The Secretary of State for Tourism, Fredson Bacar, recently revealed that in the last five years, the United Arab Emirates (USA) has occupied first place on the list of the biggest investors in Mozambique.

Exports grew considerably by 639 million US dollars against 4,165.2 million dollars in imports.

According to the government official, these figures take into account the fact that the balance of trade between the countries is still unfavorable, but there are more opportunities for growth in the diversification of exports.

The Mozambican executive has already listed agriculture, energy, infrastructure, mineral resources, industry and tourism across the board as priority areas.

"Through the national Industrialize Mozambique program, we would especially like to invite entrepreneurs from the United Arab Emirates to invest individually, in partnership or in companies, in setting up industrial parks, fertilizer and pharmaceutical industries, processing and adding value to agri-food products, including inland water fisheries and critical minerals," he said, quoted by AIM.

Bacar was speaking on Friday in Maputo at a business and investment seminar organized by the Mozambique Chamber of Commerce and the Dubai Chamber of Commerce.

In order to attract more investors, the Mozambican government recently signed agreements aimed at avoiding double taxation, as well as for the promotion and reciprocal protection of investments, which are currently in the process of being ratified.

"These are instruments that have helped to stimulate new private investment initiatives by the United Arab Emirates in Mozambique," he explained.

The approval of commercial regulations, a new foreign exchange law and a reduction in VAT from 17 to 16% are some of the measures the government has taken to attract more investors.