The United Arab Emirates is Mozambique’s fifth-largest trading partner, figures released yesterday by the Confederation of Economic Associations of Mozambique (CTA) revealing that trade between the two countries was worth an estimated US$626 million last year.
Speaking during the Expo Dubai 2020 preparation seminar, CTA Chairman Agostinho Vuma did not cite any figure for 2018, but said he hoped the 2019 figure would grow over the coming years.
According to Vuma, imports from the UAE stood at around US$551.8 million last year, against exports amounting to US$74.2 million, resulting in a trade deficit of around US$448 million, with imports being six times greater than exports.
“It is also worth noting that the United Arab Emirates have high volumes of Foreign Direct Investment in Mozambique, amounting in 2019 to approximately US$980 million, corresponding to approximately 49% of the total,” Vuma noted.
Addressing the new Minister of Culture and Tourism of Mozambique, Eldevina Materula, representatives of the United Arab Emirates government and businesspeople, the CTA leader cited Expo Dubai 2020 as an unparalleled opportunity for promoting investments and economic development partnerships and improving trade between Mozambique and the UAE.
During his presentation, Vuma pointed out that the biggest challenge facing the national private sector was to take advantage of opportunities to expand exports, mainly of products emerging from the rich potential that Mozambique can offer the region.
“From our participation at Expo Dubai 2020, we hope to reap the benefits of increased business partnerships and the promotion of Mozambique as a privileged business destination and improve the sharing of the existing wealth between our countries,” Vuma said.
The Mozambican private sector is also looking forward to increasing trade and business with the United Arab Emirates, encouraging greater use of the facilities created within the scope of the double taxation agreement sealed between the two countries.
Expo Dubai 2020 is a global exhibition that will take place in the city of Dubai, in the United Arab Emirates, over a six-month period, starting on October 20, 2020. The event takes place under the motto “Connecting Minds, Creating the Future”.