Portuguese, Mozambican Presidents call for renewed investment

  • Lusa
  • 14 January 2020

During an official meeting in Maputo, The Portugues President, Marcelo Rebelo de Sousa, said that the time has come for Portugal to invest in Mozambique.

The Portuguese and Mozambican heads of state said on Tuesday that the time has come for Portugal to invest in Mozambique, after an official meeting in Maputo.

The meeting preceded Nyusi’s inauguration for a second term, a ceremony scheduled for Wednesday in the centre of the capital and which motivates the five-day visit of the Portuguese head of state.

The Portuguese president repeated his appeal made on Monday, considering that there is a climate of peace making and improvement of economic indicators, signs that should dispel doubts to entrepreneurs and investors, leading them to advance to Mozambique.

“Of course, Portugal is already a veteran in this investment, but even veterans can rejuvenate, find new clues and ways to invest,” he suggested.

Portuguese brands lead the Mozambican banking sector and are unavoidable in others such as trade, construction and services, but many businesses have suffered from the economic crisis, which reached a peak between 2015 and 2016.

Now, when natural gas megaprojects are expected to pull the country, the important thing is that “this private investment will reach the Mozambican economy in the coming years.

Portuguese investment “cannot be lacking,” Filipe Nyusi said, “especially for the new cycle” that the country will begin. “We need to work”.

The two presidents addressed a common maxim: “we don’t make enemies anywhere,” Filipe Nyusi said, but that alone is not enough, he added.

“It is with the private sector that we will employ more and produce more revenue for our countries,” stressed the Mozambican President.

Mozambique hopes to make a leap in economic growth levels within four years when the natural gas exploration projects that will place it in the ‘top 10’ of global producers kick-off.

During the meeting, the reconstruction effort in the areas of the country affected by cyclones Idai and Kenneth in 2019 was also discussed, preceding the visit of Marcelo Rebelo de Sousa scheduled for Thursday to the city of Beira, the largest urban centre hit by the bad weather.