Mozambique 'A Clear Example of a Promising Future' - Nyusi

Maputo — Mozambican President Filipe Nyusi declared on Wednesday that Mozambique is a clear example of a country with a promising future, since, despite external and internal adversities, its economy is continuing to grow.

He admitted, however, that this year the economy has slowed down by two per cent, a setback he blamed on the two cyclones that hit Mozambique in March and April.

Speaking in Maputo, at the opening of the 12th United States-Africa Business Summit, Nyusi stressed that "the prospects for the future of Mozambique are very encouraging".

"We expect to resume a growth rate of up to six per cent in 2020, in an environment of macro-economic stability, with low and stable inflation which favours predictability in investment decisions", he added.

The fact that the summit is being held in Mozambique "at a time when the country is taking large steps towards a new cycle in its economy is something which fills us with great pride, but at the same time brings a great deal of responsibility", Nyusi said.

He believed that Mozambique has enormous potential for attracting new investments in agriculture, agro-industry, tourism, fisheries and mining. This vast potential "includes natural gas, coal, gold, graphite, titanium, bauxite, precious stones, and water, forestry and wild life resources".

Nyusi though that this Business Summit would be an excellent opportunity to promote Mozambique's huge potential, in order to attract and encourage foreign direct investment.

He reminded participants of the Final Investment Decision signed on Tuesday by the partners in the consortium exploiting the natural gas in Offshore Area One of the Rovuma Basin, in the far north of the country. Total investment in this project to produce liquefied natural gas is expected to reach 25 billion US dollars.

Nyusi described this as "an important step to the start of a new phase in our economy and a sign of growth".

He said the government has been working to simplify administrative procedures in order to attract foreign private capital. This has helped improve Mozambique's position in the World Bank's annual rankings of the business environment across the world.

About 1,500 people are attending the Maputo summit, including a dozen African heads of state.

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