Mozambican president calls for more investment in natural resource industries

0 Comment(s)Print E-mail Xinhua, August 29, 2023
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MAPUTO, Aug. 28 (Xinhua) -- President of Mozambique Filipe Nyusi has encouraged foreign investors to plow money into the country's natural resource industries.

President Nyusi made the remarks in his address Monday at the inauguration of the 58th Maputo International Fair, the country's most prominent trade exhibition that will end Sunday in Ricatla, Maputo province.

"Unleashing the full potential of our natural wealth stands as a linchpin in our economic resurgence," Nyusi said. He emphasized the pivotal role of industrialization and economic diversification in extracting value from the nation's abundant natural resources.

Nyusi also encouraged domestic entrepreneurs to capitalize on opportunities for exporting raw materials, including coal, graphite, metals and precious stones. "To mitigate the adverse effects of elevated interest rates and inflation domestically and globally, we must implement effective macroeconomic measures to safeguard our economic stability."

"While acknowledging our substantial achievements to date, we are cognizant of the need to redouble our efforts to enhance Mozambique's economic competitiveness," he added.

The fair, themed "Industrialization, Innovation, and Economic Diversification of the National Economy," has 2,500 exhibitors, comprising 2,050 domestic participants and 400 international delegates representing 24 countries. Enditem

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