The extractive industry plays a fundamental role in the development of the global economy.
In Mozambique, this sector contributes significantly to the increase of exports and consequently to the economic growth, and its contribution to the Gross Domestic Product (GDP) is expected to reach 16% in 2030, according to the Minister of Economy and Finance, Max Tonela, during the opening ceremony of the International Conference on Taxation of the Extractive Sector.
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According to the minister, the country has a high potential of resources, including natural gas, which is an asset that should, in the first place, contribute to raising the quality of life of Mozambicans.
Max Tonela stressed that the discussion on taxation is of crucial as it ensures that there is a fair and equitable approach in the use of exhaustible natural resources.
“We must work to promote transparency, combat tax evasion and strengthen cooperation between countries. At the moment, the extractive sector contributes to the promotion of employment, technological development and the generation of tax revenues, which are fundamental to boost infrastructure and social welfare,” he clarified.
For the minister, taxation should be carried out in a way that does not overburden companies, but ensures that they assume their responsibility in the search for sustainability and equity.
According to Max Tonela, the Government has taken several measures to remove barriers to investment, to ensure transparency and to guarantee a greater contribution of the sector to the Country’s development.
“We have implemented the Kimberley Process Management Unit, which is responsible for managing security procedures, internal control, marketing of precious metals and gems. We note, with satisfaction that, as a result of this action, we have registered a progressive increase, year after year,” said the governor.
Recent figures released by the Bank of Mozambique showed that the extractive industry contributed around US$1.7 billion to exports in 2022, and the products that stood out the most were coal, heavy sands, natural gas, rubies, sapphires and emeralds.
The sector has seen significant growth, rising from 1.8 percent of Gross Domestic Product (GDP) in 2011 to nearly 10.6 percent in 2022.
The event organised by the Tax Authority of Mozambique was held in Maputo under the theme “Mineral Energy Resources as a Vector for Global Economic Sustainability” and was attended by experts in the field, members of the government and people interested in the area.