability.

He stressed the opportunities presented by Mozambican agriculture. “There is enormous potential because of the fertility of the soils, and the abundance of water for irrigation, and of labour”, said the President.

Tourism was another area which was not as well known as it should be, and he invited business to invest in all areas of tourism that the country offers.

The ‘Financial Times’ documentation for the conference says Mozambique “is now entering an era of pivotal opportunity and fresh challenges”, with “a pressing need to manage major economic reform, improve financial transparency and find ways to explore the diversification of natural resources and exports”.

“The discovery of one of the most important international natural gas fields in the last 10 years offers the potential of significant long-term benefit to Mozambique”, said the paper. “However, sluggish global LNG (liquefied natural gas) demand and lower oil prices have delayed the project and much rests on its fruition”.

The Conference, the paper claimed, “gathers the country’s political and business leaders to debate a viable programme for accelerating the return to stronger growth and less risk”.

Among the other senior government figures due to address the one day conference are Finance Minister Adriano Maleiane, the Minister of Industry and Trade, Max Tonela, and the newly appointed Minister of Mineral Resources and Energy, Leticia Klemens.