On Monday August 26, Mozambican President Filipe Nyusi announced that Mozambique is set to attract approximately 8.9 billion euros in investments from 2019 to 2023. He urged business leaders to “diversify” their export markets to sustain economic growth.
During the opening of the 59th Maputo International Fair (Facim), which will run until Sunday in Maputo province, President Nyusi highlighted that investments over the past four years have been spread across various sectors: 40% in energy, 18% in tourism, 15% in industry, 14% in services, and 5% in construction.
Nyusi attributed much of this investment to recent economic reforms, such as the reduction in Value Added Tax (VAT) and the introduction of visa exemptions for 29 countries in 2022. These measures have been pivotal in diversifying Mozambique’s economy.
He provided a snapshot of the economy’s structure, noting that agriculture and related sectors contribute 31.5% to the Gross Domestic Product (GDP), while the extractive industry accounts for 10.5%, transport, storage, and communications 8.5%, trade and repair services 8%, and industry 7%.
The President also shared that Mozambique is experiencing moderate economic growth, with the GDP projected to reach 5% in 2023. However, the growth rate for the first quarter of 2024 was 3.2%, falling short of the annual forecast of 5.5%.