Mozambique and the US have signed a memorandum of understanding today, in Maputo, to boost trade and remove obstacles to investment.
The memorandum of understanding was signed by Mozambican President Filipe Nyusi and US Deputy Secretary of Commerce Karen Kelley during the US-Africa Business Summit, which is taking place until Friday in Maputo.
Karen Kelley pointed out that Mozambique is the fourth African country to sign such memorandums with the US, adding that they will pave the way to the signing of free trade agreements.
The memorandum that has been signed today will allow Mozambique and the US to identify priority projects in key areas such as trade and trade stimulation instruments.
The US Deputy Secretary of Commerce pointed out that the memorandums are part of the administration's efforts to strengthen trade relations with Africa.
Speaking at the opening of the US-Africa Business Summit, the US Deputy Secretary of Commerce argued that although the country is the largest donor of humanitarian aid to Africa, trade with the continent has declined 62% since 2014.
"We want to work with you so we can understand how to reverse this trend," Karen Kelley said.
Kelley pointed out that the US government has financial and investment incentive instruments targeted at small- and medium-sized businesses abroad, but added that US companies have made little use of these benefits.