President Filipe Nyusi and the Portuguese Prime Minister António Costa visiting FACIM this morning. [Photo Credit: Twitter/ @antoniocostapm]
2 Sep 2022
The president of Mozambique, Filipe Nyusi, on Friday invited Portuguese companies to invest in the country and explore its resources. The prime minister of Portugal said that Portuguese businesspeople “are not just passing through.
Filipe Nyusi and António Costa participated today in opening the Mozambique- Portugal Business and Investment Forum taking place on the sidelines of the 5th Luso-Moçambican Summit, after having visited three pavilions of FACIM (Maputo International Trade Fair) this morning, including Portuguese exhibitors.
In his speech, President Nyusi said that the forum aimed to bring together businesspeople from the two countries and facilitate business opportunities, in a “cooperation that is mutually beneficial.
Nyusi regretted the downward revision of the “good prospects for a quick and robust economic recovery,” but highlighted the “introduction of a package of 20 measures to stimulate the economy” in the country.
“The economies of our countries have a high degree of complementarity,” he noted, pointing out that “Portugal is among the top ten investors in Mozambique.
Considering that “more can be done,” Nyusi said that Portuguese companies “have shown skills” in sectors such as banking, construction and tourism.
“We invite Portugal’s private sector to explore the language that unites us” and explore Mozambique’s potential, such as “location, favourable weather conditions and the long coastline,” turning “existing resources into wealth.”
Pointing out that there are “mutual advantages,” the president urged Mozambican businesspeople to “build partnerships with the private sector in Portugal.
At a press conference after the opening of the forum, Nyusi expressed the country’s intention to be a “facilitator of the economy.
In his speech, Portugal’s Prime Minister António Costa pointed out that Portuguese investments are already underway in Mozambique, adding that there are “over 500 companies” in the country and that there are “1,500 Portuguese companies exporting to Mozambique.”
“Portuguese companies are not just passing through Mozambique, they have been there for a long time and have been at all times, in the difficult times and the promising times,” he said.
Costa said that “this is a promising time” for companies to invest in Mozambique, and “unique conditions are created to increase private business activity in Mozambique”.
During the press conference, Costa also highlighted the opportunity for Portugal to “import excellent quality Mozambican products”, which will “balance the trade balance and help the development” of the country.
During the Mozambique-Portugal Business and Investment Forum, nine bilateral cooperation agreements were signed, including the Lusophone Compact, which provides Portuguese state guarantees worth €400 million for investments in Portuguese-speaking African countries (PALOP) and another to review the Portuguese Cooperation Business Fund.
Another agreement involves GALP, the Camões institute and the Mozambican Ministry of Science, Technology and Higher Education. It aims to set up a reference centre in oil and gas in Cabo Delgado province.
A memorandum of understanding was also signed between Mozambique’s Hidroelétrica de Cahora-Bassa (HCB), Electricidade de Moçambique (EDM), and Portugal’s REN and Visabeira Global to identify “cooperation opportunities in the energy sector” and “collaboration in the construction, operation, maintenance of distribution networks, electricity transmission networks and energy production through wind farms and photovoltaics.