Maputo — Mozambican President Filipe Nyusi has encouraged Arab businesses to strengthen their investment in the country, taking into account that economic cooperation must bring mutual benefits that consolidate respect and prosperity.
According to Nyusi, who was speaking, on Wednesday, at the opening of the Arab Business and Investment Forum in Mozambique, a two-day event taking place, in Maputo, under the slogan "Mozambique a Preferred Investment Destination', "Mozambique is open to economic cooperation that brings mutual benefits and consolidates respect for the rules of the concert of nations in the global and interdependent world.'
Nyusi explained that in order to boost the business environment in the country, the government has created measures under the Economic Acceleration Package (PAE), in order to remove the burdens that used to concern businesspeople.
"I can mention some measures that we have defined. For example, we have introduced a new Investment Law and the respective regulations, as well as the new Foreign Exchange Law. These are laws that are designed to facilitate private investment in Mozambique. We have also introduced tax incentives', the President said.
He believes that one of the most important factors that open space for a healthy business environment in the country is the favorable political moment, although some districts of the northern province of Cabo Delgado are plagued by islamist terrorism.
"However, the acts of terrorism are being controlled with the commitment of the Mozambican defence and security forces with the support of friendly and allied countries', he said.
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According to Nyusi, the country has also simplified the procedures for registering and licensing companies, as well as boosting the approval of investment projects.
"These various reforms stimulate private investment. We have strategic sectors such as infrastructure, energy, agriculture, tourism and manufacturing as examples, always observing the principle of sustainability and industrialization', he said.
Nyusi said that the Arab Business and Investment Forum in Mozambique, which is sponsored by the Arab Bank for Economic Development in Africa (BADEA), comes at a time when most sub-Saharan African countries are recovering from the effects of Covid-19 pandemic and the crisis caused by the Russian invasion of Ukraine.
"Africa is a continent that is opening up to the world with the African continental free trade zone, which is set to grow into a single market comprising 1.7 billion people with consumer spending projected at 6.7 trillion dollars by 2030.', he claimed.
