OECD Investment Policy Reviews

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OECD Investment Policy Reviews present an overview of investment trends and examine a broad range of policies and practices affecting investment in the economies under review. This can include investment policy, investment promotion and facilitation, competition, trade, taxation, corporate governance, finance, infrastructure, developing human resources, policies to promote responsible business conduct, investment in support of green growth, and broader issues of public governance. The reviews take a comprehensive approach using the OECD Policy Framework for Investment to assess the climate for domestic and foreign investment at sub-national, national or regional levels. They then propose actions for improving the framework conditions for investment and discuss challenges and opportunities for further reforms.

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OECD Investment Policy Reviews: Mozambique 2013

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13 nov 2013
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9789264203310 (PDF) ;9789264203303(imprimé)

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OECD's comprehensive review of investment policy in Mozambique.  After a country overview, this report examines investment policy, investment promotion and facilitation as well as infrastructure in Mozambique.

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  • Foreword

    The Investment Policy Review of Mozambique is one of five reviews carried out in member states of the Southern African Development Community (SADC) on the basis of the OECD Policy Framework for Investment (PFI). Undertaken by the NEPAD-OECD Africa Investment Initiative in the context of the "Unlocking Investment Potential in Southern Africa" programme with the support of Finland, it reflects the growing co-operation between the OECD and its African partners.

  • Preface by the Hon. Aiuba Cuerencia, Minister of Planning and Development, Government of Mozambique

    Mozambique’s economy has long benefited from investment in aluminium and other extractive industries; in addition, recent discovery of significant gas reserves could turn our country into one of the world’s largest Liquid Natural Gas producers. But we are fully aware that resources alone will not guarantee growth, employment and sustainability. We need substantial investments to add value to the resources we have not only in the extractive industries but also in tourism, agriculture, and infrastructure – to name just a few critical sectors.

  • Preface by Mr Rintaro Tamaki, Deputy Secretary-General, OECD

    Twenty years have passed since Mozambique emerged from civil war, in 1992. Over this period the country has successfully made the transition towards a multiparty political system and market-based economy, putting in place an increasing number of measures to stimulate the private sector and improve the business climate.

  • Acronyms and abbreviations
  • Executive summary

    Market-based economic policies have been an important factor in stimulating economic development in Mozambique over the past 15 years, securing one of the highest growth rates of African non-oil economies during this period. Since the early 1990s the country has moved away from central planning, created the Mozambique Investment Promotion Centre (CPI) and reformed its investment code to strengthen investors’ rights. This momentum is upheld today and since 2013 CPI is elaborating a national investment promotion strategy together with sector-specific investment promotion agencies.

  • Overview of investment policy challenges and recommendations for Mozambique

    Mozambique has made marked progress in recent decades in terms of liberalization of its economy and improvement of its investment framework. This overview first provides a short description of the macroeconomic environment and investment policy context in Mozambique, taking stock of Mozambique’s fundamental investment, privatization and business reforms. Second, it gives an overview of investment and growth trends over the last two decades. This helps shed light on dominant policy challenges faced by Mozambique in attracting investment across all economic sectors. Among other obstacles, many aspects of the investment policy framework remain insufficiently transparent and do not provide effective safeguards of policy predictability for both foreign and domestic investors. After years of successfully attracting investment into capital-intensive mega-projects, Mozambique now needs to diversify in more labour-intensive sectors such as agriculture and tourism, and to also increase business linkages in the mega-project sectors themselves. In order to facilitate this, many large infrastructure gaps will need to be addressed. Finally, this overview chapter provides recommendations for policy options to prioritise. These recommendations should assist the government of Mozambique in improving the general investment climate, notably so as to enhance its diversification strategy and stimulate greater investment in infrastructure.

  • Investment policy in Mozambique

    This chapter highlights the progress made by Mozambique in improving its investment framework, notably through: the 1993 Investment Law and its related 2009 Regulations. The Land Law 1997 and subsequent processes of land allocation and registration, as well as intellectual property and the judiciary, are likewise investigated from an investment perspective. Mozambique has also initiated several recent reforms, where effectiveness and implementation will need to be carefully evaluated – while it aims for increased liberalisation, the 2009 Foreign Exchange Law for instance introduces some additional constraints on foreign investors. More broadly, although there are few sectoral restrictions on foreign investment, the Investment Law is somewhat ambiguous in its provisions on national treatment; moreover, some indirect forms of discrimination against foreign investors are contained within public procurement and labour laws. In addition, the potential role of overarching bodies for investment policy design and dialogue, such as the Investment Council and the newly-established Land Consultative Forum, is also explored. This overview of the legal framework for investment highlights certain considerable weaknesses that continue to create barriers for investment in Mozambique.

  • Investment promotion and facilitation in Mozambique

    Investment promotion and facilitation measures can be effective instruments to attract investment, provided they aim to correct for market failures and are developed in a way that can emphasise the strong points of a country’s investment environment. Mozambique has taken important steps in building a more enabling framework for setting up businesses, including under the "Strategy for improving the business environment in Mozambique" (EMAN, for 2008-12). This chapter examines various measures adopted by the government to reduce administrative burdens on investors, and notably the role of the Centre for the Promotion of Investment (CPI). The CPI would benefit from greater responsibilities in terms of interaction with established investors and spearheading the EMAN Strategy. This chapter also highlights the need for a more systematic evaluation of the impact of investment incentives, especially within Accelerated Economic Zones and in sectors such as mining which host most of the country’s mega-projects. The governance and administration of these incentives could also benefit from further transparency and coherence. Finally, efforts remain necessary to tackle the fiscal, financial and human resource constraints facing SMEs, so as to enable them to feasibly latch onto investment linkage opportunities.

  • Infrastructure investment framework in Mozambique

    This chapter maps progress in developing and attracting investment in all key infrastructure sectors: telecommunications, electricity, transport, and water and sanitation. It also evaluates the policy framework for public procurement and PPPs in infrastructure projects. The government of Mozambique has integrated infrastructure investment into broader economic growth objectives under several medium and long-term planning documents, most notably the Action Plan for the Reduction of Absolute Poverty (PARPA). However, there is generally a need to strengthen inter-ministerial collaboration in the planning of public investment in infrastructure. In addition, Mozambique can, and should, embrace the new opportunities presented by an expected boom in coal mining and the development of related infrastructure. The country has exported electricity to its neighbours in the past and also played a role as a regional transportation node, but now needs to focus more on meeting domestic infrastructure needs. Some decentralised initiatives in water supply and renewable energy have made an impact but more can be done to scale and replicate them to achieve maximum effectiveness.

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