Maputo, Mozambique, 22 Feb – The business environment in Mozambique is “critical” despite the efforts of the country’s government, the director of the Mozambique delegation of the World Bank, Michael Baxter said Tuesday in Maputo.
Speaking at a press conference to present the “Doing Business in 2006” report, Baxter said that the main reason was that making an investment in Mozambique was still more costly in terms of “time and money” than the business itself, a situation which was inhibiting the country’s economic growth.
The World Bank report says that an investor in Mozambique would have to follow 14 separate procedures to start a business and wait an average of 116 days for licensing.
A document distributed by the World Bank says that this problem weighs too heavily upon small and medium-sized businesses, many of which are already laboring under structural restrictions, such as poor access to loans and financing.
Mozambique’s minister of Trade and Industry, António Fernando, at the press conference re-stated the government’s determination to improve the country’s business climate. (macauhub)