According to the Minister of Industry and Commerce (MIC), Silvino Moreno, the aforementioned amount is equivalent to 70.1% of the target set by his entity for the five-year period, from 2020 to 2024.
Moreno states that the number is a direct result of several factors. These include the successful implementation of the SUSTENTA program, which led to increased production and productivity. Additionally, the expansion of the Agricultural Marketing Revolving Fund (FRCA) has allowed for broader market reach. Furthermore, there has been an increase in the use of local raw materials by national industries, resulting in higher absorption rates. Finally, storage capacity was also reinforced, contributing to the overall value.
During the XXI Coordinating Council of his ministry in Marracuene, located in the southern province of Maputo, Moreno spoke of the success of the revolving fund for agricultural marketing and the special line of credit to support agricultural marketing (LCCA). These initiatives financed a total of 1,146 operations with a combined value of 389,131 thousand meticais (equivalent to 6,091,831,805.11 US dollars, based on the daily exchange rate). Of this amount, 76 percent was allocated to agricultural marketing activities and 24 percent was used for agricultural processing.
According to him, the Ministry of Industry and Commerce is currently focusing on agro-processing as it presents the opportunity for greater use of agricultural products and ultimately leads to a decrease in malnutrition in the country.
According to the official, there has been further development in Mozambique's economy. He reported that the country's trade balance is currently in a state of deficit and the structure of exports is less varied than before. Despite these challenges, the official remains confident that the situation can be reversed with the right measures.
According to the speaker, our country has a unique opportunity to correct the trade deficit, which currently stands at around 50 percent. Given our advantageous geographic location and productive potential, we can redirect our industrial and commercial production to focus on preferential markets that have already been negotiated and offer advantageous conditions within SADC (Southern African Development Community), European Union, United Kingdom, Asia, Africa, China, India and other nations.
In his final statement, he stated that the objectives of the Ministry of Industry and Commerce are focused on eradicating supply-side constraints, increasing production capabilities and increasing the competitiveness of Mozambique's industry in local and global markets.
