Os determinantes macroeconómicos do investimento directo estrangeiro em Moçambique

Abstract

Contemporary economies have made efforts to ensure a greater attraction of Foreign Direct Investment (FDI) due to its advantages for economic growth. Mozambique, being no exception, has been notable as an economy that receives FDI flows, however, despite the growing trend of these flows, many concerns have been raised about their continuity and the maximization of their benefits for the economy. This work intends to contribute to the design of economic policies that ensure the greatest attraction of FDI projects through the estimation of the determinants of these investments in Mozambique in the period from 1990 to 2007. The estimation process is based on the econometric study of the macroeconomic variables that constitute the possible location advantages that the Mozambican economy offers for the realization of foreign investments. The estimation results show that economic growth, the adoption of policies that guarantee macroeconomic stability and State intervention in the economy are the factors that most contribute to attracting FDI, while factors such as the granting of fiscal incentives, state of infrastructure and human capital, trade opening and the endowment of natural resources proved to be insufficient to attract FDI. Institutional aspects, although not estimated, also proved to be an obstacle for foreign investors. The work suggests that the greater attraction of FDI projects to Mozambique depends on the adoption of proactive economic policies that promote continuous economic growth, guaranteeing the maintenance of stability that ensure the positive effect of State intervention in private investment, that rationalize the granting of tax incentives to reduce tax revenue losses, that guarantee greater trade opening, that ensure the continuity of the development of human capital and infrastructure. structures, which promote greater attraction of investments for the exploitation of natural resources and which reduce institutional barriers.(TRADUÇÃO NOSSA)