Maputo — Mozambican President Daniel Chapo believes that the country's natural resources can only generate economic and social impact if accompanied by a strategy of economic diversification and industrialization.
Speaking at the opening of the 21st Annual Private Sector Conference (CASP), a two-day event taking place in Maputo under the motto "Produce, Transform, and Compete: Building a Strong and Resilient Economy", Chapo said that the country must play an active role in global economic transformations.
"We want a Mozambique that produces, transforms, competes, and prospers. Mozambique possesses abundant natural resources, a strategic location, and young human capital, but the main challenge lies in converting these advantages into sustainable development. For too long, Africa has become accustomed to exporting resources and importing wealth. Mozambique cannot remain held hostage by this model", he said.
The President explained that the government's strategy involves using revenues from the extractive sectors to boost areas such as agriculture, industry, commerce, transport, logistics, tourism, the blue economy, and digitalization.
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Major natural gas projects, he said, should serve as a driver for economic transformation, highlighting that planned investments in the Rovuma Basin exceed 50 billion US dollars, including the Coral South and Coral North projects and the venture led by TotalEnergies.
"These billions of dollars are not enough to change Mozambique. What will change Mozambique is our vision of building a diversified economy", he said.
The President also said that his government expects ExxonMobil's final investment decision on a project valued at approximately 20 billion dollars during the second half of this year.
To support economic transformation, Chapo also highlighted reforms such as the creation of the Development Bank of Mozambique, the approval of mining and petroleum legislation, the Local Content Law, and the establishment of the regulatory authority for this sector.
"Our vision is to boost development, where economic success will be measured by the ability to transform natural resources into knowledge, jobs, income, and prosperity. We will be judged by our ability to transform Mozambique's potential into prosperity for all", he said.
"Economic transformation would depend on the collaborative involvement of the government, the private sector, academia, development partners, and civil society. Development is, by nature, a task for all of us", he said.
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