Mozambique is one of the seven fastest growing economies in sub-Saharan Africa and South Africa needs to be linked with this country to achieve economic growth.

This is according to Dr Julius Nyalunga, Director for Export Promotion at the Department of Trade and Industry (dti).

Speaking at the 50th Jubilee of the Feira International de Maputo (FACIM) Fair, in Maputo., Nyalunga says, “It is important to understand that we are pursuing a mutually beneficial regional economic development agenda, and for us to turn around our economy we need to be outward looking in order to strengthen trade with our neighbouring partners.”

Currently 29 export ready small and medium South African companies sponsored by the dti are showcasing their products and services at FACIM.

“Although the biggest challenge in African countries is economic diversification, human capital is key to successful business in Mozambique.”

“Africa contributes only 2% of the world’s exports; therefore South African companies should fast-track trade with their Mozambican partners in order to achieve economic diversification.”

Mozambique also has abundant reserves in gas, coal, agriculture and forestry.

For Mozambique, a lack of infrastructure development is one of the biggest challenges it faces.

Antonio Makamo, the head of Business Linkage Services at the Centre for Promotion of Investment (CPI) in Mozambique, says, “Mozambicans cannot easily grow their oil sector because of lack of infrastructure and know-how. We are counting on South African expertise to grow this sector through their proven track record in the rail sector.”

In recognising South Africa’s continuous contribution to development and implementation of FACIM, Mozambican President Armanda Geubuza, awarded SA with a diploma of merit.

FACIM will conclude on Sunday.

Source – SAnews.gov.za