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DsserJ possvel mergulharao som da Sony

Produo de cimentopromete impulsionar sector industrial

Gs de Moambiquedesperta interesse de gigantes

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32

28 25 Emrads rabes Undsldera nvestmentestrangerEm 2012, as empresas dos Emiradosrabes Unidos foram as que maisinvestiram em Moambique, com 20

projectos aprovados no valor de 309milhes de dlares, segundo o Centrode Promoo de Investimentos. Amaior fatia do investimento destinou--se ao projecto de construo da linhaMoatize-Nacala.

28 Gs de Mambuedesperta nteressede ggantesO potencial do pas no sector doshidrocarbonetos, com particulardestaque para o gs, est a atraira ateno de grandes investidores.Alm das companhias que operam noterreno, empresrios de origem bri-

tnica, americana, lusa, entre outros,j manifestaram o seu interesse deexplorar aquele recurso natural emMoambique.

32 Prdu de cmentprmete mpulsnarsectr ndustralEste ano, a produo da indstriatransformadora vai crescer 6% maisdo que em 2011 e 2012. Para estesalto devero contribuir, alm daproduo de cimento, os investimen-tos efectuados em algumas empresas,com destaque para o sub-sector agro--alimentar.

59 Central Trmica deRessano Garcia adiciona20% de energia ao PasO pas vai contar com mais umacentral elctrica este ms. Umainfraestrutura que vai produzir energiaelctrica a partir do gs natural. Trata--se da Central Elctrica de RessanoGarcia, um projecto que vai adicionar150 megawats de energia elctrica,o que representa cerca de 20% doconsumo total de Moambique.

Capa

Empreender

com garra

Sumrio

proredde e Edo: Mozmedia, Lda., Av. MaoTsTung, 1245 Telefone/Fax: (+258) 21 303188 [email protected] Drecor Ger: Andr Dauane [email protected] Drecor Edor:HelgaNeidaNunes helga.nunes@mozmedia. Drecor Execuv: VanizeManjate - [email protected] co.mz Redco: ArsniaSithoye - [email protected];Srgio Mabombo [email protected] Secrerdo admnsrvo: Indira Muss [email protected]; Cooero: CTA; Ernst &Young; FerreiraRocha e Associados; PriceWaterHouseCoopers, ISCIM, INATUR, INTERCAMPUS Counss: Antnio Batel Anjo, E. Vasques;Elias Matsinhe; Federico Vignati; Fernando Ferreira; Hermes Sueia; Joca Estvo; Jos V. Claro; Leonardo Jnior; LeviMuthemba; Maria Uamba; Mrio Henriques; NadimCassamo (ISCIM/IPCI); Paulo Deves; Ragendra de Sousa, Rita Neves,Rolando Wane; Rui Batista; Sara L. Grosso, Vanessa Loureno; Foogrf: Lus Muianga, Amndio Vilanculo; Gettyimages.pt, Google.com; iusres: Marta Batista; Pinto Zulu; Raimundo Macaringue; Rui Batista; Vasco B. C: EvolutionStudio pgno: Arlindo Magaia Desgn e Grfsmo: Mozmedia trduo:Janetra Servios, E.I. DermenoComerc: Neusa Simbine [email protected], LoniMachava [email protected] ; Dsrbuo:m [email protected]; Mozmedia, Lda.; Mabuko, Lda. Regso: N. 046/GABINFO-DEC/2007 - trgem:7.500 exemplares. Os artigos assinados reflectem a opinio dos autores e no necessariamente da revista. Toda atranscrio ou reproduo, parcial ou total, autorizada desde que citada a fonte.

Destaues


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Capital Mgzne Maro 2013 7

Fc Negc

Tema de Fund

Estl de Vda

Os segredosda unio entre Moambique e Brasil

Dois sculosvendendo arte

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Editorial

H histrias sobre empreendedores que nos marcam para sempre.Quando ingressei na Universidade, comecei a frequentar um pe-queno restaurante chamado Z da Praa. Ia l frequentementesaborear o caf tirado na mquina, porque o semanrio ondetrabalhava cava a escassos metros dali.Um dia, intrigada, perguntei como se chamava o dono do

estabelecimento e quei a saber que anal o mesmo se chamava Joo.Joo?! Anal de onde vem o nome Z?. E um funcionrio respondeu --me que aquele era o anterior proprietrio. At aqui no havia histria.

Passado uns tempos, descobri que a grande loja de electrodomsticos,que cava exactamente no mesmo quarteiro, pertencia ao tal Z daPraa assim era o empresrio conhecido por toda a gente. Na realidade,o seu nome era Jos Gonalves e tinha comeado a ganhar a vida atrsdo balco de uma tasca. Um ano mais tarde, o mesmo Z da Praa,graas ao esforo do seu trabalho, esprito de iniciativa e empenho, eradetentor do concessionrio da marca Toyota. Uma grande empresa queempregava dezenas de pessoas e que vendia automveis para todaa regio. O Municpio, os organismos pblicos e um largo conjunto deempresas eram clientes assduos.Trs anos depois, o mesmo grupo familiar comeou a comercializar amarca Peugeot, e eu fui contratada para lhes prestar uma assessoria emComunicao e Imagem. Ao mesmo tempo que me dedicava a projectare implementar campanhas de Comunicao e Marketing, tanto para oconcessionrio da marca francesa como para outras rmas dos Gonal-ves, o negcio foi-se entretanto diversicando. Cada lho e cada nora

ajudavam o Sr. Z a levar as empresas a bom porto. E o crescimento, emmenos de 10 anos, foi absolutamente fabuloso.Muitas famlias dependiam dos postos de trabalho e da viso empreen-dedora de Jos Gonalves. O grupo investiu na representao de maismarcas (juntando a Skoda e a Saab ao seu portfolio) tal como diversi-cou as suas reas de actividade, apostando na aquisio de estaesde abastecimento de combustvel, empresas do ramo tecnolgico eimobilirio. Os milhes que circulavam eram, ento, alvo de uma intensareengenharia nanceira no sentido de manter todos os negcios devento em popa. O que nem sempre era fcil.Centenas de postos de trabalho foram criados e no havia funcionrioque fosse que no conhecesse a histria do Z da Praa. Um grandesenhor com ar sorridente, que costumava visitar as suas rmas nacompanhia dos netos. Dele se dizia que construiu um imprio, desen-volvendo a comunidade.A histria de Munir Sacoor, da empresa Tes-Top, fez-me ir ao ba damemria resgatar a do Z da Praa. So relatos simples, mas comoven-tes, que fazem toda a diferena. interessante como as diculdades aguam o engenho. Hoje, o Sr.Munir tambm detentor de uma empresa com diversas reas deinterveno e no deixa de vericar pessoalmente a segurana dosseus funcionrios.No nal do dia, sentamo-nos e inspiramo-nos no percurso desses gran-des empresrios que do nada zeram muito. Empreendedorismo issomesmo. Estabelecer a meta e correr atrs, com a perseverana de quemsabe o que quer, e sem perder de vista a comunidade local.c

Bem-vndEstabelecer a meta e correr atrs

A paixoao trabalho molda

a Tes-Top


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Undertaking

With audacity

26 Unted Arab Emratesleads fregn nvestment

In 2012, the United Arab Emirates com-panies were the ones that investedmost in Mozambique, with 20 appro-ved projects, amounting 309 milliondollars, according to the InvestmentsPromotion Centre. The major part ofthe investment was allocated to theMoatize-Nacala railway line construc-tion project.

30 Mambues gasawakens the gantsnterestThe countrys potential in the hydro-carbons sector, mainly in gas sector,is attracting the attention of major

investors. In addition to the companiesalready in the field, British, American,and Portuguese business people,among others, have already expressedtheir interest to explore this naturalresource in Mozambique.

33 Cement Productionpromises to boost theindustrial sectorThis year, production from the manu-facturing sector will grow by 6% morethan in 2011 and 2012. For this leap,in addition to cement production, in-vestments made in some companies,particularly in the agri-food sub-sector

will play a role.

59 Ressano Garcia PowerStation adds 20% ofenergy in the CountryThe country will have one more powerstation this month, an infrastructurewhich will produce electricity fromnatural gas. This is the RessanoGarcia Power Station, a project thatwill add 150 megawatts of electricity,which represents about 20% of theMozambiques overall consumption.

Hghlghts

proery nd Edon: Mozmedia, Lda., 1245 MaoTsTung Av., Telephone/Fax: (+258) 21 303188 [email protected] Mngng Drecor: Andr Dauane [email protected] Edor Drecor: HelgaNeida Nunes helga.nunes@mozmedia. Execuve Drecor:VanizeManjate - [email protected] co.mz Edor Sff: ArsniaSithoye - [email protected]; Srgio Mabombo [email protected] admnsrve Secrer: Indira Muss [email protected]; Cooeron: CTA; Ernst &Young;Ferreira Rocha e Associados; PriceWaterHouseCoopers, ISCIM, INATUR, INTERCAMPUS Coumnss: Antnio Batel Anjo, E.Vasques; Elias Matsinhe; Federico Vignati; Fernando Ferreira; Hermes Sueia; Joca Estvo; Jos V. Claro; Leonardo Jnior;Levi Muthemba; Maria Uamba; Mrio Henriques; NadimCassamo (ISCIM/IPCI); Paulo Deves; Ragendra de Sousa, RitaNeves, Rolando Wane; Rui Batista; Sara L. Grosso, Vanessa Loureno; phoogrhy: Lus Muianga, Amndio Vilanculo;Gettyimages.pt, Google.com; iusrons: Marta Batista; Pinto Zulu; Raimundo Macaringue; Rui Batista; Vasco B. Cover:Evolution Studio pge mke-u: Arlindo Magaia Desgn nd Grhcs: Mozmedia trnson: Jner Servos, E.i.Commerc Dermen: Neusa Simbine [email protected], Loni Machava [email protected] ; Dsrbuon: mpia [email protected]; Mozmedia, Lda.; Mabuko, Lda. Regsron: N. 046/GABINFO-DEC/2007- prnng: 7.500 copies. The articles reflect the authors opinion, and not necessarily the magazines opinion. All transcriptor reproduction, partial or total, is authorised provided that the source is quoted.

Contents

Current

Fcus n Ecnmy

DsserIt is now possibleto dive at the sound of Sony

Cement production is expectedto boost the industry sector

Mozambiques Gasraises interest of giants

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Capital Mgzne MAIO 2013 11Capital Mgzne Maro 2013 11

There are stories about entrepreneurs who mark us forever. WhenI went to University, I started going to a small restaurant calledZ da Praa. I used to go there more often in order to enjoy thecoee from a machine, because the weekly newspaper where Iworked was a few yards away from the restaurant.

One day, intrigued, I asked for the name of the owner of therestaurant and I learned that it was named after Joo Joo?! After allwhere does the name Z come from?. And an employee replied that itwas the name of the previous owner. Hitherto there was no story.

After a while, I found out that the large appliance store, which wasexactly in the same block, belonged to such Z da Praa - so the busi-nessman was known by everyone. In fact, his name was Jos Gonalvesand he had begun to make a living behind the counter of a tavern.

A year later, the same Z da Praa, thanks to the eorts of his work,initiative and commitment, was a Toyota dealer. It was a big companythat employed dozens of people and sold cars for the entire region.The Municipality, public organizations and a broad range of companieswere regular customers.

Three years later, the same family group began trading Peugeot, and Iwas hired to provide them with sound advice on communication andimage. While I was engaging to design and implement communicationand marketing campaigns for both the French brand dealer and theother rms of Gonalves, the business was diversied. Every son anddaughter-in-law helped Z to lead companies to fruition. And in lessthan 10 years the growth was absolutely fabulous.

Many families relied on the jobs and entrepreneurial vision of JosGonalves. The group invested in the representation of more brands(joining Saab and Skoda in its portfolio) as well as it diversied its areasof activity, focusing on the acquisition of lling stations, companies inthe eld of technology and real estate.

The millions that circulated were then the target of an intense nancialreengineering in order to keep all the business from strength to streng-th. And that was not always easy.

Hundreds of jobs were created and there was no employee who didnot know the story of Z da Praa. It was a big man with smiling air, whoused to visit his rms accompanied by his grandchildren. Rumours hadit that he had built an empire by developing the community.

The story of Munir Sacoor, from Tes-Top Company, made me recall the

story of Z da Praa. These are simple reports but poignant and makethe whole dierence.

It is interesting to learn how the necessity is the mother of invention.Today, Mr. Munir also holds a rm with diverse areas of interventionand he monitors the safety of his employees personally.

At the end of the day, we sit and we are inspired by the path of thesegreat entrepreneurs who did a lot out of nowhere. This is entrepre-neurship. It is about setting a goal and fullling it at any cost, with theperseverance of those who know what they want, and without losingsight of the local community..c

WelcmeSet a goal and fulfill it

Editorial

Fcus n busness

BackgrundTheme

Lfe Style

The cooperation secretsbetween Mozambiqueand Brazil

Two centuriesselling art

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Passion to workshapes Tes-Top


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Capitoon

COISAS QUE SE DIZEM

HCB A Hidroelctrica de Cahora Bassa (HCB)acaba de lanar o Portal do Fornecedor, umainiciativa que visa encorajar a participao deempresas nacionais nos concursos parafornecimento de bens e servios empresa. Oportal foi desenvolvido de modo a que todasas empresas inscritas possam competir, de

forma fcil, rpida e transparente.

EM alta

ALERTANDo oS CAMARADAS No faltar muito at que vejamospessoas a marchar nas ruas de Maputo. simples: tm fome(...). Isto(os recursos minerais) uma fonte de agitao poltica e pode levara tenses que sero extremamente difceis de gerir.Graa Machel, faland em Maput, margem de uma cnfe-rnca sbre estratga de eplra d gs e carv.para arecm-crada empresa Prts d Nrte.

MANiFESTo MANiFESTo, NECESSiDADES oUTRA CoiSA Uma coisa so as necessidaes do muncipes e outra o programa de governao apresentado ao eleitorado durante a campanha. No que tange ao manifesto estousatisfeito porque estamos a cumpri-lo. Quanto s necessidades dos muncipes, ai est o problema porque a suasatistafao depende da disponibilidade de recursos.Ar Nhacale, presdente d Muncp da Matla, n semanr Savana.

o ERRo DE PENSAR qUE o ESTRANGEiRo MELHoR H umerro em muitos pases e no excluo o nosso: procurardesesperadamente o investidor estrangeiro (...). Interessa, sim,que ns mesmos africanos, moambicanos, saibamos muitobem o que queremos e como, que parcerias pretendemos e quebenefcios retiramos.Crnel Srg Vera, em entrevsta a Savana.

GS J se iniciou a construo do canal dedistribuio de gs natural de Inhambane parainstituies e residncias da cidade e provnciade Maputo. O projecto, de 38 milhes dedlares, resulta duma parceria entre a ENH, oConselho Municipal da Cidade de Maputo e aempresa sul-coreana KOGAS.

EM BaiXa

FiSCALizAo FLoRESTAL Ascalizao das orestas e faunabravia no pas est aqum dodesejvel, devido sobretudo exiguidade de recursos humanos emateriais. Esto disponveis em todoo pas apenas 500 scais quando oideal seria 2.000 agentes. Estasnecessidades so impostas devido extenso do territrio e abundncia de recursos.

ViSToS FALSoS Foramdetectados 60 funcionrios eagentes do Aparelho do Estado queingressaram na funo pblica ouprogrediram na carreira recorrendo avistos falsos pelo TribunalAdministrativo (TA) na provncia deNampula. Os infractores foramsuspensos e foram levantadosprocessos-crime contra eles.


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DOWNWaRDS

FoREST iNSPECTioN Theinspection of forests and wildlifelags behind the desirable due tomainly limited human and materialresources. There are only 500inspectors nationwide, whereas theideal should be 2000 inspectors.These needs are laid by theextension of the territory and theabundance of resources.

FoRGED ViSAS In NampulaProvince, 60 civil servants and Stateagents who entered the civil serviceor progressed in their careersthrough Administrative Court (TA)forged visas have been detected.The defaulters have been suspendedand criminal proceedings againstthem have been led.

Capitoon

ThIngS pEOplE SAy

HCB The Hydroelectric of Cahora Bassa (HCB)has just launched the Supplier Portal Portal doFornecedor, an initiative whose objective is toencourage the participation of nationalcompanies in tenders for the provision of goods

and services to the company. The portal has beendesigned so as to provide opportunity for all thesubscribed companies to compete in an easy,quick and transparent manner.

UpWaRDS

WARNiNG THE CoMRADES Not long will we see people marchingin Maputo streets. Its simple: they are hungry (...). These (the mineralresources) are a source of political turmoil and may lead to tensionswhich are completely difficult to manage.Graa Machel, speakng n Maput, at a cnference n gas andcal epltatn strategy.

MANiFESTo iS MANiFESTo, NEEDS ARE SoMETHiNG ELSE One thing is the citizens needs, and the other is thegoverning programme presented to the electorate during the campaign. With regard to the manifesto, I am happyfor we are fulfilling it. Concerning the citizens needs, that is where the problem lies because their satisfaction de-pends on the availability of resources.Ar Nhacale, Matla Muncpalty Mayr, n Savana weekly newspaper.

THE MiSLEADiNG THoUGHT THAT FoREiGNERS ARE BETTERMany countries, including ours, make a mistake: to desperatelyseek for foreign investors (...). It does matter, indeed, that we,Africans, Mozambicans, become clearly aware of what we wantand how, the type of partnerships that we need and the benefitsthereof.Clnel Srg Vera, n an ntervew wth Savana Newspaper.

GAS JThe construction of the distributionchannel of Inhambane natural gas forinstitutions and residents of Maputo City andProvince has begun. The Project, of 38 milliondollars, is a result of a partnership amongENH, Maputo City Municipality and KOGAS, aSouth Korea company.


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A

Sony vai estrear um novomodelo de Walkman provade gua. A ideia de utilizarmsica para potenciar a prti-

ca desportiva existe desdeque a msica se tornou mv-

el, com corredores e ciclistas a obterinspirao enquanto praticam o seudesporto atravs de motivadorasmsicas, h mais de uma dcada. E,agora, os nadadores ou amantes domergulho, que, por norma, tm cadofora do alcance das estratgias demarketing da Sony, agora iro poder

J pssvel mergulhara sm da Sny

Actual

O Wkmn rov de gucheg s ojs em Mro ev ser dsonbzdo emreo, brnco, zu e cor-de-ros or roxmdmene75 Euros (2.921 mecs).

gozar dos prazeres da melodia sejano mar da Ponta de Ouro, nas guasclidas de Vilanculos ou de Pemba.O NZW-W270 contm um leitorde msica com 4GB e um par deauscultadores prova de gua. Assuas unidades de auscultao estoligadas por um nico cabo que, porsua vez, controla o aparelho, ligar/desligar, seleco de faixas e volume.Este novo Walkman oferece-lhe apossibilidade da criao de dife-rentes playlists, bastantdo para tal

sincronizar o aparelho com um PCWindows. O NZW-W270 tambmcompatvel com Macs, mas possuiapenas a funcionalidade de arrastare largar.O Walkman prova de gua chega slojas em Maro e vai ser disponibili-zado em preto, branco, azul e cor-de--rosa por aproximadamente 75 Euros(2.921 meticais).cWkmn rov de gu


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pno de Soj

Passados 16 anos da guerra civil e 21anos de paz, em que o antigo acampa-

mento do Chitengo, no Parque Nacio-nal da Gorongosa, esteve adormecido,eis que chegada a hora do mesmodespertar com uma nova roupagem.

O Girassol Gorongosa Lodge & Safari,do grupo Visabeira, a mais novaunidade de ecoturismo e surge parasubstituir o antigo acampamento, to-talmente transformado num modernohotel de aventura e turismo. A sua

recuperao precisou de um investi-mento considervel de 1,4 milhes de

euros e hoje promete o alojamento a100 pessoas e diversas experinciasadicionais.

Por falar no Parque Nacional da Goron-gosa (PNG), ouve-se nos meandros quea sua administrao ir tomar contatambm do Parque do Niassa. Serque, nessa altura, tambm iremos as-sistir abertura de um Girassol NiassaLodge & Safari?c

No h nada como uma crise paraespevitar a criatividade e a inovao

das marcas. A BMW est a disseminara sua marca no mundo, ampliando asua estratgia de licenciamento deprodutos. A marca empresta agora asua identidade a itens que vo desdeos carrinhos de beb, a culos de sol,relgios e a acessrios de viagem.

A ideia oferecer aos consumidoresa oportunidade de experimentar aautenticidade da marca BMW em di-ferentes produtos. Os novos produtosdevem manter alguma conexo com

os atributos da BMW, sobretudo noque toca ao conceito de velocidade e elegncia. Uma estratgia anterior-mente implementada antes pela marcaitaliana Ferrari (que possui desde tnis,relgios e culos diversos).

Assim, se a sua marca de eleio aBMW e o seu budget no chega paratanto, pelo menos sempre poder en-comendar um utilitrio com estilo.c

Espa revtaladpara turstas e aventurers

E vc, j temum relg BMW?


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Current

werroof mode of Wkmn

it s nw pssblet dve at the sund f Sny

Sony will debut a new waterproofmodel of Walkman. The idea ofusing music to enhance sportshas existed since the song beca-me mobile, with runners andcyclists getting inspiration while

practicing their sports through moti-vational songs for over a decade. Notethat swimmers or diving enthusiasts, asa rule, have always been out of reach ofthe Sony marketing strategies, but theywill now be able to enjoy the pleasuresof melody be it in the sea of Ponta deOuro or in the warm waters of Vilancu-los or Pemba.

NZW-W270 contains a music player

with 4GB and a pair of waterproofheadphones. Its sounding units are con-nected by a single cable which, in turn,controls the device, on / o, volumeand track selection. This new Walkmanoers the possibility of creating die-

rent playlists, simply by synchronizingthe device with a Windows PC. Mo-reover, NZW-W270 is also compatiblewith Macs, but it only has the drag anddrop functionality.

The waterproof Walkman goes on salein March and will be available in black,white, blue and pink color at about 75Euros (2921 Meticals).c


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Revtaled spacefr tursts and adventurers

After 16 years of civil war and 21years of peace in which the former

Chitengo camp in Gorongosa Natio-nal Park, was asleep, it is about timeit awakened with a new look.

The Girassol Gorongosa Lodge &Safari, from the Visabeira group, isthe newest unit of ecotourism and itemerges in order to replace the oldcamp, which was totally transformedinto a modern adventure and tourismhotel. Its recovery required a conside-

rable investment of EUR 1.4 millionand today it can accommodate up to

100 people and provide them withseveral additional experiments.

Speaking about Gorongosa NationalPark (PNG), rumors has it that its ad-ministration will also take care of theNiassa Park. By that time, will we alsobe able to attend the opening cere-mony of the Girassol Niassa Lodge &Safari?c

There is nothing like a crisis to trimthe creativity and innovation of bran-

ds. BMW is spreading its trademarkin the world, expanding its productlicensing strategy. The trademark isnow lending its identity to items ran-ging from prams, sunglasses, watchesand travel accessories.

The idea is to provide consumerswith the opportunity to experiencethe authenticity of the BMW trade-mark in dierent products. The newproducts should maintain someconnection with the BMW attributes,

especially with regard to the con-cept of speed and elegance. This is astrategy which was previously imple-mented by the Italian trademark Fer-rari (which includes tennis, watchesand several sunglasses).

Thus, if your trademark of choice isBMW and your budget is not enoughfor so much, at least you can order autility with style.c

And yu, d yu

already havea BMW watch?

afer 16 yers of cv wr nd

21 yers of ece n whchhe former Chengo cm

n Gorongos Non prk,ws see, s bou me

wkened wh new ook.


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BriefngMUNDO

Srkozy desfdo

derr fundode nvesmeno

NiCoLAS Sarkozy est a avaliar umaproposta para gerir um fundo deinvestimento de capital de risconanciado por vrios fundossoberanos. O ex-presidente francsainda no aceitou o convite por estara ponderar um regresso polticaactiva.

Chn ser o mormordor de ereones de 2015

A CHiNA poder tornar-se o maiorimportador mundial de petrleoantes de 2015, ultrapassando os

EUA, segundo especialistas do sectorenergtico. Em 2012, a Chinaimportou em mdia 5,4 milhes debarris por dia, menos dois milhes doque os Estados Unidos, mas noltimo ms do ano, as importaeschinesas excederam os 6 milhes,enquanto as norte-americanasdesceram para 5,98 milhes, o quemostra que a ascenso chinesa no

est distante.O petrleo importado anualmente

pela China, nomeadamente deAngola, o seu maior fornecedor, aseguir Arbia Saudita, representou58% do que o pas consumiu em2012, e, este ano, a percentagem

dever subir para 59,4%. NosEstados Unidos, pelo contrrio, as

importaes de petrleo esto adiminuir acentuadamente e, ao longodo ano passado, desceram de 8,1milhes de barris em Janeiro para5,98 milhes em Dezembro.c

lucros d Cmor recum 75% em 2012

No ANo em que foi adquirida pelosbrasileiros da Camargo Corra, olucro dos activos da Cimpor foiquatro vezes mais baixo do que no

ano anterior. O resultado lquido dacimenteira, em 2012, xou-se em49,5 milhes de euros, o quecorresponde a uma quebra de 75%face aos 194,8 milhes de eurosalcanados em 2011.O resultado lquido das denominadasoperaes em continuao,em nove pases (que incluemMoambique, frica do Sul e

Brasil), foi penalizado por vriasimparidades, por impactos norecorrentes, como custos de defesada OPA e indeminizaes por

sada de administradores, alm decustos nanceiros relacionadoscom a reestruturao da dvida dacimenteira.Apesar das imparidades edesvalorizaes cambiais destesactivos e que foram a razo para aquebra dos lucros, a cimenteira dizestar mais focada nos mercados daAmrica Latina e frica.c


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BriefngMUNDO/WORLD

HSBC mendo em ms um escndo fsc

Samsung e Appleem nva guerra

DEPoiS de ter sido acusado, em2012, por actividades ilegais nosEstados Unidos, o HSBC enfrentaagora novas acusaes do Governo

argentino. O Governo liderado porCristina Kirchner denunciou o bancobritnico por lavagem de dinheiro eevaso scal no valor de 77 milhesde dlares. De acordo com o serviode impostos da Argentina, o bancoter utilizado documentao falsapara facilitar a actividade ilegal.Autoridades argentinas armamainda que o HSBC ajudou os clientesa escapar ao sco num valor de maisde 50 milhes de dlares.

O banco armou que vai cooperarcom a investigao liderada pelasautoridades argentinas, sublinhandoque as acusaes so de grandeimportncia. No ltimo ano, obanco britnico acordou pagar 1,9bilies de dlares s autoridadesnorte-americanas pelas acusaesde lavagem de dinheiro, a maiorquantia alguma vez paga num casosemelhante.c

DESTAqUE

A GiGANTE ecnogc su-core-n es desenvover um rego de

uso negene, com go os

smrhones d mrc. O nnco

do novo dsosvo ren ssm

guerr enre Smsung e ae no

conroo do mercdo dos rehosnegenes.

Sbe-se que o novo rego r er

um go os smrhones d

Smsung e que dever desemenhr

vrs funes semehnes s dos

eemves, ms nd no form

dvugds o cero qus sero s fun-

es, o reo e d de enrd do

rego no mercdo, que se nev vr

ser smr o Wch d ae.c

Srkozy chenged oed he nvesmenfund

NiCoLAS Sarkozy is evaluating aproposal to manage a risk capitalinvestment fund funded by varioussovereign funds. The formerPresident of France has not yetaccepted the invitation due to thefact that he still considers going backto active politics.c

Chn w be he rgesmorer of o by 2015

CHiNA may become the worldslargest importer of oil before 2015,exceeding the USA, according to theenergy sectors experts. In 2012,China imported on average 5.4million barrels a day, two millionbelow the United States, but in thelast month of the year, the Chineseimports exceeded 6 million,whereas United States importswent down to 5.98 million, whichreveals that Chinas rise is looming.

The oil imported annually byChina, from Angola, its major

supplier, followed by the SaudiArabia, represented 58% morethat it consumed in 2012, and thisyear, the percentage will rise to59.4%. In the United States, on thecontrary, oil imports are decliningsharply and, throughout last year,they decreased from 8.1 millionbarrels in January to 5.98 million inDecember.c


21/76

BriefngWORLD

Capital Mgzne ABRIL 2013 21

Cmor rofs ush bck 75% n 2012

iN THE year that it was acquired by the Brazilians from Camargo Corra, the

Cimpor assets prot was four times lower than the previous year. The cementcompany net result, in 2012, was 49.5 million Euros, which corresponds a fallof 75% if compared to the 194.8 million Euros obtained in 2011.The net result of the so called continuing operations, in nine countries(which include Mozambique, South Africa and Brazil), was penalised by variousimpairments, by one-o impacts, such as OPA defence costs and indemnitiesfor the departure of administrators, in addition to nancial costs related to thecement companys debt restructuring.Despite impairments and currency devaluations of these assets, whichoriginated prots loss, the company arms to be more focused on the LatinAmerica and Africa markets.c

HSBC merged no one more x scnd

AFTER having been accused ofillegal activities in the United Statesin 2012, HSBC is now faced with newaccusations by the ArgentineanGovernment. The government leadby Cristina Kirchner denounced theBritish Bank for money laundry andtax evasion amounting to 77 milliondollars. According to the Argentine

Tax Services, the bank would haveused forged documents to facilitateillegal activities. The ArgentineanAuthorities further state that HSBChelped clients to avoid paying taxesin an amount of more than 50 milliondollars.The bank has decided to cooperateto the investigation being conductedby the Argentinean Authorities,

underscoring that the accusationsare of great relevance. Over the

last year, the British bank agreed topay 1.9 billion dollars to the UnitedStates Authorities for money laundryaccusations, the largest paymentever in a similar case.c

Samsung and Apple

n a new war

HiGHLiGHT

THE SoUTH Koren echnoogcgn s deveong smr wrsw-

ch, nked o he brnd smrhones.

the nnouncemen of hs new

nce re-unches herefore he

wr beween Smsung nd ae n he

conro of he smr nces

mrke.i s known h he new wch w be

nked o Smsung smrhones, nd

w hve vrous funcons smr

o mobe hones, bu he exc func-

ons, rce nd de w ener he

mrke re ye o be nnounced. i s

execed h w be smr o he

ae Wch.c


22/76


BriefngFRICA

o CoNSELHo de Administrao do Banco Mundialaprovou um crdito de 89,4 milhes de dlares, da

Associao Internacional para o Desenvolvimento(IDA) para apoiar os governos de Moambique,Malawi e Zmbia no sentido de impulsionarem a suaprodutividade agrcola.O Programa, designado Agricultural ProductivityProgram for Southern Africa tambm inclui umadoao no valor de 0,6 milhes de dlares parao Centro de Coordenao de Pesquisa Agrcola eDesenvolvimento para a frica Austral (CCARDESA),um organismo regional com sede em Gaborone,Botswana.O objectivo do projecto aumentar a disponibilidadede tecnologias agrcolas melhoradas nos pasesparticipantes na regio da SADC. A agricultura o

maior sector nas economias dos trs pases e umaimportante fonte de subsistncia para cerca de 277milhes de pessoas no sul de frica.O projecto em causa est totalmente alinhadocom o Programa Abrangente de DesenvolvimentoAgrcola em frica (CAADP) e apoia o seu objectivode expanso da colaborao a escala regional emmatrias de pesquisa e desenvolvimento agrcola,com efeitos multiplicadores da aplicao detecnologias na economia rural.c

pses d SaDC ressondos

morr mho genecmenemodfcdo

UMA severa escassez de milho est a agravar o preodeste cereal em vrios pases da SADC, o que leva oscomerciantes a negociar com os governos para que seconsidere a importao de milho geneticamentemodicado (GM).O Zimbabwe, bem como o Malawi e a Zmbia, desde hmuito vm resistindo importao de milho GM. A maiorparte do milho produzido na frica do Sul que o maiorprodutor e exportar da regio GM. Embora a fricado Sul possa fornecer milho com certicado no GM, o

produto mais caro do que aquele produzido no Malawiou na Zmbia, e que no GM.Uma prolongada seca e a escassez de fertilizantes em2012 levou a fracas colheitas nos trs pases africanos,e as agncias humanitrias receiam que o nmero depessoas com insegurana alimentar suba para cerca 10milhes. Os comerciantes zimbabweanos geralmenteimportam milho da Zmbia para abastecerem o mercadodurante os perodos de escassez, mas a Zmbia impsrestries na exportao do seu milho.c

BaD fnnc cesso nformo em 20 ses frcnos

o BANCo Africano de Desenvolvimento (BAD) lanouplataformas tecnolgicas de Dados Abertos para 20pases africanos, que visam melhorar a gesto de dados edisseminao de informao no continente africano. Este

trabalho est em curso e espera-se que todos os pasesestejam abrangidos pelas plataformas at Julho de 2013.Entre os pases benecirios encontra-se Moambique.Com as plataformas disponveis, os usurios podemvisualizar os indicadores de desenvolvimento durante umperodo de tempo, realizar anlise abrangente em nveisnacionais e regionais, alm de utilizar grcos prontosou criar os seus blogs (veja em http://www.afdb.org/en/knowledge/statistics/).c

Bnco Mund fnnc roduvdde

grco n frc ausr


23/76


BriefngFRICA/AFRICA

Petrle anglan bera de nv recrde

COMMODITIES

AS ExPoRTAES de petrleoangolano em Maio vo aproximar-sedo nvel recorde alcanado emAgosto passado, quando foi vendidoo correspondente a 1,830 milhes debarris dirios, segundo dados devrias agncias internacionais.Segundo a Bloomberg, Angola jassegurou para Maio a venda de56.740 milhes de barris, o que

corresponde a 1,830 milhes debarris dirios. As vendas conrmadasde petrleo angolano em Abriltotalizaram 52.900 milhes de barrisou 1.760 milhes de barris dirios. AReuters refere que metade dopetrleo angolano exportado emMaio se destina China.c

Wrld Bank prvdes funds fr agrcultural

prductvty n Suthern AfrcaTHE WoRLD BANK Board has approveda credit of 89.4 million dollars, fromthe International DevelopmentAssociation (IDA), for thegovernments of Mozambique, Malawie Zambia to boost their agriculturalproductivity.The Agricultural Productivity Programfor Southern Africaalso includes adonation of 0.6 million dollars for the

Centre of Coordination of AgriculturalResearch and Development forSouthern Africa (CCARDESA), aregional board with headquarters inGaborone, Botswana.The project aims to increase theavailability of enhanced agriculturaltechnologies in the countriescovered by the project in the SADCregion. Agriculture is the major sectorin the three countries economies

and an important source of livelihoodfor almost 277 million people in theSouthern Africa.This project is fully in line with theComprehensive Africa AgriculturalDevelopment Programme (CAADP),

and it backs its objective of scaling-up the collaboration to regional levelin issues of agricultural developmentand research, with multiplying eectsof the use of technologies in therural economy.c


24/76


BriefngAFRICA

SaDC counries pressu-

red o impor geneicllymodified mize

A SERVE scarcity of maize isaggravating the price of this cerealin various SADC countries, whichmakes the traders to urge thegovernments to consider the importof genetically modied (GM) maize.Similar to Malawi and Zambia,Zimbabwe has long since resistedto the import of GM maize. Thegreater part of maize produced in

South Africa (the major producerand exporter in the region) is GM.Although South Africa can supplymaize with no GM certicate, theproduct is much more expensivethan the one produced in Malawi orZambia, which is not GM.A prolonged draught and scarcityof fertilizers in 2012 led to poorharvests in the three Africancountries, and the humanitarianagencies fear that the number ofpeople aected by food insecuritymay shoot up to about 10 million.The Zimbabwean traders usuallyimport maize from Zambia tosupply the market during periods ofscarcity. Zambia, however, imposedrestrictions in the import of itsmaize.c

afDB provides funds forccess o informion in20 africn counries

THE AFRiCAN Development Bank(AfDB) has launched Open Datatechnological platforms in 20African countries, with a view toenhance data management anddissemination of information in theAfrican Continent. This work isongoing and all the countries areexpected to be covered by the

iN MAY , Angolan oil exports willbe close to the records achieved inAugust last year, when 1,830 millionbarrels per day were sold, accordingto data from various internationalagencies.According to Bloomberg, Angola hasalready ensured the sale of 56,740

million barrels for May, whichcorresponds 1,830 million barrelsper day. Conrmed sales of theAngolan oil in April totalled 52,900million barrels or 1,760 milliondollars per day. Reuters states thathalf of the exported Angolan oil inMay goes to China.c

COMMODITIES

Anglan l at the brnkf a new recrd

platforms by July 2013.Mozambique is among those

countries covered by this work.With available platforms, theusers may view the developmentindicators during a certain time,

carry out comprehensive analysisat national and regional levels, in

addition to using available charts orcreate their own blogs (visit http://www.afdb.org/en/knowledge/statistics/).c


25/76


BriefngMOAMBIQUE

Emrdos rbes Undosder nvesmeno esrngero

oS EMiRADoS rabes Unidos (EAU)foram em 2012 o pas cujas empresasmais investiram em Moambique, com20 projectos aprovados no valor de309 milhes de dlares, segundo oCentro de Promoo de Investimentos(CPI), e os projectos devero criar6.398 empregos.Nos 10 primeiros investidoresestrangeiros, em 2012, constam os

EUA, China, frica do Sul, Portugal,Maurcias, Brasil, Reino Unido, Malsiae Noruega. Trata-se de uma subidagalopante dos EAU, na medida em que,em 2011, foi o stimo, com projectosque no excederam 30 milhes dedlares.A maior fatia do investimento 196,5milhes de dlares destinou-se

ao projecto de construo da linhaMoatize-Nacala, entre a provnciacarbonfera de Tete e o porto deNacala-a-Velha, com passagem peloMalawi.Embora este projecto seja daresponsabilidade do grupo mineiroVale, o dinheiro proveniente dosEAU, um pas que se est a tornar noprincipal centro nanceiro do mundo

rabe, ultrapassando a Arbia Sauditaque at h pouco tempo era a principalreferncia neste grupo de naes.Recorde-se que o Chefe de Estadomoambicano, Armado Guebuza,visitou em Maro ltimo os EAU, numamisso que teve a oportunidade deconvidar o empresariado daquele pasa investir em Moambique.c

Lsta ds 10 Mares invetdres em 2012

Posio Pis

1 Emirados rabes Unidos

2 Estados Unidos de Amrica3 China

4 frica do Sul

5 Portugal

6 Maurcias

7 Brasil

8 Reino Unido

9 Malsia

10 Noruega

Muncons rds

eo grfe de ancube

o FACTo do distrito de Ancuabe(Cabo-Delgado) estar a receber energiaelctrica fornecida pela Hidroelctricade Cahora Bassa (HCB), tornou viveisos custos de operao para aexplorao de grate, outrorainsustentveis face utilizao degeradores elctricos.Depois de num passado recente,a companhia holandesa AdvancedMetallurgical Group (AMG) ter

anunciado a sua inteno em exploraro grate de Ancuabe, agora a vez daempresa australiana Triton Mineral delhe seguir o exemplo.A AMG, que conta iniciar a exploraoainda este semestre, espera atingirseis mil toneladas de grate porano no pico da produo, usandoprocessos simples baseados nospadres internacionais desta indstria.Dependendo da sua qualidade, opreo de ocos de grate pode chegara atingir cerca de dois mil dlares atonelada no mercado internacional. c


26/76


BriefngMOAMBIQUE/MOZAMBIQUE

Cenr foovoc

trs cenrs foovocs r o Nss

o FUNDo O Fundo de Energia(FUNAE) vai construir trs centrais

fotovoltaicas para igual nmero dedistritos (Mavango, Mecula e Muembe)da provncia do Niassa. Trata-se dumainiciativa que se enquadra na expansodo acesso energia nas zonasrecnditas do pas.As centrais sero as primeiras dognero a ser construdas no pas e terouma capacidade total de produode 1.3 Megawatts (MWth) de energia.Em termos de distribuio, a centralde Mavango ter uma capacidade de

produo de 0.5MWth de energia e ascentrais de Mecula e Muembe tero 0.4

MWth de capacidade cada.As infraestruturas esto avaliadasem 34 milhes de dlares e seronanciadas no mbito da cooperaoentre Moambique e a Coreia do Sul,esperando-se que as obras iniciemainda este semestre e que as centraisestejam operacionais antes do segundosemestre de 2014. As obras serorealizadas por um consrcio da Correiado Sul, denominado Hyosung &Daewoo.c

Semens vlta atenes

para Mambue

DESTAqUE

A MULTiNACioNAL Semens cb deesbeecer um escrro em Muo,

esr ds sus cvddes em

Mombque drem de 1950. amde soues ecnogcs, Semens

reende resonder s necessddes

urgenes ns res d energ,

mobdde, nfresruur urbn,

mnro, ndsr e servos de sde.

No secor d energ, Semens em

vndo rbhr com Hroecrc

de Chor Bss e fez re de vros

rojecos de rebo de redes

rurs r uzo de eecrcd-

de no s, rvs d Eecrcdde de

Mombque (EDM).c

Uned arb Emres eds foregn nvesmen

iN 2012 , the United ArabEmirates (UAE) companies were theones that invested the most inMozambique, with 20 approvedprojects, amounting to 309 milliondollars, according to the InvestmentsPromotion Centre (CPI). The projectsare expected to create 6,398 jobs.USA, China, South Africa, Portugal,

Mauritius, Brazil, UK, Malaysia andNorway are within the rst 10 foreigninvestors in 2012. This is a sharp risefor the UAE, due to fact that, in 2011,it was in the seventh position, withprojects that did not exceed USD 30million.The largest share of investment- 196.5 million dollars - went tothe construction project of the

Moatize-Nacala line, between thecoal province of Tete and the portof Nacala-a-Velha, passing throughMalawi.Although this project is under theresponsibility of the mining groupVale, the money comes from the UAE,a country that is becoming the mainnancial centre of the Arab world,

overtaking Saudi Arabia which untilrecently was the main reference inthis group of nations.It should be remembered thatthe Head of State of MozambiqueArmando Guebuza visited the UAElast March, in a mission that hehad the opportunity to invite thebusiness community of that countryto invest in Mozambique.c


27/76


HiGHLiGHTS

BriefngMOZAMBIQUE

Lst f the 10 Majr investrs n 2012

Position Country

1st United Arab Emirates2nd USA3rd China4th South Africa5th Portugal6th Mauritius7th Brazil8th UK9th Malaysia10th Norway

Munons

rced by hegrhe from ancube

THE FACT, that the district ofAncuabe (Cabo Delgado) is receivingelectricity supplied by Cahora Bassa(HCB), has made the operating costsfor the exploration of graphite viable,which have once been unsustainabledue to the use of electric generators.Recently, the Dutch companyAdvanced Metallurgical Group (AMG)has announced its intention toexplore the graphite from Ancuabe,

followed by the Australian companyTriton Mineral.AMG, which is planning to startoperating later this semester,expects producing up to six tonsof graphite per year at peakproduction, using simple processesbased on international standardsof the industry. Depending on itsquality, the price of graphite akescan amount to about two thousanddollars a ton in the internationalmarket.c

three hoovoc ns for Nss

THE ENERGY Fund (FUNAE) willbuild three photovoltaic plants for anequal number of districts (Mavango,Mecula and Muembe) from theprovince of Niassa. It is an initiativewithin the framework for expandingaccess to energy in remote areas ofthe country.The centre will be the rst of its kindto be built in the country and willhave a total production capacity of1.3 megawatts (MWth) of power. Interms of distribution, the Mavangopower plant will have a production

capacity of 0.5MWth of power andthe Mecula and Muembe powerplants will have a production

capacity of 0.4 MWth each.The infrastructures are valued atUSD 34 million and will be nancedunder the cooperation betweenMozambique and South Korea andthe works are expected to start thissemester. The plants, therefore, areexpected to be operational beforethe second half of 2014. The workswill be carried out by a consortiumfrom South Korea, named Hyosung &Daewoo.c

Semens fcuses ts

attentns t Mambue

The multinational Siemens hasjust established an oce inMaputo, despite its activitiesin Mozambique dating back to1950. In addition to technologysolutions, Siemens intends torespond to the urgent needs in

the areas of energy, mobility,urban infrastructure, mining,industry and health services.In the energy sector, Siemenshas been working with CahoraBassa and was part of severalprojects for the rehabilitation ofrural networks for the electricityuse in the country, throughthe Electricity Company ofMozambique (EDM).c


28/76


O potencial do pas no sector dos hidrocarbonetos, comparticular destaque para o gs, est a atrair a ateno

de grandes investidores do ramo. Alm das companhiasque j operam no terreno, umas na produo e outras

na prospeco, empresrios de origem britnica, ame-ricana, lusa e originrios de outros pases j manifesta-ram formalmente o interesse de explorar o gs existen-

te em Moambique.

Gs de Mambuedesperta nteresse

de ggantes Aindstria dos hidrocarbonetos uma das que maior poten-cial possui em Moambique,um cenrio justicado pelasreservas de gs naturalexistentes. At ao momento,

segundo dados da Empresa Nacionalde Hidrocarbonetos (ENH), estoidenticados quatro campos de gsnatural, sendo eles os de Pande, Buzi,Temane e Inhassoro. Em termos de

reservas conrmadas de gs natural,o pas possui 127.4 bilies de metroscbicos e encontram-se em exploraoapenas as jazidas de Pande e Temane,onde opera a sul-africana SASOL.Entretanto, as recentes descobertasde gs natural indicam um potencialde aproximadamente 160 trilies deps cbicos (4.528 bilies de metroscbicos) apenas na Bacia do Rovuma. A


29/76


DOSSIER

se conrmarem estes dados, Moam-bique ascende automaticamente paraa quarta posio a nvel mundial emtermos de reservas de gs natural. na base deste quadro, quegrandes investidores do sector doshidrocarbonetos a nvel mundialesto interessados em explorar o gsnatural no pas. Contudo, as previsesdo Governo indicam que s no ndarda dcada, mais precisamente em2018, que o pas poder iniciar o

processo de comercializao. Nestemesmo perodo, a contribuio daexplorao dos recursos naturais parao crescimento do produto internobruto poder passar para dos actuais1.7% para 13%.Nesta perspectiva, o potencialenergtico do pas visto por agnciasnanceiras renomadas, como ocaso da Economic Intelligence Unit,

como a futura alavanca da economianacional. Dada a capacidade reduzida

de consumo a nvel domstico, ofornecimento de gs liquefeito apases asiticos pode constituir umaforte fonte de renda. Admite-se, noentanto, que o impacto da explorao

dos recursos como o gs ainda reduzido no desenvolvimento scio-

econmico do pas, pelo que polticassustentveis de explorao deveroser adoptadas no sentido de garantiruxos equilibrados de redistribuioe riqueza.

os grandes nteressads

Alm da SASOL, que est a operarem pleno nos blocos de Pande eTemane, temos na bacia do Rovumamultinacionais que esto a investiravultadas somas em trabalhos depesquisa para aferir da viabilidadecomercial das reservas ali existentes.Entre as companhias constam aamericana Anadarko, a italina ENI, asindianas Videocon e Barat Petroleum,a japonesa Mitsui, a coreana Kogas,a portuguesa Galp Energia, a CoveEnergy e agora a China NationalPetroleum Corp.Em todos os consrcios envolvidos emprocessos de prospeco nas reas abacia do Rovuma, encontra-se a ENHcom participaes no superioresa 15% como forma de acautelar osinteresses do Estado moambicano.Assim, Amrica, Itlia, Portugal,ndia, Japo, Coreia e China soalguns dos pases originrios dasmultinacionais que esto a fazer aprospeco do gs natural na baciado Rovuma. Entretanto, a lista dosinvestidores ainda vai engrossar, com

a manifestao formal do interesse decompanhias vindas de pases comoa Rssia. Informaes veiculadaspela agncia nanceira Bloombergindicavam a pretenso do grupo russoGazprom de adquirir participaes dogrupo italiano ENI, num dos blocosem que a empresa est presente noRovuma. Enquanto isso, em Maro,a venda de participaes ChinaNational Petroleum Corp permitiu ENI um encaixe nanceiro na ordemdos 4.2 bilies de dlares.At aqui, as descobertas feitas noRovuma colocam a portuguesa Galpnuma situao privilegiada a mdio-longo prazos, no que diz respeito suacarteira de activos de explorao e produo de gs natural.Por outro lado, mais empresasamericanas esto interessadas eminvestir no mercado moambicanopara explorar o carvo e o gs natural,sendo que para a sua entrada, osempresrios americanos deveroprivilegiar parcerias com empresaslusas j estabelecidas no pas.c

Empresas ue detmpartcpaes na Baca d Rvuma

N re 1. Anadarko (americana) 36,5%. ENH (moambicana) - 15%. Videocon (indiana) - 10%. Barat Petrole (indiana) 10%. Mitsui (japonesa) - 20%. Cove Energy - 8,5%

N re 4ENI (italiana) - 50%China National Petroleum Corp(chinesa) - 20%ENH (moambicana) - 10%Galp Energia (portuguesa) - 10%Kogas (coreana) - 10%


30/76


The hydrocarbon industry isone that has the greatest po-tential in Mozambique, a factthat is justied by the existingnatural gas reserves. So far,according to the data provided

by the National Hydrocarbons Com-pany (ENH), four natural gas reserveshave already been identied, namelyPande, Buzi, Temane and Inhas-soro. In terms of proven reserves,the country has 127.4 billion cubic

Mambue s Gasrases nterest

f gantsThe countrys potential in the hydrocarbon sector, with par-

ticular emphasis on gas, is attracting the attention of majorinvestors in the business. In addition to the mining compa-nies that are already operating on the ground in the produ-ction and prospecting activities, the British, American, and

Portuguese companies and others from other countries have

formally expressed their interest in exploring the existing gasin Mozambique.

meters of natural gas and only Pandeand Temane reserves are beingexplored, where the South Africancompany SASOL operates. However,recent discoveries of natural gasindicate a potential of approximately

160 trillion cubic feet (4,528 billioncubic meters) only in the Rovuma Ba-sin. If this data is conrmed, Mozam-bique will automatically rise to thefourth position in the world rankingin terms of natural gas reserves.It is within this framework thatthe major hydrocarbon sectorinvestors worldwide are interested inexploring natural gas in the country.Nonetheless, the governmentforecasts indicate that it is only at the

end of the decade, more preciselyin 2018, that the country can startthe trading process. In this period,the contribution of natural resourcesto the GDP growth is expected toincrease from the current 1.7% to13%.In this regard, the energy potentialof the country is seen by renownednancial agencies, such as the


31/76


Economic Intelligence Unit, as thefuture lever of the national economy.

Given the reduced capacity of thedomestic consumption, the supplyof liqueed natural gas to Asiancountries can be a strong source ofincome. It is believed, however, thatthe impact of resource exploitationsuch as gas is still low on thesocio-economic development ofthe country. Therefore, sustainablepolicies on the exploitation of theseresources should be adopted inorder to ensure balanced ow andwealth redistribution.

The majrstakehlders

Apart from SASOL, which is operatingin full in Pande and Temane, inthe Rovuma Basin, there are othermultinationals investing large sumsin research in order to assess thecommercial viability of the reservestherein. The American Anadarko,the Italian ENI, the Indian BaratPetroleum and Videocon, theJapanese Mitsui, the Korean Kogas,the Portuguese Galp Energia, CoveEnergy and now the China NationalPetroleum Corp. are some of theexamples.It should be observed that in allthe consortiums involved in theprospecting processes in theRovuma Basin, ENH holds sharesnot exceeding 15% as a way ofsafeguarding the interests of theMozambican state.Thus, the multinationals that are

involved in the prospecting activitiesof natural gas in the Rovuma Basinare from countries such as America,Italy, Portugal, India, Japan, Koreaand China. However, the list ofinvestors will still increase, withthe formal expression of interest ofcompanies from countries such asRussia. Information conveyed by thenancial news agency Bloomberg

indicated the intention of theRussian group Gazprom to acquireshares of the Italian group ENI, in oneof the blocks where the companyis present in the Rovuma Basin.Meanwhile, in March, the sale ofshares to China National Petroleum

Corp allowed ENI a nancial inow ofabout USD 4.2 billion.So far, the discoveries made in theRovuma Basin put the PortugueseGalp in a privileged position in themedium-long term, in relation to its

asset portfolio for the explorationand production of natural gas.Moreover, there is a growingnumber of American companieswhich are interested in investingin the Mozambican market in orderto exploit coal and natural gas.

These companies should focus onthe partnerships with Portuguesecompanies that have already beenestablished in the country for theirentry.c

in area 1

Anadarko (American) 36.5%

ENH (Mozambican) - 15%

Videocon (Indian) - 10%

Barat Petrole (Indian) 10%

Mitsui (Japanese) - 20%

Cove Energy 8.5%

Cmpanes hldng shares n the RvumaBasn

DOSSIER

in area 4ENI (Italian) - 50%

China National Petroleum Corp

(Chinese) - 20%

ENH (Mozambican) - 10%

Galp Energia (Portuguese) - 10%

Kogas (Korean) - 10%


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E

spera-se que a produoindustrial cresa 5.8% esteano, um desempenho melhordo que o vericado em 2011

e 2012, quando a produoaumentou na ordem dos 3.1

e 3.3%, respectivamente.Este resultado, car a dever-se, emgrande medida, expectativa de umcrescimento signicativo na produode cimento, em resultado da entradaem funcionamento de quatro novasfbricas e previso de entrada demais uma fbrica que tinha sidoprojectada at ao nal de 2012.Com efeito, dados do Plano Econmicoe Social (PES) para 2013 mostram quea produo de cimento vai crescer em22.4%, depois de apresentar nmerosinferiores nos anos anteriores: 9.7%,em 2012, e 5.4%, em 2011. Espera-seainda que o peso do cimento no totalda produo industrial seja de 5.5%,superado pela Indstria Metalrgicacom 62.1% de peso; IndstriasAlimentares e de Bebidas (20.8%) e

Indstria do Tabaco (6.6%).Os empreendimentos estarolocalizados nos distritos de Chibabava,Inhaminga e nas cidades da Beira e

Dondo, na provncia de Sofala.Segundo o director provincial daIndstria de Sofala, Jos Ferreira,o investimento na construo dasrespectivas unidades anda rodade 250 milhes de dlares norte-americanos e duas das fbricascomeam j a produzir este ano. Almdestas novas unidades industriais,de acordo com a fonte, decorremtrabalhos para a instalao de um novoforno na fbrica de cimento de Dondo,pertencente Companhia de Cimentos

de Moambique, do grupo Cimentosde Portugal (Cimpor).

investments emfbrcas de agr-prcessamentdesenvlvem sectrdas bebdas, entreutrs

Entretanto, outros sectores

responsveis pelo impulso produo industrial incluem aindstria alimentar e bebidas, ondese projecta um salto na ordem dos

11.1%, com o aumento previsto naproduo de leos, transformao decereais e na produo de produtosde pastelaria e de alimentos paraanimais.Neste sector, destacam-seimportantes investimentosque esto a ser efectuados naintroduo de novas fbricas deagro-processamento (processamentode arroz, algodo e milho) e deproduo de leo alimentar. Na forjaest tambm a instalao de uma

nova linha de produo de raesem Manica bem como o aumento dacapacidade de produo de leosde soja, cerveja e refrigerantes emNampula.A fbrica de cervejas em Nampulaest a ampliar a sua capacidadeinstalada de produo de 480 milpara 650 mil hectolitros por ano. c

Foco ECONOMIA

Produo de cimentopromete impulsionarsector industrial

Este ano, a produo da indstria transformadora vai crescer 6% mais doque em 2011 e 2012. Para este salto devero contribuir, alm da produo de

cimento, os investimentos efectuados em algumas empresas, com desta-que para o sub-sector agro-alimentar.


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Focus on ECONOMY

T

he industrial production isexpected to grow by 5.8%this year. This performanceis better than that observed

in 2011 and 2012, whenproduction increased by 3.1and 3.3%, respectively.To a large extent, this result will bedue to the expectation of signicantgrowth in cement production as aresult of the commissioning of fournew factories and the forecast forthe commissioning of another factorythat had been projected by the end

of 2012.In eect, data from the Economicand Social Plan (PES) for 2013 showthat cement production will growby 22.4%, after presenting lowergures in previous years: 9.7% in2012 and 5.4% in 2011. It is alsohoped that the weight of cement inthe total industrial output will be5.5%, surpassed by the MetallurgicalIndustry with 62.1% weight; Foodand Beverages Industries (20.8%)and Tobacco Industry (6.6%).

The projects will be located in the

Cement prductns epected t bstthe ndustry sectr

This year, the manufacturing industry will grow by 6%more than in 2011 and 2012. Besides the production of

cement, the investments in some companies, especially

in the sub-agro-food sector are thought to contribute tothis growth.

districts of Chibabava, Inhaminga andin the cities of Beira and Dondo in

the province of Sofala.According to the provincial directorfor Industry in Sofala, Jos Ferreira,the investment in the constructionof such factories is estimated at250 million U.S. dollars and it is alsobelieved that two of the factories willstart producing this year. Accordingto the source, in addition to thesenew factories, there are ongoingworks for the installation of a newfurnace in the cement factory inDondo which is owned by the

Cement Company of Mozambique,from the Cements of Portugal group(Cimpor).

investments n agr-prcessng factresdevelp the beveragessectr, amng thersectrs

In addition, the food and beveragesindustry is amongst the sectors thatare responsible for the growing trend

in the industrial production, wherea growth of 11.1% is expectedwith an anticipated increase in oilproduction, grain processing andproduction of confectionery and foodfor animals.

It should be highlighted thatimportant investments are beingmade for the establishment of newagro-processing factories in thissector (processing of rice, cottonand maize) and for the productionof cooking oil. Furthermore, a new

production line of rations is expectedto be installed in Manica whereasin Nampula, it is hoped that theproduction capacity of soybean oils,beer and soft drinks will increase.

The brewery in Nampula is alsoexpanding its installed productioncapacity of 480 000 to 650 000hectoliters per year. c


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O nosso negcio Seguro

Sede: Av. 25 de Setembro, n. 1230

2. Andar, Porta 201, "Prdio 33 A ndares"Tel: +258 21 315416/7Fax: +258 21 315418Cel: +258 84 3213320Webesite: w ww.indicoseguros.co.mz

Agncia da BeiraAv. Armando Tivane, N. 1627Tel: +258 23 323425Fax: +258 23 323483Email: [email protected]

Agncia de ChimoioAv. 25 de Setembro, N.660, RCTel: +258 25 124324Email: [email protected]

OS NOSSOS PRODUTOS E SERVIOS

Seguro de multirrisco de Habitao ( Edifico e Recheio ) Seguro Automvel, Seguro de Acidentes de Trabalho, Seguro de Acidentes Pessoais (Individual e Grupo), Seguro de Cauo (Garantia), Seguro de Transporte, Seguro de Roubo,

Seguro de Equipamento Electrnico, Seguro de Benefcios Especificados, Seguro de Numerrio, Seguro de Responsabilidade Civil Geral e Profissional, Seguro de Empreitada, Seguro Martimo (Casco e Responsabilidade Civil).


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Foco NEGCIO

Os segredosda unio entreMoambique e Brasil

Os brasileiros vm a Moambique a negcios e porrazes culturais e tursticas. Os laos histrico-culturais

comuns so atractivos mais do que suficientes paraaproximar ambos os povos, segundo o conselheiro

econmico para Assuntos de Turismo da Embaixada deMoambique em Braslia, Romualdo Johnam.

Apesar do crescimentovericado nos ltimos anos,as relaes de cooperaoentre Moambique e Brasilainda no so signicati-vas. Mas podem encontrar

na Arte e no Turismo um factorcatalizador, segundo o conselheiroeconmico para Assuntos de Turismoda Embaixada de Moambique emBraslia, Romualdo Johnam.Em entrevista Capital, o conselheiro

econmico deu a conhecer que naquesto cultural, o Brasil, actual-mente, mostra um grande interesseem vir a Moambique, pretendendoexplorar a sua msica, os objectosde artesanato, o cinema, entre ou-tros.Um dos exemplos o interessedemonstrado por um projecto bra-sileiro de batuque no sentido de virimplementar uma escola.Na rea do Turismo, as agncias deviagem do Brasil tambm j mani-festaram interesse em algumas par-cerias. As mesmas pretendem trazeruma misso a Moambique e levardaqui uma misso, de modo a veras formas de propiciar a criao depacotes tursticos.

Mambcansn nvestem nBrasl

Enquanto os brasileiros interessam--se por investir em Moambique, oinverso contudo no acontece.Temos estado a trabalhar com asCmaras de Comrcio Moambique--Brasil, uma com sede em MinasGerais, outra em Vitria e So Paulo,no sentido de levar os empresriosmoambicanos de vrios domnios

a palestras onde possamos mostraras oportunidades no Brasil, revela oconselheiro econmico. Contudo,as relaes comerciais ainda sofracas, com a balana a favorecerem larga medida o Brasil.

Agrcultura e mnass utrs dmnsda cpera

O conselheiro econmico constatoutambm o interesse de vrios bra-sileiros em investir no sector dasMinas, Sade e Agro-pecuria.A cooperao estende-se tambm

rea das energias. A esse nvel, oBrasil apoia a estratgia nacionalde produo de biocombustveis, aqual visa reduzir a factura de im-portao de combustveis fsseis,actualmente estimada em 500 mi-lhes de dlares anuais.c

FoToSHelga Nunes


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Focus on BUSINESS

The cooperation secretsbetween Mozambiqueand Brazil

Brazilians come to Mozambique on business and for tourism as well as for culturalreasons. According to the economic advisor for Tourism Affairs from Mozambique Em-bassy in Brasilia, Romualdo Johnam, the common historical and cultural ties between

the two countries are attractive enough to bring both peoples together.

D

espite growth in recentyears, the cooperationbetween Mozambique andBrazil is not yet signicant.But a catalyst factor can befound on Art and Tourism,

according to Romualdo Johnam.In an interview with the Capitalmagazine, the economic advisorsaid that in the cultural area, Brazilcurrently shows a great interest incoming to Mozambique, aiming atexploring its music, craft objects,lm, among others.One of the examples is the interestshown by a drumming project fromBrazil for opening up a school.With regard to Tourism, travelagencies in Brazil have alreadyexpressed interest in establishingsome partnerships. These agenciesare planning to bring a mission toMozambique and also take backa mission in order to nd ways of

providing the creation of tourismpackages.Mambcans d ntnvest n Bral

While Brazilians are interested ininvesting in Mozambique, the re-verse does not happen.We have been working with Brazil-Mozambique Chambers of Com-

merce, one based in Minas Gerais,and the other in Victoria and SoPaulo, in bringing Mozambicanentrepreneurs from various fieldsto lectures where we can show theopportunities in Brazil, said the

economic advisor. However, traderelations are still weak, with thebalance benetting Brazil on a largescale.

Agrculture andmnng are therareas f cperatn

The economic adviser also ob-served the interest of several Bra-zilians in investing in the Mining,Health and Agro-livestock sectors.The cooperation also extends to thearea of energies. At this level, Brazilsupports the national strategy forbiofuels which aims at reducing theimport bill for fossil fuels, currentlyestimated at 500 million dollarsannually.c


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MUNiR SACooR, DiRECToR-GERAL DA TES-ToP

A paixoao trabalho

moldaa Tes-TopO empresrio Munir Sacoor lideracom paixo a Tes-Top, uma em-presa bem sucedida no mercadonacional de material elctrico eelectrificao, assim como narea da construo e dos com-bustveis. Os bons resultadosconseguidos provm sobretudode um esprito empreendedor eatento e da disciplina proactivaincutida pelos pais ao longo dasua infncia. Saiba como a suaempresa cresceu assim comoas opes estratgicas tomadascom a CAPITAL.

Munr Sacr

um frm bem sucedd,sobreudo, no mercdo

mombcno de merecrco e eecrfco,

bem como n re d con-sruo e dos combusves,

e ossu no seu orfoo -gums obrs de refernc.


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TEMA DE FUNDO

FoToSJoo Garrido

TExToSrgio Mabombo

Munir Sacoor considera opai, um exmio contadorde histrias, como a maiorescola da sua vida. E esteter-lhe- dito em pequeno:Um homem tem de ser

trabalhador. Munir seguiu o preceito risca e os resultados das lies dadasreectem-se no crescimento da suaempresa: a Tes-Top.O percurso de Munir e da Tes-Topenvolveu alguns obstculos, talcomo diculdades em adquirir

nanciamento. Na altura, o empresrioredigia cartas s instituiesnanceiras sem obter qualquerresposta, excepo de um banco:o BCI. No obstante, quem lhe deu amo, de facto, foi um amigo chamadoAbdul Aziz. Alis, Aziz, comerciante eindustrial, considerado um pai e aquem Munir diz que deve tudo.A empresa iniciou a sua actividadecom apenas dois colaboradores, h10 anos, e hoje emprega mais de 200trabalhadores. Com um investimento

inicial de menos de 150 mil meticais,actualmente possui um capital socialde mais de 28 milhes de meticais.Mediante o slogan Fora eDesenvolvimento, a empresa Tes-Toptem vindo, nos ltimos 10 anos, aexercer a sua actividade um pouco portodo o Pas. uma rma bem sucedida,sobretudo, no mercado moambicanode material elctrico e electricao,bem como na rea da construo edos combustveis, e possui no seuportfolio algumas obras de referncia.

Uma delas diz respeito construode uma plataforma para a estao dosCaminhos de Ferro de Moambique(CFM), em Maputo, que contou com aincluso de iluminao e pav. A obraexecutada para os CFM consistiu noprimeiro trabalho executado pela Tes-Top, ao que se seguiram muitas outras.Munir Sacoor recorda ainda trabalhosrealizados para o Hospital Central de

Maputo, MIPS, Sotux, Mcel, assim comoo fornecimento de cabos elctricospara o Aeroporto Internacionalde Maputo. Em carteira possui aconstruo de quatro escolas emMoma, para este ano, e, ao mesmotempo, faz parte da Tes-Top uma novabomba de combustvel no Mixafutene

e um estaleiro no Milagre Mabote.

opes estratgcas ecnustas

Apesar dos resultados conseguidosserem satisfatrios, os mesmos aindaesto longe de saciar a ambiodo empreendedor na ntegra. Onosso maior desao obter parceiros

multinacionais, refere com os olhospostos no futuro. E o sonho j secomeou a materializar.A Tes-Top parceira de algumas

empresas sul-africanas, como aVerostest e a PPE, que fornece apoioem termos de servios de engenhariamais especializados. Por outro lado,assinou igualmente parcerias comcompanhias de capitais europeus,japoneses e americanose anuncia umsalto para a comercializao na reada tecnologia.No decurso das opes estratgicas

tomadas, a Tes-Top pretende aindaapostar em recursos humanos jovens,ao longo deste ano. Tudo porqueMunir acredita que o sangue novopoder trazer novos e bons inputs sua rma em termos de culturaempresarial. Na sua opinio, o idealser conferir uma maior rapidez

e preciso aos funcionrios, semdescurar uma boa formao em culturaorganizacional, insistindo em reascomo a gesto de processos e higienee segurana no local de trabalho.Pelo caminho, a organizao jconquistou diversos diplomasde mrito, tais como um QualityManagement System Certicate

Manufacture and After Sales Serviceof Electric Power Fitting and HeatShrinkable Cable Accessory, peloHuaxta Certication Center, e orgulha-

se de participar nas actividadeslevadas a cabo por instituies comoa Confederao das AssociaesEconmicas (CTA), a AssociaoIndustrial de Moambique (AIMO),a Federao Moambicana deEmpreiteiros e o Gabinete da Esposado Presidente da Repblica deMoambique.


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Munir Sacoor nasceu em 1971 epassou a sua infncia na vila deNametil, no distrito de Mogovolas(Nampula). Na dcada de 80 dosculo passado, o pai e o irmo foram

raptados e mortos pelos homensda RENAMO durante a guerra civil,desconhecendo-se at hoje oparadeiro dos seus corpos. Aps esseperodo, a famlia abandonou o pasem direco ao Malawi. Ali, a mededicou-se costura e bordadospor conta prpria. E a aventura iriapermitir que a famlia visitasse outrospases do continente asitico.De volta a Moambique, por voltada dcada de 90, Sacoor optoupor se aventurar em Maputo,

onde ingressou na rma Tricos deMoambique. Comeou por ser elde armazm, mas o seu empenhoe responsabilidade levaram aque atingisse o cargo de gerente.A conana no seu trabalho eratal que o director mais tarde lheofereceu uma viatura, que ainda hojemantm. Mas a ambio levou-o aimplementar o seu prprio negcioem Maro de 2002: a Tes-Top.O empresrio faz questo desublinhar que a sua infncia difcil,envolta num clima de guerra,embora lhe tenha dicultado avida teve o condo de lhe moldaro carcter. Exemplo disso aforma como encara o negcio comresponsabilidade social, encetandoesforos junto dos mais carenciadoscom o apoio do Gabinete da PrimeiraDama.c

Passad dfcl,presente geners


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PHoToSJoo Garrido

TExTSrgio Mabombo

BACKGROUND THEME

MUNiR SACooR, DiRECToR GENERAL oF TES-ToP

Passion to work shapes Tes-TopThe businessman, Munir Sacoor, runs Tes-Top with passion, a successful company in thedomestic market of electrical equipment and electrification, as well as in construction andfuel areas. The positive results that he has achieved are mainly a result of an entrepreneurialspirit, attentive and proactive discipline that was inculcated by his parents throughout his

childhood. Learn how his company has grown and the strategic options that have been takenwith the CAPITAL magazine.

Munir Sacoor considershis father, a masterstoryteller, as the bestschool of his life. Andhis father told him thefollowing when Munir

was young: A man has to be a hard

worker. Munir followed the preceptto the letter and the results of thelessons given were reected in thegrowth of his company: Tes-Top.The life span of both Munir and Tes-Top involved some obstacles, suchas diculties in obtaining nancing.


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At the time, the businessman wouldwrite letters to nancial institutions

without getting any response, exceptfrom one bank: BCI. Nevertheless,he was given a hand, as a matterof fact, by a friend named AbdulAziz. Incidentally, Aziz, a merchantand industrialist, is regarded as afather to whom Munir claims to oweeverything he has.The company started its activitieswith only two employees, 10 yearsago, and today it employs morethan 200 workers. With an initialinvestment of less than 150 thousand

Meticais, currently it has an equitycapital of over 28 million meticais.Through the slogan Strength andDevelopment, for the past 10 yearsthe company, Tes-Top, has beencarrying out its activities all over thecountry. It is a successful company,especially in the Mozambicanmarket of electrical equipmentand electrication as well as inconstruction and fuel areas, and ithas in its portfolio some referenceworks. One of these works is related

to the construction of a platformfor the station of the Railways ofMozambique (CFM) in Maputo, whichincluded lighting and pave. This isone of the works undertaken by Tes-Top, and many other works followed.Munir Sacoor recalls the worksundertaken for Maputo CentralHospital, MIPS, Sotux, Mcel, as wellas the supply of electrical cablesfor Maputo International Airport.In the construction portfolio, it hasfour schools to be built in Moma this

year. In addition to this, a new petrolstation in Mixafutene and a yard onMilagre Mabote are also part of Tes-Top portfolio.

Strategc ptns andachevements

Although the results achievedare satisfactory, they are still farfrom meeting the ambition of the

entrepreneur in full. Our biggestchallenge is to get multinationalpartners, says Munir with his eyes seton the future. And the dream has nowstarted to be materialized.Tes-Top has partnered with SouthAfrican companies such as Verostestand PPE, which provide supportin terms of more specializedengineering services. Furthermore,it has also entered into partnershipswith companies with European,Japanese and American capital andthis is a jump for trading in the areaof technology.

Along with the strategic choicesthat have been made, Tes-Top alsointends to invest in human resources,more specically in youth this year.All because Munir believes thatnew blood can bring new and goodinputs to his company in terms ofcorporate culture. In his opinion, theideal would be to provide greaterspeed and precision to employees,without neglecting proper training inorganizational culture, insisting onareas such as process managementand health and safety in theworkplace.


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Along the way, the organization haswon many diplomas of merit, suchas Quality Management SystemCerticate - Manufacture and AfterSales Service of Electric Power Fittingand Heat Shrinkable Cable Accessory,by Huaxta Certication Centre, andit is proud for participating in theactivities carried out by institutionssuch as the Confederation ofEconomic Associations (CTA), theIndustrial Association of Mozambique(AIMO), the Mozambican Federationof Contractors and the Oce of theWife of the President of the Republicof Mozambique.

Sacoor Munir was born in 1971 and spent his childhood in the villageof Nametil, in the district of Mogovolas (Nampula). In the 80s, his fatherand brother were abducted and killed by RENAMO soldiers during thecivil war, and their whereabouts are not known up to now. After thisperiod, the family left the country towards Malawi. In Malawi, his motherwas devoted to sewing and embroidery on her own. And the adventurewould allow the family to visit other countries in the Asian continent.Back to Mozambique, around the 90s, Sacoor opted to venture inMaputo, where he joined a company named Tricos de Moambique.He began by being a warehouse supervisor, but his commitment andresponsibility led him to be a manager. The condence in his work wassuch that later the director oered him a car, which he still keeps. Butambition made him go further until he opened up his own business inMarch 2002: Tes-Top.The businessman stresses that his dicult childhood, shrouded in anatmosphere of war, though it made his life dicult, but it also shaped

his character. One example of this is the way he views business withsocial responsibility by engaging eorts with the poorest with thesupport of the Oce of the First Lady.c

Dffcult past,generus present


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Informao Econmica MensalEconom Mombcn / Mozmbcn Economy

Fusio MussEconomista do Standard Bank

Mercados/MarketsSTANDARD BANK

InfationMonthly ination measured by Mozambiques ConsumerPrice Index (CPI) decelerated to 0.3% m/m (month on month)in March, the lowest level in 6 months and for the rst timebelow 1% m/m in 5 months.The City of Beira recorded the highest monthly inationof 0.53% m/m, followed by Maputo with 0.26% m/m andNampula, 0.24% m/m. Once again, food price increaseswas the main driver of monthly ination, but at a lower

magnitude than previous months, which most probablyindicates that negative impact of recent oods on food pricesis being contained.This caused the countrys annual ination to remain relativelystable, with a 9bps (basis points) increase to 4.27% y/y (yearon year). Maputo annual ination declined 2bps to 4.31%y/y with Beira and Nampula recording increases of 17bpsand 20bps to respectively 4.67% y/y and 4.02% y/y.Average ination remained at historically low levels,increasing 4pbs in the country to 2.51%, but dropping 8bpsin Nampula to 2.69% while increasing 1bp and 14bps,respectively in Beira and Maputo to 3.01% and 2.23%.

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Inflacao - Mocambique (Moz Inflation)

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InfaoA inao mensal medida pelo IPC Moambique,desacelerou em Maro, para 0.3% m/m (ms a ms), nvelmais baixo dos ltimos 6 meses, e pela primeira vez abaixode 1% m/m em 5 meses.A Cidade da Beira registou a maior inao mensal, de0.53% m/m, seguida de Maputo, 0.26% m/m e Nampula,0.24% m/m.A subida de preos na classe dos alimentos foi mais uma

vez determinante para a inao mensal, mas numamagnitude menos acentuada que nos meses anteriores,indicando provavelmente que o impacto negativo dascheias sobre o preo dos produtos alimentares esta adissipar-se.Como resultado, observou-se uma relativa estabilidade dainao anual do pas que aumentou 9pb (pontos base)para 4.27% a/a (ano ano). Maputo registou uma quedade 2pb na inao anual para 4.31%, enquanto Beira eNampula observaram um aumento de 17pb e 20pb para4.67% a/a e 4.02% a/a, respectivamente.Em termos de mdios, a inao manteve-se a nveishistoricamente baixos, com um aumento de 4pb na mdiado pas para 2.51%. Nampula registou uma queda de 8pbpara 2.69%, com Beira e Maputo a registarem subidas de

1pb e 14pb, para 3.01% e 2.23%, respectivamente.Tudo indica que a apreciao do Metical face ao Randpermitiu limitar o impacto negativo das recentes cheiassobre o preo dos alimentos tornando os produtosimportados mais acessveis, mas permanecem os riscosde ajustamentos salariais acima da inao, do aumentode preos administrados e de uma recuperao lenta daproduo agrria. Ainda assim, mantemos a nossa previsode uma inao a um dgito para este ano.

Mercado MonetrioDurante o primeiro trimestre de 2013, o Banco de

44 ABRIL 2013 Capital Mgzne


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Moambique (BM) manteve inalteradas as suas taxas dejuro de referncia em 9.5% para Os emprstimos overnightaos bancos comerciais, FPC e 2.25% para a facilidade dedepsito, FPD.Muito provavelmente as taxas de juro iro manter-seestveis nos prximos meses, um cenrio sustentadopelo facto de a inao mdia anual se apresentarrelativamente estvel e a nveis historicamente baixos.A forte liquidez do mercado monetrio permitiu umcrescimento do crdito economia de 20% a/a emFevereiro, contra 8.6% a/a em igual perodo de 2012,e uma taxa de juro de nanciamento primemdia domercado, estvel em Maro, de 15.35%, com uma tnuetendncia decrescente.

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Mercado CambialO saldo de Reservas Internacionais Lquidas caiu U$98.6milhes em Maro para U$2290.9 milhes, mantendo atendncia decrescente que se observa desde o incio doano.O Banco Central efectuou no ms, vendas lquidas dedivisas no mercado cambial na ordem dos U$128.7milhes, dos quais dois teros destinaram-se a suportara importao de combustveis, o que permitiu manter oMetical relativamente estvel face ao Dlar.Em termos mensais, a moeda nacional apresentou umadepreciao mensal de 0.3% m/m contra o Dlar, masapreciou-se 3% m/m e 2% m/m contra o Rand e o Euro,fechando o ms ao nvel de MZN/USD30.08, MZN/ZAR3.26e MZN/EUR38.57.

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It looks like the Metical appreciation to the SA Rand helpedlimit the negative impact of recent oods on food pricesmaking imported items cheaper. However, we anticipaterisks coming from salary adjustments above ination, theexpected increase in some administered prices and a slowrecovery of agriculture output.Despite these risks, we maintain our forecast of single digitination for the year.

Money MarketDuring the rst quarter of 2013, Central Bank kept on holdtheir reference interest rates, with FPC - overnight lendingfacility interest rate, at 9.5%, and FPD, deposit facilityinterest rate at 2.25%.

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15

20

2005

2006

2007

2008

2009

Dec-10

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

%

Taxas de Juro (mercado primario)(Primary market interest rates)

FPC BT 91d (TB) FPD

Interest rates are likely to stable in coming months, a

scenario sustained by a relatively stable and historical lowaverage ination.The strong liquidity levels in money market allowed forprivate sector credit extension to grow 20% y/y in February,against 8.6% during the same period of 2012, with marketaverage prime lending rate stable in March, at 15.35%keeping a narrow decreasing trend.

Foreign Exchange MarketThe Net International Reserves (NIR) balance droppedU$98.6 million during March, closing at U$2290.9 million,maintaining a decreasing trend since the beginning of theyear.Central Bank net sales of foreign currency (fx) totaledU$128.7 million, of which 2/3 were used to support the fuel

import bills. This allowed the Metical to remain relativelystable to the US Dollar.On monthly basis, local currency depreciated 0.3% m/m tothe US Dollar, but gained 3% m/m and 2% m/m to the Randand Euro, respectively, closing the month at MZN/USD30.08,MZN/ZAR3.26 and MZN/EUR38.57.At an annual basis, the Metical lost 8.4% y/y and 4.2% y/yto the Dollar and the Euro, but gained 10.1% to the Rand.

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46 MAIO 2013 Capital Mgzne46 ABRIL 2013 Capital Mgzne

Em termos anuais, o Metical registou em Maro,depreciaes de 8.4% a/a e 4.2% a/a contra o Dlar e oEuro, mas ganhou terreno em relao ao Rand, com umaapreciao de 10.1% a/a.As intervenes do Banco Central tm permitido mantero Metical relativamente estvel, num perodo em queo mercado se encontra com uma oferta de divisassazonalmente inferior procura.

Actividade EconmicaDados do PIB recentemente divulgados pelo INE (InstitutoNacional de Estatstica) indicam que a actividadeeconmica manteve-se robusta em 2012, com umcrescimento de 8.3% a/a no ltimo trimestre do ano e umaexpanso anual acumulada de 7.4% a/a.O sector primrio foi o mais dinmico, com um peso de26.5% no PIB real anual, cresceu 8.7%, impulsionado pelaforte expanso da actividade extractiva de 40.8%.Seguiu-se o sector tercirio (46.6% do PIB), que expandiu7.2%, destacando-se o comrcio & servios, transportes &comunicaes e o ramo nanceiro que expandiram 8.2%,10.4% e 12.8%, respectivamente.O sector secundrio com um peso de 19.8% no PIB,cresceu 6.2% impulsionado pela construo e manufacturaque expandiram 9.8% e 7.8%, respectivamente,contrariando o impacto da contraco de -0.4% observadano ramo de electricidade & gua.Espera-se que a actividade econmica registe umcrescimento menos robusto em 2013 do que o vericadoem 2012, devido ao impacto das recentes cheias sobre aactividade agrcola, sector que representa do PIB.

6,3

6,05,9

7,3

9,0

7,1

6,1 6,2

7,0

4,9

9,5

8,2

6,5

8,1

6,9

8,3

4

5

6

7

8

9

10

09Q1

09Q2

09Q3

09Q4

10Q1

10Q2

10Q3

10Q4

11Q1

11Q2

11Q3

11Q4

12Q1

12Q2

12Q3

12Q4

Variacao% PI

Revista Capital 64

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Transcript of Revista Capital 64