Vous êtes sur la page 1sur 80

C

M
Y
CM
MY
CY
CMY
K
AF.CAPITAL_Mbim_BALCOES_210x297.pdf 5 28/02/2014 11:41
C
M
Y
CM
MY
CY
CMY
K
AF.CAPITAL_Mbim_BALCOES_210x297.pdf 6 28/02/2014 11:41
4
JUNHO 2014 CAPITAL Magazine
34 Da (in)sustentabilidade
da dvida pblica
reviso do PIB em alta
O FMI alerta para o facto de que o
rpido aumento da dvida pblica
vai atingir nveis insustentveis e a
agncia Moodys, reforou a ideia.
Tudo indica que h riscos reais do
Governo perder a capacidade de
honrar os compromissos de dvida
contrada para financiar projectos
de desenvolvimento.
36 Nova era de cooperao
com o Velho Continente
A Alemanha, a mais poderosa econo-
mia da Europa, quer consolidar a sua
presena no pas com a abertura do
Gabinete para o Fomento Econmico
Moambique-Alemanha, uma esp-
cie de Cmara de Comrcio que vai
identificar e explorar oportunidades
de negcios.
40 Empresariado tem de
combater mais a corrupo
O Centro de Integridade Pblica
(CIP) desenvolve estudos no sentido
de melhorar a qualidade de vida
dos moambicanos. Altos nveis
de pobreza e de corrupo so os
temas que mais o inspiram e que
incomodam decisores e multinacio-
nais que operam na rea extractiva.
Saiba como com o seu director geral,
Adriano Nuvunga.
62 Educao tambm negcio
As deficincias do sistema educativo
moambicano apontam para a for-
mao de um trabalhador que no
desenvolve habilidades importantes
para o trabalho, como a concentra-
o, a capacidade de abstrao e a
agilidade mental, que se reflecte na
qualidade do trabalho produzido.
Saiba como a Educao pode ser
catalisadora de negcios com um
artigo escrito pelo Professor Antnio
Batel Anjo.
Sumrio
Destaques
Propriedade e Edio: Mozmedia, Lda., 1 Rua Perpendicular n 15 - Telefone: +258 21 416186 - Fax: +258 21 416187
revista.capital@mozmedia.co.mz Director Geral: Andr Dauane andre.dauane@mozmedia.co.mz Directora
Editorial:HelgaNeida Nunes helga.nunes@mozmedia. Redaco: Srgio Mabombo sergio.mabombo@mozmedia.
co.mz Secretariado Administrativo: Indira Muss indira.mussa@mozmedia.co.mz; Cooperao: CTA; Ernst &Young;
Ferreira Rocha e Associados; PriceWaterHouseCoopers, ISCIM, INATUR, INTERCAMPUS Colunistas: 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; Nadim Cassamo (ISCIM/IPCI); Paulo Deves; Ragendra de Sousa, Rita Neves,
Rolando Wane; Rui Batista; Sara L. Grosso, Vanessa Loureno; Fotografia: Celso Zaqueu, Marco P. Nicolau; Gettyimages.
pt, Google.com; Ilustraes: Marta Batista; Pinto Zulu; Raimundo Macaringue; Rui Batista; Vasco B. Paginao: Arlindo
Magaia Design e Grafismo: Mozmedia Departamento Comercial: Neusa Simbine neusa.simbine@mozmedia.
co.mz, ; Distribuio:mpia info@impia.co.mz; Mozmedia, Lda.; Mabuko, Lda. Registo: N. 046/GABINFO-DEC/2007 -
Tiragem: 7.500 exemplares. Os artigos assinados reflectem a opinio dos autores e no necessariamente da revista. Toda
a transcrio ou reproduo, parcial ou total, autorizada desde que citada a fonte.
Capa
Empresariado tem
de combater a corrupo
Dossier Foco Empresa
Tema de fundo
Crescimento
econmico desacelera
Recursos Humanos
com soluo vista
Empresariado tem de combater
mais a corrupo
30 38
40
CAPITAL Magazine JUNHO 2014
5
Editorial
Bem-vindo
Plataforma empresarial
UP-GRADE
Estilos
CIS contribui para
o desenvolvimento sustentvel de
Nacala
Um ano passado
e a Riopele no arrancou
Buongiorno,
Principessa!
50
53
74
A
Capital elegeu como capa do ms de Junho o
desempenho do Centro de Integridade Pblica
(CIP) e traz uma grande entrevista com o seu
director geral, Adriano Nuvunga.
O Centro de Integridade Pblica realiza estudos
com o objectivo de melhorar a qualidade de vida
dos moambicanos. Os temas que mais inspiram as pes-
quisas, realizadas e divulgadas ao pblico por aquela
organizao, tm sido os altos nveis de pobreza e de
corrupo. Temticas que, muitas vezes, incomodam os
decisores e as multinacionais que operam sobretudo na
rea extractiva.
Nesse sentido, o CIP tem vindo a ser criticado por uns e
elogiado por outros, mas na verdade tem vindo a con-
tribuir para que a corrupo suba ao palco do debate
pblico e da governao.
Muita gente enriqueceu durante dcadas, por vias il-
citas, mas nunca se falava sobre isto de forma aberta
e transparente. Actualmente, j se aborda o tema e
constata-se uma considervel melhoria graas inter-
veno do CIP. Ao mesmo tempo, a indstria extractiva
em franca progresso no pas - melhorou bastante no
que diz respeito a aspectos relacionados com o quadro
institucional, e quanto Iniciativa de Transparncia da
Indstria Extractiva, entre outras vertentes. E registam-se
igualmente melhorias na alocao dos oramentos para
os distritos e na execuo de despesas a nvel local.
No entanto, e apesar das conquistas feitas, o desempe-
nho do sector privado no esforo de reduzir os nveis
de corrupo no tem sido o melhor. O CIP alerta para o
facto de que o sector privado moambicano no adere
ao debate anticorrupo, quando o ideal seria que fosse
mais interventivo e arregaasse as mangas. O empenho
dos empresrios no combate corrupo essencial
para uma economia saudvel e um bom ambiente de
negcios.
c
Contra a corrupo. A favor
da transparncia
www.tvcabo.mz/cartaoviva
PRECISO VER PARA QUERER.
O NOVO CARTO VIVA!
/tvcabo
A TVCABO d-te mais descontos com o carto VIVA!
S os clientes TVCABO vo poder aproveitar as vantagens do novo
VIVA! Um carto que transforma meticais em pontos e pontos em
oportunidades.
Liga j 21 480 550 / 820 480 500 ou vai a uma loja TVCABO.
Contents
Property and Edition: Mozmedia, Lda., 15- 1 Rua Perpendicular-Coop, Telephone: +258 21 416186 | Fax:+258 21 416187
revista.capital@mozmedia.co.mz Managing Director: Andr Dauane andre.dauane@mozmedia.co.mz Editorial
Director: Helga Neida Nunes helga.nunes@mozmedia. Editorial Staff: Srgio Mabombo sergio.mabombo@mozmedia.
co.mz Administrative Secretariat: Indira Muss indira.mussa@mozmedia.co.mz; Cooperation: CTA; Ernst &Young;
Ferreira Rocha e Associados; PriceWaterHouseCoopers, ISCIM, INATUR, INTERCAMPUS Columnists: 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, Rita Neves,
Rolando Wane; Rui Batista; Sara L. Grosso, Vanessa Loureno; Photography: Celso Zaqueu, Marco P. Nicolau; Gettyimages.pt,
Google.com; Illustrations: Marta Batista; Pinto Zulu; Raimundo Macaringue; Rui Batista; Vasco B. Page make-up: Arlindo
Magaia Design and Graphics: Mozmedia Commercial Department: Neusa Simbine neusa.simbine@mozmedia.
co.mz; Distribution: mpia info@impia.co.mz; Mozmedia, Lda.; Mabuko, Lda. Registration: N. 046/GABINFO-DEC/2007
- Printing: 7.500 copies. The articles reflect the authors opinion, and not necessarily the magazines opinion. All transcript
or reproduction, partial or total, is authorised provided that the source is quoted.
Cover
The business community has
to fight corruption harder
8
JUNHO 2014 CAPITAL Magazine
35 From the (un)sustainability
of the public debt to the
revision of the GDP - highlight
The IMF alerts on the fact that the
rapid increase of the public debt
will hit unsustainable levels, and
the agency Moodys reinforced the
idea. It all suggests that there are
real risks that Government loses its
capacity to honor the commitments
from the debt acquired to finance
development projects.
37 New era of cooperation
with the Old Continent
Germany, the most powerful eco-
nomy in Europe, wants to cement its
presence in Mozambique, through
the opening of an Office for Econo-
mic Promotion Mozambique Ger-
many, in mid-April Some form of
Chamber of Commerce which aims
at identifying and explore business
opportunities.
44 Business community
has to fight corruption
harder
The Public Integrity Centre carries
out studies towards improving Mo-
zambicans life quality. It is mostly
inspired by topics such as high
poverty levels and corruption, and
these bother decision makers mul-
tinationals operating in the mining
industry. Get to know how, with its
General Director, Adriano Nuvunga.
64 Education is also business
The deficiencies of the Mozambican
educational system suggest the
training of a staff member who does
not gather the main abilities for the
desired work, such as concentration,
abstraction capacity and mental
agility, which is reflected on the work
performed. Through an article writ-
ten by the Professor Antnio Batel
Anjo, get to know how education may
be a catalyzer for business.
Highlights
Dossier Focus Company
Background Theme
Economic growth
decelerates
Human Resources
with Solution in Sight
Business community
has to fght corruption harder
32 39
44
CAPITAL Magazine JUNHO 2014
9
CAPITAL Magazine Maro 2013
9
Editorial
Welcome
CAPITAL Magazine JUNHO 2014
9
F
or Junes front cover, the Capital has elected the
performance of Public Integrity Centre (CIP), and
brings along a great interview with its general
director, Adriano Nuvunga.
The Public Integrity Centre conducts studies with
the objective of improving the quality of life among
Mozambicans. The topics that mostly inspire the researches
carried out and divulged to the public by this organization,
have been the high poverty rate and corruption. These are
issues that often bother the decision makers as well as the
multinationals operating, mainly in the mining area.
In that sense, the CIP has been criticized by some and
praised by others, yet in true sense, it has been contributing
towards bringing up the issue of corruption at the stage of
public debate.
Many people enriched themselves by illicit means through
decades, and it was never spoken about in an open and
transparent way. Currently, the issue is being engaged and
a considerable improvement is noticed thanks to CIPs
intervention. In tandem, the mining industry in sheer
progress in the country has improved signifcantly in
aspects related to the institutional framework and the
Mining Industry Transparency Initiative, among others. There
are also improvements in budgetary allocations for the
districts, as well as in the running costs local level.
However, despite the achievements made, the performance
of the private sector in the efort towards reducing
corruption levels has not been at its best. CIP warns to the
fact that the Mozambican private sector does not adhere
to the anti-corruption debate, while the ideal would be it
were more interventional and pulled up its sleeves. The
commitment of businessmen in the fght against corruption
is essential for a healthy economy and a good business
environment.
c
Against Corruption. Favoring
Transparency
Entrepreneurial Platform
UP-GRADE
Lifestyle
CIS contributed for the sustainable
development of Nacala
One year gone and Riopele
did not kick-start
Buongiorno,
Principessa!
51
54
76
COISAS QUE SE DIZEM
EM ALTA
EM BAIXA
CONTRABANDO AMEAA ESTABILIDADE ORAMENTAL
O grande desafo da Autoridade Tributria
est relacionado com o combate ao contra-
bando, um mal que na opinio do seu presi-
dente coloca em causa a estabilidade do
Oramento do Estado. O contrabando incide
nos corredores de Goba Boane; Ressano
Matola, em Maputo, e na zona de Mapai, no
distrito de Chicualacuala, provncia de Gaza.
A nvel de regio Centro, o destaque vai para
a Beira, passando por Inchope at fronteira
de Machipanda. No Norte existe o eixo Naca-
la Nampula, com repercusses no distrito
de Mocmboa da Praia, em Cabo Delgado.
DEGRADAO AMBIENTAL AFECTA
TURISMO EM MANICA
A devas-
tao contnua do meio ambiente, causada
pelo desenvolvimento de determinadas
actividades econmicas no sustentveis, na
provncia de Manica, apontada como um
dos principais problemas que difculta o
desenvolvimento do turismo naquela regio.
Entre as actividades econmicas no susten-
tveis destacam-se o garimpo, as queimadas
descontroladas, a caa furtiva e o desforesta-
mento.
Capitoon
MAIS DUAS FAIXAS NA EN4
A Estrada
Nacional Nmero Quatro (EN4) passar a
ter seis faixas de rodagem. O arranque das
obras, de acordo com o concessionrio,
est previsto para Janeiro de 2015, e tem
por objectivo minimizar o dilema do con-
gestionamento. O projecto de alargamento
da EN4 vai partir do Hospital Geral Jos
Macamo at zona do supermercado
Shoprite, na Matola, num troo de pouco
mais de 10 quilmetros. A EN4 possui
duas faixas de cada lado, s quais sero
acrescidas mais duas (uma para cada lado)
facto que vai implicar o alargamento das
pontes rodovirias e algumas pedonais..
PESCA ARTESANAL ASSUME PROTAGONISMO A
pesca artesanal contribuiu com cerca de 87%
para a produo pesqueira global alcanada em
2013, o que representa um crescimento cont-
nuo do sector. Concorre para este aumento a
melhoria dos factores de produo e produtivi-
dade bem como a melhoria registada na efci-
ncia do sistema estatstico das pescas. Em
2013, a produo pesqueira global foi de
222.000 toneladas de pescado diverso, o que
representa uma realizao de 114% da meta
programada para o ano em apreo e um cresci-
mento de 4%.
12
JUNHO 2014 CAPITAL Magazine
CANDIDATOS NATURAIS Afonso Dlhakama o nosso
candidato natural. natural porque at agora ele que dirige e
controla o Partido. Ele que est a dar os destinos a este Partido e
apesar do tempo em que est como Presidente continua activo e
est a dar o mximo para que este Partido tenha resultados e o
apoio de muita gente,
Secretrio-geral da Renamo, Manuel Bissopo, In Jornal
Zambeze.
NEGCIOS SINUOSOS Primeiro, explicar que nem todos os
negcios do Pas devem passar pela Assembleia da Repblica. O
Governo tem prerrogativas e tem soberania para tomar decises
sobre os assuntos econmicos do Pas. A questo da migrao
digital foi um processo muito complexo e sinuoso que envolveu
um conjunto de avaliaes .
Ministro dos Transportes e Comunicaes, Gabriel Mu-
thisse, in Jornal Notcias.
14
JUNHO 2014 CAPITAL Magazine
Capitoon
THINGS BEING SAID
IN HIGH
CONTRABAND THREATENS BUDGETARY STABILITY
The greatest challenge for the Taxation Au-
thority is related to the fght against contra-
band, being one evil that on the opinion of its
president puts at stake the budgetary stabili-
ty of the State. The contraband falls in the
corridors of Goba Boane; Ressano Matola,
in Maputo and in the area Mapai in the dis-
trict of Chicualacuala, Gaza Province. As for
the Centre region, the highlight goes to Beira
through Inchope up to the Machipanda
border. In the North there is the axle Nacala
Nampula, with repercussions in the district
of Mocmboa da Praia, in Cabo Delgado.
ENVIRONMENTAL DEGRADATION
AFFECTS TOURISM IN MANICA
The
continuous devastation of the environment,
caused by the development of specifc none
sustainable economic activities in the provin-
ce of Manica, is indicated as one of the main
problems which makes difcult the develop-
ment of tourism in that region. Among these
none sustainable economic activities the
gold-digging stands out, as well as the uncon-
trolled fres, poaching and deforestation.
TWO MORE LANES AT EN4
The National
Road Number Four (EN4) will now have six
lanes. The commencement of the works, as
per the concessionaire, is anticipated for
January 2015, and has the objective to
minimize the dilemma of congestion. The
project to enlarge the EN4 will start from
the General Hospital Jos Macamo up to
the vicinities of the supermarket Shoprite
at Matola, in a stretch with slightly more
than 10 kilometers. The EN4 now has two
lanes on each side and two will be added
(one to each side) thus being a fact that
will imply the enlargement of the road
bridges as well as some pedestrian ones.
. ARTISANAL FISHING TAKES ONE KEY ROLE The
artisanal fshing contributed with roughly
87% of the global fshing produce that was
achieved in 2013, which represents a conti-
nuous growth in the sector. Competing to
this increase is the improvement on the
factors of production as well as the registe-
red improvement on the efciency of the
statistic system in the fsheries. In 2013, the
global fshing produce was that of 222.000
tons of diverse catch, which represents a
performance by 114% of the programmed
target for the year in question and a growth
of 4%.
NATURAL CANDIDATES Afonso Dlhakama is our natural
candidate. He is natural because to this moment he is the one who
leads and controls the Party. He is the one giving the destinations
to this Party and despite the time he is as President, he continues
active and is giving his best so that this Party gathers the results
and the support from many people,
General Secretary of Renamo, Manuel Bissopo, in Zambeze
newspaper
SINUOUS BUSINESSES Firstly, explaining that not all
businesses in the country have to go through the Parliament.
The Government has prerogatives and sovereignty to take
decisions over economic issues in the country. The question of
digital migration was a very complex and sinuous process which
entailed a combination of evaluations.
Minister of Transports and Communications, Gabriel
Muthisse, in Notcias Newspaper.
IN LOW
ACTUAL
Gs canalizado
chega este ms
16
JUNHO 2014 CAPITAL Magazine
A
s residncias e instituies
de Maputo e Marracuene
devero ter gs canalizado a
partir deste ms no mbito do
projecto de distribuio de
gs da Empresa Nacional de
Hidrocarnetos. A garantia foi dada
por Paulino Gregrio, administrador
da ENH, nas instalaes da estao
de reduo de presso de gs, que
completa o projecto avaliado em 38
milhes de dlares fnanciados pela
empresa sul-coreana Kogas.
O projecto tem ganhos, entre os
quais a eliminao do uso de botijas
COMMODITIES
OPORTUNIDADE DE NEGCIO
Jangamo
com reservas
de areias pesadas
de classe mundial
Classe mdia
moambicana
atrai BMW
A COMPANHIA
britnica Savannah
Resources apurou a existncia de
areias pesadas de classe mun-
dial, em Jangamo, na provncia de
Inhambane, e vai realizar testes
adicionais para arrancar rapida-
mente com a explorao.
As areias pesadas permitem a
extraco de metais como ilmeni-
te, rtilo e zirco, usados em vrias
indstrias tecnolgicas, incluindo
o sector aeronutico e das teleco-
municaes.
c
O AUMENTO
do poder de compra da
classe mdia moambicana, cujo gasto
dirio e individual estimado em mais
de 40 dlares, constitui o principal factor
atractivo da marca alem, BMW, ao Pas.
Assim, a Construtora apostou tudo ao
lanar a sua BMW X5, terceira gerao,
no mercado. A deciso foi tomada mes-
mo com a conscincia de que Moambi-
que recebe por ano cerca de 450.000
viaturas em segunda mo, contra apenas
4.500 automveis zero quilmetros,
sendo que o factor preo que incre-
menta a importao. preocupante
que alguns importadores ainda conti-
nuem a trazer risco ao Pas, refere a
propsito Dalila Tsilaks, PCA da Ronil
Moambique.
c
de ao, pois haver canalizao se-
melhante que leva a gua s resi-
dncias, com uma vlvula para abrir
e fechar o gs no fogo.
A rede de distribuio tem uma
extenso de 62 quilmetros que per-
correm vrias artrias da capital at
Marracuene partindo da estao de
reduo de presso do gs situada
na ento central trmica de Maputo
(antiga SONEFE).
O projecto prev abranger 200
grandes consumidores, num pri-
meira fase, na sua maioria, hotis,
restaurantes, indstrias e moradias
que, segundo as estimativas da ENH,
podero totalizar 68 mil famlias no
raio atravessado pela rede de distri-
buio.
Gregrio disse, por outro lado, que
em termos de custos, comparativa-
mente ao gs de cozinha, vulgo (GPL),
as estimativas da ENH apontam para
uma reduo de 86 por cento e uma
fasquia de 14 a 15 por cento na pou-
pana na factura das famlias.
Basta possuir entre 30 e 90 mil me-
ticais para pagar a instalao. Este
valor ser aplicado consoante a
distncia dos gasodutos s residn-
cias, empresas ou estabelecimentos
comerciais.
Quanto ao custo que as famlias de-
vero pagar pelo acesso ao combus-
tvel, a fonte afrmou estar em estudo
um mecanismo alternativo, baseado
em parcerias ou subsdios, pois os
materiais usados na canalizao do
gs s residncias so todos eles im-
portados a custos que variam entre
os mil e os trs mil dlares.
c
D
R
CURRENT
CAPITAL Magazine JUNHO 2014
17
COMMODITIES
OPORTUNIDADE DE NEGCIO
Jangamo with
reserves of
world class
heavy sands
Mozambican
middle class
attracts BMW
THE British company Savannah
Resources established the exis-
tence of world class heavy sands
in Jangamo, in the province of
Inhambane, and will conduct ad-
ditional tests to rapidly start with
the exploration.
The heavy sands enable the ex-
traction of metals such as ilmenite,
rutile and zircon, which are used in
various technological industries,
including the aeronautical and
telecommunications sectors. .
c
THE INCREASE
of buying power from
the Mozambican middle class, whose
individual daily expenditure is estimated
in more than 40 dollars, constitutes the
main attractive factor for the German
make BMW, to the country. Thus, the
manufacturer staked everything in laun-
ching its BMW X5, third generation, in
the market. The decision was made still
with the consciousness that Mozambi-
que has an annual intake of 450,000
second hand vehicles versus 4,500 zero
kilometer ones and price being the
factor which augments importation. It is
worrisome that some importers still
continue to bring risk into the country,
refers apropos Dalila Tsilaks, CBD from
Ronil Mozambique.
c
THE
households and institutions in
Maputo and Marracuene may have
piped gas as from this month, in the
scope of the project for the distribu-
tion of gas from the National Com-
pany of hydrocarbons. The assurance
was made by Paulino Gregrio, the
administrator of ENH, while at the
premises of the station for the reduc-
tion of gas pressure, which concludes
the project valued at 38 million dol-
lars, fnanced by the South Korean
enterprise Kogas.
The project has advantages, which
include phasing out of steel cylinders,
as there will be pipes similar to the
ones taking water to households, with
a valve to open and close the gas at
the stove.
The distribution network has an ex-
tension of 62 kilometers which run
through various arteries of the capital
up until Marracuene, coming from the
station for the reduction of gas pres-
sure which is located at the former
Thermal Centre of Maputo (formerly
SONEFE).
At frst stage, the projects expects to
reach 200 large consumers, mainly
hotels, restaurants, industries and
households which, as per ENH esti-
mates, may sum up to 68 thousand
families on the radius lengthened by
the distribution network.
On the other side, Gregrio uttered
that in terms of cost, comparatively
to the kitchen gas, vulgarly (GPL), the
estimates from ENH indicate a reduc-
tion of 86 percent and a mark of 14
to 15 percent savings in household
invoices.
All it takes is 30 to 90 thousand met-
icais to pay for the installation. This
amount will be applied in accordance
to the distance between the pipelines
and households, companies or com-
mercial facilities.
As for the cost which families will
have to pay to access the fuel, the
source afrmed that an alternative
mechanism is being studied, based
on partnerships or subsidies, given
that the materials used in the gas
piping through to households are all
imported at costs that vary from one
thousand to three thousand dollars.
c
Piped gas
arrives this month
D
R
Av. 25 de Setembro Nr. 2009
Caixa Postal Nr. 2183
Tel. +258 21309068/328998
Fax. +258 21328997/333809
info@afritool.co.mz
Maputo - Moambique
A mais de 13 anos
a proporcionar
os mais altos padres
de Servios,com Produtos
de Qualidade, Preos Competitivos,
Ideias Inovadoras,
atendimento personalizado
MOAMBIQUE
TANZANIA
CHIPRE
SWAZILNDIA
DELEGAES
Quelimane,
Tete e Nampula
Briefng MUNDO
CAPITAL Magazine JUNHO 2014
19
Pases desenvolvidos
continuam os mais
inovadores
A LISTA
das 25 naes mais inovadoras
permanece inalterada desde 2013 e traz,
somente, os pases mais ricos. O facto
das naes desenvolvidas encabearem
a produtividade mundial em termos de
inovao mostra que os pases em de-
senvolvimento ainda enfrentam srios
obstculos.
Para que o ndice melhore cada vez mais,
a WIPO (Agncia das Naes Unidas
Responsvel pela Propriedade Intelectu-
al) sugere que exista colaborao entre
a comunidade cientfca e as empresas
privadas. Os pesquisadores muitas vezes
no esto ligados a nenhum actor do
sector privado capaz de transformar o
projecto em inovaes reais.
Outra sada semelhante para os pases
em desenvolvimento dada por um
especialista do centro de pesquisa e
treinamento da Universidade das Naes
Unidas e da Universidade de Maastricht.
Hugo Hollanders d orientaes para que
as prprias empresas invistam mais nas
pesquisas, independentemente do incen-
tivo dos governos locais.
c
Pases mais inovadores (em produo)
1. Sua 14. Israel
2. Sucia 15. Alemanha
3. Reino Unido 16. Noruega
4. Holanda 17. Nova Zelndia
5. EUA 18. Coreia
6. Finlndia 19. Austrlia
7.Hong Kong (China) 20. Frana
8. Cingapura 21. Blgica
9.Dinamarca 22. Japo
10. Irlanda 23. ustria
11. Canad 24. Malta
12. Luxemburgo 25.Estnia
13. Islndia 64. Brasil
Fonte: Wipo
BNDES j opera em frica
O BANCO
Nacional de Desenvolvi-
mento Econmico e Social (BNDES)
do Brasil inaugurou o seu escritrio
de representao, em Joanesburgo.
Localizado em Sandton, o escritrio
ter a misso de estreitar o relacio-
namento comercial entre o Brasil e
frica, prospectando negcios e in-
vestimentos.
A deciso refora a estratgia do go-
verno de Dilma Roussef de priorizar
frica na sua poltica externa e ser
um novo apoio para as empresas bra-
sileiras com negcios no continente.
O pontap inicial foi dado, em Abril
deste ano, quando a presidente Dil-
ma Roussef determinou a criao de
uma direco especfca para Assun-
tos da frica, Amrica Latina e Caribe.
Sob comando do economista Luiz
Eduardo Melin de Carvalho e Silva, o
sector voltado para exportaes de
bens e servios do Brasil.
O banco j possui uma carteira de
operaes em frica, por meio da
BNDES Exim, rea de fnanciamento a
exportaes brasileiras para Angola,
frica do Sul, Guin Equatorial, Gana
e Moambique. De 2007 a 2012, os
desembolsos cresceram 357,82%,
ou seja, de 148.9 milhes de dlares
para 681.9 milhes de dlares.
c
Moambique vai ter
formao em monitoria
de Florestas
A ORGANIZAO
das Naes Unidas
para Alimentao e Agricultura
(FAO) e o Instituto Nacional de Pes-
quisas Espaciais (INPE) do Brasil fr-
maram um acordo para a capacitao
na rea de monitoramento de fores-
tas a partir de satlites. A iniciativa
vai benefciar pases da frica, Am-
rica do Sul e sia.
Sero realizados seis cursos ao lon-
go de 2014 e 2015, em portugus,
espanhol, francs e ingls. Da frica,
participaro tcnicos de Moambi-
que, Guin Equatorial, So Tom e
Prncipe, Marrocos, Arglia, Tunsia,
Repblica do Congo, Nigria, Gana e
frica do Sul. De outros continentes,
h tcnicos do Quirquisto, Tajiquis-
to,Uruguai, Argentina, Chile,Filipi-
nas, Laos, Tailndia, Buto, Papua
Nova Guin, Sri Lanka.
Pelo acordo, cabe ao INPE empregar a
sua experincia no ensino de tcnicas
de sensoriamento remoto e uso de
imagens de satlites voltado para o
monitoramento de forestas. Os parti-
cipantes iro conhecer ainda as fun-
cionalidades do TerraAmazon, sistema
desenvolvido pelo Instituto para os
seus programas de monitoramento no
Brasil. Por sua vez, a FAO ir garantir a
ida dos participantes estrangeiros aos
cursos, bem como equipamentos e
consultoria tcnica.
c
D
R
D
R
Briefng MUNDO/WORLD
20
JUNHO 2014 CAPITAL Magazine
O BANCO
Mundial (BM) anunciou que duplicar a sua
capacidade anual de emprstimo aos pases emergen-
tes para ajud-los a alcanar o objectivo de erradicar a
pobreza extrema at 2030. Aps priorizar em Dezem-
bro a ajuda aos pases mais pobres, o BM pode agora
quase duplicar seus emprstimos anuais aos pases
com rendas intermedirias, de 15 bilies de dlares
para 28 bilies, segundo o seu presidente. Como con-
sequncia, a linha de crdito para pases como Brasil,
Mxico e China aumentar a partir deste ano de 2.5
bilies para 19 bilies de dlares, embora acompanha-
da de um maior custo de emprstimo.
c
COMMODITIES
Banco Mundial duplica
crdito para emergentes
D
R
Developed countries continue being more innovative
THE
list of the 25 most innova-
tive nations remains unchanged
since 2013, and it only entails the
richest counties. The fact that the
more developed nations spearhead
the worlds productivity in terms of
innovation shows that developing
countries still face serious obstacles.
In order to have a better index, the
WIPO (United Nations Agency Re-
sponsible for Intellectual Property)
suggests the establishment of col-
laboration between the scientifc
community and private companies.
The researchers are many times not
linked to any actor of the private sec-
tor capable of transforming the project
into real innovations.
Another similar solution for the de-
veloping countries is provided by
a specialist from the research and
training centre at the University of
the United Nations and from the
University of Maastricht. Hugo Hol-
Top innovative countries (in production)
1. Switzerland 14. Israel
2. Sweden 15. Germany
3. United Kingdom 16. Norway
4. Holland 17. New Zealand
5. USA 18. Koreia
6. Finland 19. Australia
7.Hong Kong (China) 20. France
8. Singapore 21. Belgium
9.Denmark 22. Japan
10. Ireland 23. Austria
11. Canada 24. Malta
12. Luxemburg 25.Estonia
13. Iceland 64. Brazil
Source: WIPO
landers advises that the companies
themselves invest more in research,
regardless of the incentive from local
governments.
c

D
R
D
R
Briefng WORLD
CAPITAL Magazine JUNHO 2014
21
THE
World Bank (WB) announced that it will double
its annual loan capacity to the emerging countries in
order to help them attain the objective of eradicating
extreme poverty by 2030. In December, after prioritiz-
ing support to the poorest countries, the WB may now
nearly double its annual loans to the countries with in-
termediate income, from 15 billion dollars to 28 billion,
as indicated by its president. As a consequence, the
credit line for countries such as Brazil, Mexico and Chi-
na, will increase as from this year, from 2.5 billion to 19
billion dollars, although tagged with a higher loan cost.
c
BNDES already
operates in Africa
THE
National Bank for Economic
and Social Development (BNDES)
from Brazil has inaugurated its repre-
sentation ofce in Johannesburg.
Located in Sandton, the ofce will
have the mission to straighten the
commercial relationship between
Brazil and Africa, while prospecting
businesses and investments.
The decision reinforces the strategy
from Dilma Riussefs administration,
by means of prioritizing Africa in its
external policy and be a new sup-
port for the Brazilian enterprises with
businesses in the continent.
The kick start has been given in April
this year when President Dilma Rous-
sef determined the creation of a
specifc directorate for Africa, Latin
America and the Caribbean. Under
the command of the economist Luiz
Eduardo Melin de Carvalho e Silva,
the sector is oriented to the expor-
tation of goods and services from
Brazil.
The bank already owns an array of
operations in Africa, through the
BNDES Exim, being the area for f-
nancing Brazilian exportations to An-
gola, South Africa, Equatorial Guinea,
Ghana and Mozambique. From 2007
through to 2012, the disbursements
grew 357,82%, as in from 148.9 mil-
lion dollars to 681.9 million dollars.
c


Mozambique will be
Trained in Satellite
Forests Monitoring
THE
United Nations Organization
for Food and Agriculture (FAO) and
the National Institute for Spatial
Researches (INPE) from Brazil, have
frmed a capacity building agreement
towards monitoring forests through
satellites. The initiative will beneft
countries from Africa, South America
and Asia.
Six trainings will be conducted in
the course of 2014 and 2015, in
Portuguese, Spanish, French and
English. From Africa, there will be
technicians from Mozambique, Equa-
torial Guinea, Sao Tome and Principe,
Morocco, Algeria, Tunisia, Republic
of Congo, Nigeria, Ghana and South
Africa. From other continents, there
are technicians from Kyrgyzstan,
Tajikistan, Uruguay, Argentina, Chile,
Philippines, Laos, Thailand, Bhutan,
Papua New Guinea, and Sri Lanka.
From the agreement, its up to the
INPE to exercise its experience in
sharing remote sensoring techniques
and use of satellite images oriented
to forests monitoring. Participants
will also get to know the function-
alities of TerraAmazon, which is a
system developed by the institute
for its monitoring programs in Brazil.
In turn, FAO will guarantee the atten-
dance of foreign participants in the
training, as well as equipment and
technical expertise.
c
COMMODITIES
World Bank doubles credit
to emerging ones
D
R
D
R
FirstMetical
At FirstMetical, we are committed to provide advisory services with dependable quality and professionalism,
so when you buy our services, youre not just buying advisory services, youre also buying a promise of
value that will help your company/business to reach operational and management excellence. Send an email
to firstmetical@firstmetical.co.mz, comercial@firstmetical.co.mz or find us at www.firstmetical.co.mz
FirstMetical a promise of value
CORPORATE FINANCE ADVISORY
CORPORATE BUSINESS ADVISORY
CORPORATE INVESTMENT ADVISORY
CORPORATE TRANSACTION ADVISORY
Briefng FRICA
24
JUNHO 2014 CAPITAL Magazine
54% da populao
africana tem telemvel
O ACESSO
telefonia mvel em
frica cresceu signifcativamente,
nos timos anos, tendo j atingido
54% da populao em 2012. Hoje,
existem mais de 754 milhes cone-
xes na frica subsaariana e mais de
35 operadoras de telefonia mvel no
continente. Vrios pases, como
Seychelles, Tunsia, Marrocos e Gana,
tm taxas de acesso telefonia m-
vel de mais de 100%. Na Tunsia, a
taxa de 120%, ou seja, o nmero
de telemveis (celulares) ultrapassa
o nmero de cidados em 10.8 mi-
lhes.
No h dvida de que a infraestru-
tura mvel tornou-se to importante
para as economias nacionais quanto
a infraestrutura rodoviria ou energ-
tica. Alm de fornecer acesso a liga-
es de Internet e redes mveis, em
alguns pases africanos facilitam as
transaces fnanceiras de indivduos
e outros pequenos negcios mais do
que o prprio sector bancrio.
No Qunia, o sistema de transfe-
rncia de dinheiro atravs de SMS
(M-pesa) movimenta cerca de 24
milhes de dlares por dia. So 8.8
bilhes por ano ou 40% do PIB
do pas na sua rede de 17 milhes
de usurios. Este sistema chegou
tambm a Moambique e tem estado
a facilitar a vida de muitos no paga-
mento de produtos e servios, para
alm da transferncia de dinheiro.
c
Pases africanos entre
os mais eficientes em
inovao
O RELATRIO
da Agncia das Naes
Unidas responsvel pela propriedade
intelectual (WIPO), chamado de ndi-
ce Global de Inovao, indica quatro
pases africanos entre os mais ef-
cientes em inovao. Na lista, fguram
Mali, Guin, Suazilndia e Nigria. O
WIPO chegou a esse resultado ao
relacionar os elementos da economia
que permitem actividades com as
sadas criativas. Ao mesmo tempo em
que demonstram efcincia em ino-
vao, no quadro geral de avaliao,
os quatro pases apresentam baixo
ndice de inovao. Isso signifca um
alto percentual de sucesso nos pou-
cos projectos de inovao realizados.
O economista Sacha Wunsch-Vin-
cent, um dos autores da pesquisa,
considera promissor o resultado dos
pases africanos, mas alerta que isso
no representa, necessariamente, um
ambiente produtivo e saudvel.
Divulgado em Genebra, o estudo
avaliou os sistemas de inovao de
142 pases nos seguintes aspectos:
marcos institucionais para a promo-
o de negcios e crescimento; capi-
tal humano e pesquisa; infraestrutura
(incluindo as tecnologias de infor-
mao e comunicao e a sustenta-
bilidade ambiental); sofsticao do
mercado; sofsticao empresarial; e
os resultados do conhecimento e da
tecnologia.
c
Telemveis aumentam
produtividade agrcola
em frica
NUM
documento intitulado TIC
pela Agricultura na frica, o Banco
Mundial listou as maneiras pelas
quais a Tecnologia de Informao e
Comunicao (TIC) pode apoiar a
agricultura em todas as fases: pr-
-cultivo, cultivo de culturas e colheita
e ps-colheita. Os Sistemas de Infor-
mao Geogrfca (SIG) podem ser
usados, por exemplo, para o planea-
mento do uso do solo e a adaptao
s alteraes climticas.
Alguns agricultores no Qunia e
Zimbabwe j implantaram as TIC para
aumentarem a sua renda e produtivi-
dade, tendo obtido resultados positi-
vos. O especialista em comunicao
do Zimbabwe, Charles Dhewa, lanou
o eMkambo em 2012, um mercado
virtual integrado onde os agricultores
e compradores partilham o conheci-
mento e transaccionam negcios por
meio de telefones celulares.
Os agricultores tambm tm usado
as TIC de maneira a partilhar novas
habilidades de processamento de
produo e de comercializao no
Burkina Faso; para rastrear mangas
atravs de um sistema que conecta
agricultores do Mali com consumi-
dores globais; para angariar infor-
maes importantes que melhoram
a governana forestal na Libria; e
para fornecer servios baseados em
SMS desenvolvidos pela Unio Na-
cional de Agricultores da Zmbia.
c
D
R
D
R
D
R
Briefng FRICA/AFRICA
AGENDA
Feira Internacional
de Luanda FILDA
2014 em Outubro
CAPITAL Magazine JUNHO 2014
25
CONSIDERADA
o principal evento multi-secto-
rial do mercado angolano, a Feira Internacio-
nal de Luanda (FILDA 2014) realiza-se na
segunda quinzena de Outubro e ter entre os
seus propsitos a optimizao da participa-
o brasileira atravs do foco em rodadas de
negcios e da promoo comercial dos secto-
res de alimentos e bebidas, mquinas e equi-
pamentos, casa e construo.
c
54% of the African population owns a mobile phone
THE
access to mobile telephony in
Africa grew signifcantly in the last
years, having now reached 54% of
the population in 2012. Today, there
are more than 754 million connec-
tions in sub-Saharan Africa and more
than 35 operators of mobile tele-
phony in the continent. Many coun-
tries such as Seychelles, Tunisia, Mo-
rocco and Ghana have mobile tele-
phony access rates of over 100%. In
Tunisia, the rate is 120%, in other
words, the number of mobile phones
(cellphones) exceeds the number of
citizens by 10.8 million.
It is no doubt that the mobile infra-
structure has become as important
for the national economies as the
road or energetic infrastructure.
Besides providing access to internet
connections and mobile networks, in
some African countries they facilitate
fnancial transactions from individu-
als and other small businesses, even
more so than the banking sector
itself.
In Kenya the money transfer system
through text messages (M-pesa)
moves over 24 million dollars per
day. It is 8.8 billion per year or
40% of the countrys GDP in its
network of 17 million users. This sys-
tem has also arrived to Mozambique
and has been assisting many in the
payment of goods and services, over
and above money transfers.
c
D
R
Briefng AFRICA
26
JUNHO 2014 CAPITAL Magazine
African countries among
the most efficient in
innovation
THE
report from the United Na-
tions Agency responsible for intellec-
tual property (WIPO), which is called
Innovation Global Index, indicates
four African countries to be among
the most efcient ones in innovation.
The list features Mali, Guinea, Swazi-
land and Nigeria. WIPO came to this
result through relating the economys
elements which enable activities
based on creative means. While they
show efciency in innovation, in the
general evaluation framework, the
four countries still present a low
innovation index. This means a high
percentage of success through the
few innovation projects that are con-
ducted.
The economist Sacha Wunsch-
Vincent, one of the research authors,
considers the results of African coun-
tries as promising but also alerts that
it does not necessarily represent a
productive and healthy ambience.
Divulged in Geneva, the study evalu-
ated the innovation systems of 142
countries, in the following aspects:
institutional milestones for the pro-
motion of businesses and growth;
human capital and research; infra-
structure (including technologies of
information & communication and
the environmental sustainability);
market sophistication; entrepreneur-
ial sophistication and the results of
knowledge and technology.
c
CONSIDERED
the main multi-sectorial event in the Angolan Market, the
Luanda International Fair (FILDA 2014) will be hosted on the second quar-
ter of October and will have among its objectives, the optimization of the
Brazilian participation through focus on business rounds and the commer-
cial promotion of the food and beverages industries, machinery and
equipment, housing and construction.
c

IN
a document titled ICT for Ag-
riculture in Africa, the World Bank
listed the means by which the Infor-
mation and Communication Tech-
nologies (ICTs) may support agricul-
ture through all stages: pre-harvest,
cultivation of crops and post-harvest.
The Geographic Information Systems
(GIS) may be used, for instance, for
the planning and use of land as well
as adaptation for climate changes.
Some farmers in Kenya and Zimba-
bwe have implanted the ICTs in order
to increase their income and produc-
tivity, and have obtained positive
results. The specialist in communica-
tion from Zimbabwe, Charles Dhewa,
has launched the eMkambo in 2012,
which is an integrated virtual market
where farmers and buyers share
knowledge and transact businesses
through mobile phones.
In Burkina Faso, the farmers have
also been using the ICTs as means
to share new abilities for processing
production and commercialization;
to track mangoes through a system
which connects farmers in Mali with
global consumers; to raise important
information which improves forest
management in Liberia; and to pro-
vide services based on text messages
developed by the National Union of
Farmers in Zambia.
c
Mobile phones augment agricultural
productivity in Africa
AGENDA
Luanda International Fair FILDA
2014, in October
D
R
D
R
Briefng MOAMBIQUE
CAPITAL Magazine JUNHO 2014
27
ROGRIO
Manuel foi reeleito presidente do Conselho Directivo da CTA - Con-
federao das Associaes Econmicas de Moambique, para o trinio 2014-
2017, durante a 23 sesso da Assembleia Geral da organizao.
Momentos aps a sua eleio, Rogrio Manuel comprometeu-se a trabalhar
com os membros da organizao e parceiros na realizao de reformas econ-
micas em Moambique: Continuaremos a privilegiar aces de aperfeioamento
do dilogo com o sector pblico, de modo a que o ambiente de negcios melhore,
a cada ano, no Pas, frisou.
O presidente reeleito props-se ainda a prosseguir com o processo de criao
das federaes sectoriais e a realizar aces conducentes consolidao das
federaes existentes, atravs da capacitao institucional e busca de parce-
rias para a materializao de projectos especfcos.
Consta ainda da nossa agenda a criao de um Conselho Econmico Tcnico,
constitudo pelos presidentes das federaes e os presidentes dos pelouros e
prosseguir com as aces tendentes sustentabilidade da organizao do sector
privado, acrescentou Rogrio Manuel.
c
Tarifa de electricidade
pode aumentar
em Moambique
TAL
como est a acontecer na fri-
ca do Sul e em outras economias da
regio, a tarifa de consumo da ener-
gia elctrica no Pas poder sofrer
ajustamentos no futuro, em conse-
quncia dos elevados custos de
investimento na construo de no-
vas e modernas fontes de produo
de energia, projectadas com vista a
aumentar a disponibilidade de elec-
tricidade, em Moambique.Esta hi-
ptese foi colocada pelo especialis-
ta de Energia e Infraestruturas do
Grupo Standard Bank, David Hum-
phrey, que esteve recentemente em
Maputo.
Segundo Humphrey, Moambique
atingiu um estgio de desenvolvi-
mento em que se torna necessrio
realizar um investimento para au-
mentar a disponibilidade de energia,
por forma a permitir uma distribui-
o de electricidade com qualidade
e de forma efciente.
A perspectiva reside agora na cria-
o de parcerias pblico-privadas
para a produo, transporte e abas-
tecimento de energia.
c
Poltica oramental de
Moambique pe em
perigo sustentabilidade
da dvida
O DFICE
oramental de Moambi-
que dever atingir 12% do Produto
Interno Bruto (PIB), este ano, o que
segundo a agncia de notao fnan-
ceira Moody negativo para o rating
do crdito da dvida soberana do
Pas.
Os analistas da Moody avanam
que dfce oramental previsto o
Rogrio Manuel renova
mandato na CTA
Briefng MOAMBIQUE/MOZAMBIQUE
28
JUNHO 2014 CAPITAL Magazine
maior desde o fm da guerra civil, o
que levanta problemas em relao
sustentabilidade da tendncia
da dvida pblica, principalmente
porque este aumento vem depois de
uma dcada de dfces moderados,
situados em mdia 3.7% de 2003 a
2012 .
Mesmo assim, a avaliao de Mo-
ambique continua positiva (B1,
com perspectiva estvel), mas a
Moody acrescenta que as eleies
de Outubro prximo constituem
outro factor de preocupao, dada
a escalada signifcativa do confito
entre a Renamo e o partido do Go-
verno.
No entanto, Manuel Chang garantiu
Capital que a dvida de Moambi-
que continua estvel, porque esta
questo depende excluisivamente
de aumentar o PIB ou reduzir a dvi-
da para se retornar ao cenrio mais
estvel dos anos anteriores.
c
Porto de Maputo lana mais dois rebocadores
mil milhes dlares para aumentar
a capacidade de processamento do
porto para 50 milhes de toneladas
at 2033. A carga movimentada
no porto tem aumentado de forma
constante ao longo da ltima dcada,
tendo passado de cinco milhes de
toneladas em 2003 para 15 milhes
de toneladas em 2012 e 17 milhes
de toneladas em 2013.
c
O MAPUTO
Porto Development Com-
pany MPDC lanou dois novos rebo-
cadores com 1.750 motores de po-
tncia cada, para melhorar as condi-
es de funcionamento do Porto de
Maputo.
O executivo-chefe do MPDC, Osrio
Lucas, disse que os dois rebocadores
- nomeados Sereia e Bulani - tinham
sido construdos especifcamente
para operar no porto de Maputo e
custaram 15 milhes de dlares.
Os dois barcos so operados pela
P & O Martimo, que em 2012 foi
contratada para prestar servio na-
val, incluindo pilotagem, amarrao
e suprimento de equipamentos e
servios de manuteno para os re-
bocadores.
Os dois novos barcos so parte de
um plano mestre, avaliado em 1.8
DURING
the 23
rd
Session of the
Organizations General Assembly,
Rogrio Manuel was reelected the
President of the Directive Board of
CTA Confederation of Economic
Associations of Mozambique, for the
triennium 2014-2017.
Moments after his reelection, Rogrio
Manuel committed himself to work
with the members of the organization
and partners, through the implemen-
tation of economic reforms in Mozam-
Rogrio Manuel renews mandate at CTA
bique: we will continue to privilege
dialogue melioration actions with the
public sector, such to improve the busi-
ness environment in the country, each
year, he stated.
The reelected president ofered to
also proceed with the process of es-
tablishing sectorial federations and
to carry out actions conducive to the
consolidation of existing federations,
through institutional capacity build-
ing and the quest for partnerships
towards the materialization of specifc
projects.
It is also part of our agenda to create
a Technical Economic Board, comprised
by the presidents of the federations and
the presidents of portfolios, while also
pursuing actions towards the sustain-
ability of the private sector organiza-
tion, added Rogrio Manuel.
c

D
R
Briefng MOZAMBIQUE
CAPITAL Magazine JUNHO 2014
29
Electricity tariff may
increase in Mozambique
LIKEWISE
it is happening in South
Africa and other economies in the
region, the electric power consump-
tion tarif in the country may sufer
adjustments in the future, as a conse-
quence of the high investment costs
in the construction of new and mod-
ern sources of power production,
which are projected with the aim of
increasing the availability of electric-
ity in Mozambique. This hypothesis
was brought up by the specialist of
energy and infrastructures from the
Standard Bank Group, David Hum-
phrey, who was recently in Maputo.
According to Humphrey, Mozambique
has reached a development stage
where it is necessary to conduct
investments towards increasing the
availability of energy, such to enable
a distribution of electricity with qual-
ity and efciency.
The perspective now resides on the
creation of public-private partner-
ships for the production, transport
and supply of energy.
c
IN
order to improve the working
conditions of the Maputo Port, the
Maputo Port Development Company
(MPDC) launched two new tugboats,
Mozambiques budgetary policy
puts at risk debt sustainability
THIS
year, the budgetary defcit in
Mozambique may hit 12% of the
Gross Domestic product (GDI), which,
as per the fnancial notation agency
Moody, it is a negative for the credit
rating of the country sovereign debt.
Moodys analysts advance that the
expected budgetary defcit is the
highest since the end of the civil war,
which raises concerns to the sustain-
ability of the public debts trend,
mainly because this increase comes
after a decade of moderate defcits,
with an average mark of 3.7% from
2003 to 2012.
Still, Mozambiques evaluation re-
mains positive (B1, with a stable
perspective), however, Moody adds
that the next elections in October
constitute another factor of concern,
given the signifcant escalation of
the confict between Renamo and the
ruling party.
Meanwhile, Manuel Chang assured
to Capital that Mozambiques debt
remains stable, as this matter de-
pends exclusively from increasing
the GDP or reducing the debt so to
return to the stable scenario of pre-
vious years.
c
Maputo port launches
two more tugboats
each with engine power of 1,750.
The chief executive of MPDC, Os-
rio Lucas, said that the two tugs
dubbed Sereia and Bulani had been
built specifcally to operate in the
Maputo port at a cost of 15 million
dollars.
The two boats are operated by the
P & O Martimo, which has been
contracted in 2012 to provide naval
services which include piloting, lash-
ing and suppressing equipment and
maintenance services for the tugs.
The two new boats are part of a
master plan, estimated at 1.8 thou-
sand million dollars to increase the
processing capacity of the port to
50 million tons by 2033. The cargo
handled at the port has increased
steadily through the last decade,
having shifted from fve million tons
in 2003 to 15 million tons in 2012,
and 17 million tons in 2013.
c
D
R
D
R
DOSSIER
Crescimento
econmico desacelera
30
JUNHO 2014 CAPITAL Magazine
D
ados da ltima Conjuntura
Econmica e Perspectivas de
Infao do Banco de Moam-
bique indicam que a economia
moambicana registou um cres-
cimento anual acumulado de
7.0% em 2013, em linha com a meta
projectada para o ano, mas relativa-
mente abaixo quando comparada com
a evoluo do Produto Interno Bruto
(PIB) registado em 2012, que se situou
nos 7.3%.
H cinco anos, as projeces do cres-
cimento da economia moambicana
apontavam que, por esta altura, o PIB
teria um desempenho de 8% ou mais
ao ano. No entanto, factores que tm
estado a minar a explorao do carvo
mineral, em particular, contribuem para
que os nmeros ora previstos pelo Go-
verno e instituies de Bretton Wodds
no se realizem.
Previa-se que, actualmente, a extraco
e a comercializao do carvo deves-
sem estar a acontecer na provncia de
Tete. Contudo, no foi previsto que as
questes logsticas no estivessem
ajustadas necessidade escoamento
do carvo por parte das mineradoras.
A Vale e a Rio Tinto j revelaram que
esto a produzir muito abaixo da suas
capacidades, porque no existem
linhas frreas para escoar grandes
toneladas de carvo. Isto porque a
linha de Sena se apresenta apenas
com capacidade para escoar cerca de
cinco milhes de toneladas de carvo
por ano.
A agravar a falta de infraestruturas,
encontram-se as cheias cclicas e a
tenso poltico-militar no centro do
pas que j teve impacto negativo na
D
R
D
R
CAPITAL Magazine JUNHO 2014
31
mapa dos pases mais apeticveis para
se investir.
No h dvidas que a situao que se
vive, neste momento, no centro do pas,
prejudica bastante a imagem de Moam-
bique e tem um impacto negativo na
economia, realou o economista
Indstria transformadora
caiu no final de 2013
Os dados do Banco de Moambique
indicam ainda que a actividade eco-
nmica, no quarto trimestre de 2013,
registou uma variao anual de 7.1%,
em torno da mdia de crescimento dos
quatro trimestres anteriores, represen-
tando, porm um relativo abrandamen-
to quando comparado com o trimestre
homlogo do ano transacto, quando se
registou um crescimento acima de 8%.
A evoluo da economia no trimestre
em referncia foi associada dinmica
de quase todos os sectores de activida-
de. Dinmica essa que foi, no entanto,
ligeiramente contrariada pela queda da
produo no ramo da indstria trans-
formadora devido ao abrandamento
na indstria metalrgica de base; do
cimento para a construo; indstria do
tabaco; fabrico de produtos metlicos;
maquinaria e equipamento; montagem
de veculos automveis e de reboque;
material elctrico; impresso e repro-
duo.
Taxas de juro aumentam
Segundo a ltima Conjuntura Econ-
mica e Perspectivas de Infao do
Banco de Moambique, as taxas de juro
mdias praticadas pelas instituies de
crdito tenderam a aumentar no pas,
nos ltimos meses, apesar do Banco
Central ter mantido as taxas directoras
que determinam a fxao do custo do
dinehiro no mercado.
O documento revala que as taxas de
juro mdias nominais - praticadas
pelas instituies de crdito nas suas
operaes - aumentaram em 39 pontos
base (pb), entre Dezembro de 2013
e Fevereiro de 2014, para 20.65%.
Trata-se de uma taxa que corresponde
ainda a um aumento de 56 pb, quando
comparada com a praticada em Feve-
reiro de 2013.
Entre Dezembro de 2013 e Fevereiro
de 2014, o Banco de Moambique
manteve as taxas directoras, tal como
mostram os dados do ltimo docu-
mento disponibilizado pelo Banco de
Moambique. As taxas de Facilidade
Permanente de Cedncia (FPC) e de Fa-
cilidade Permanente de Depsito (FPD)
esto fxadas em 8.25% e 1.50%, h
cerca de seis meses. H mais tempo
sem alterao est o Coefciente das
Reservas Obrigatrias que a autoridade
monetria decidiu manter inalterada
taxa de 8%, desde Maio de 2012 a
esta parte.
O comportamento dos bancos comer-
ciais em relao s taxas directoras do
Banco de Moambique vem confrmar
o que muitos gestores de instituies
fnanceiras avanaram, ao revelar que
a reduo das taxas de referncia no
sufciente para estimular juros mais
baratos no mercado.
O economista Joo Mosca avanou
que se estas taxas de juro continuarem
a este nvel, Moambique no estar
em condies de atrair investimentos
e nem de estimular o surgimento de
Pequenas e Mdias Empresas (PME). O
economista disse que muitos investi-
dores endividam-se no exterior, porque
as taxas de juros praticadas pelas
instituies fnaceiras no se mostram
atractivas.

Taxa de juro de depsito


cai
Outro sinal de que os bancos esto a
andar em contra-mo em relao aos
factos do sistema fnanceiro est ligado
taxa de juro mdia das operaes
passivas (depsito a prazo), que se
situou em 7.80%, em Fevereiro ltimo,
o que corresponde a uma reduo de
15 pontos base em relao praticada
em Novembro de 2013 e 1.24 pontos
percentuais em relao taxa do pero-
do homlogo do ano precedente.
Como resultado desta evoluo, o dife-
rencial entre a taxa de juro de crdito e
de depsitos reduziu em 20 pontos base,
quando comparado com o observado
em Novembro de 2013 e aumentou de
1,05 pontos percentuais quando compa-
rado com o perodo homlogo de 2013,
de acordo com a Conjuntura Econmi-
ca e Perspectivas de Infao.
c

distribuio do carvo. Alis, um dos


comboios que transportava o carvo da
mineradora Vale foi atacado.
O economista Joo Mosca avanou que
preciso resolver a tenso poltico-
-militar, antes que a mesma prejudique
defnitivamente os investimentos em
curso e coloque Moambique fora do
D
R
D
R
DOSSIER
32
JUNHO 2014 CAPITAL Magazine
D
ata from the last document on
Economic conjuncture and In-
fation Perspectives from the
Bank of Mozambique indicate
that the Mozambican economy
registered an accumulated
annual growth of 0.7% in 2013, in
line with the projected target for the
year, yet relatively lower when com-
pared with the evolution of the Gross
Domestic Product (GDP) registered in
2012, which was set at 7.3%.
Five years back, the projections
for the growth of the Mozambican
economy pointed that by this time,
the GDP would have a performance
of 8% or more in this year. However,
factors that have been afecting the
exploration of mineral coal in particu-
lar, contribute that the numbers once
estimated by the Government and
Bretton Wodds institutions do not
materialize.
It was anticipated that by now, the
extraction and commercialization
of coal would be happening in the
province of Tete. However, it was not
calculated by the mining companies
Economic growth
decelerates
that some logistical issues were not
adjusted to the outfow of coal.
The Vale and Rio Tinto has already
revealed that they are producing far
below their capacity because there
are no railways for the outfow of
large quantities of coal. This is be-
cause the Sena line reveals itself only
with the capacity to carry around fve
million tons of coal per year.
To aggravate the lack of infrastruc-
ture, there are the cyclic foods and
the political-military tension in the
center of the country which has had
a negative impact in the distribution
of coal. In fact, one of the trains which
transported coal from the mining
company Vale was attacked.
The economist Joo Mosca advanced
that it is necessary to resolve the
political-military tension before it ter-
minally causes harm to investments
underway and puts Mozambique out
of the map of countries enticing for
investment.
There is no doubt that the situation
being witnessed currently in the center
of the country, afects the image of
Mozambique and has a negative im-
pact in the economy, stressed out the
economist.
Transformation Industry
plunged at the end of 2013
The data from the Bank of Mozam-
bique indicate that in the fourth
quarter of 2013, the economic activ-
ity registered an annual variation of
7.1%, around the growth average
D
R
D
R
CAPITAL Magazine JUNHO 2014
33
of the four previous trimesters and
thus representing, however, a relative
slow-down when compared with the
homologous of the past year, when a
growth of over 8% was registered.
The evolution of the economy in the
referred quarter was associated to
the dynamic of nearly all sectors of
activity. This dynamic which was in
fact slightly countered by production
fall in the feld of the transformation
industry due to the slacking in the
metallurgic industry of base; cement
for construction; tobacco industry;
production of metallic articles; ma-
chinery and equipment, assembling
of automobiles and towing ones;
electrical material; printing and re-
production.

Interest rates increase
According to the last Economic
conjuncture and Infation Perspec-
tives from the Bank of Mozambique,
the average interest rates exercised
in the country by credit institutions
tended to increase in the past six
months, despite the fact that the Cen-
tral Bank maintained the reference
rates which determine the fxation of
the cost of money in the market.
The document reveals that the aver-
age nominal interest rates practiced
by the credit institutions in their op-
erations increased 39 basis points
(bp), between December 2013 and
February 2014 to 20.65%. It is about
a rate which also corresponds to the
increase of 56 bp when compared
with the one practiced in February
2013.
Between December 2013 and Febru-
ary 2014, the Bank of Mozambique
maintained the reference rates just
as indicated by data from the latest
document made available from the
Bank of Mozambique. For six months
now, the standing Standing Lending
Facility (SLF) rates and the Standing
Deposit Facility (SDF) are fxed at
8.25% and 1.50%. The Coefcient of
Mandatory Reserves has been longer
without alteration as the monetary
authority decided to maintain it at
8% since May 2012.
The behavior of the commercial
banks in relation to the reference
rates from the Bank of Mozambique
come to confrm what many man-
agers of fnancial institutions had
hinted, in revealing that the reduction
of the reference rates is not enough
to stimulate cheaper interests in the
market.
The economist Joo Mosca advanced
that if the interest rates continue at
this level, Mozambique will not be in
position to attract investments and
not even stimulate the emerging of
Small and Medium Scale Enterprises
(PMEs). The economist said that many
investors contracted debts outside
as the interest rates being exercised
by fnancial institutions were not at-
tractive.
Deposit Interest Rates
Tumble
Another sign that the banks are go-
ing against the tide regarding the
fact that the fnancial system is con-
nected to the average interest rates
of passive operations (notice savings
deposit) which was set at 7.80% last
February, and which corresponds to a
reduction of 15 basis points in rela-
tion to the one practiced in Novem-
ber 2013 and 1.24 percentage points
in relation to the rate in the homolo-
gous period of the previous year.
As a result of this evolution, the dif-
ferential between the credit interest
rate and that of deposits has reduced
20 basis points when compared with
what was observed in November 2013,
and increased 1,05 percentage points
when compared with the homologous
period in 2013, as per the Economic
conjuncture and Infation Perspec-
tives.
c
D
R
Foco ECONOMIA
34
JUNHO 2014 CAPITAL Magazine
Da (in)sustentabilidade da dvida
pblica reviso do PIB em alta
P
rimeiro, foi o Fundo Monetrio
Internacional (FMI) a alertar
que o rpido aumento da d-
vida pblica vai atingir nveis
insustentveis. Mais recente-
mente, a agncia norte-ameri-
cana de notao, a Moodys, reforou
a ideia. Tudo indica que h riscos re-
ais do Governo perder a capacidade
de honrar os compromissos de dvida
contrada para fnanciar projectos de
desenvolvimento.
O Governo minimiza o risco. O minis-
tro das Finanas, Manuel Chang, vem
revelando imprensa que o nvel de
dvida permanece dentro dos limites
recomendados de sustentabilidade.
Com 6.8 bilies de dlares at ao
ltimo dia de 2013, a dvida pblica
nacional correspondia a 24.8% so-
bre o Produto Interno Bruto (PIB) de
2010 e um rcio de 29.6% em 3013,
portanto, abaixo do limite estabeleci-
do em 40% do PIB.
Para melhor compreenso da ques-
to, a Capital entrevistou o econo-
mista Eduardo Sengo, da Confede-
rao das Associaes Econmicas
(CTA), que confrmou que a dvida
pblica tem estado a expandir-se a
uma taxa relativamente alta em rela-
o habitual, com a agravante de se
tratar de dvida comercial (a taxas de
juro do mercado).
que, neste caso, as taxas de juro
podem subir com relativa facilidade,
sempre que ocorram factos que re-
traiam a confana dos investidores
Dois fenmenos marcam as grandes discusses sobre o rumo da economia no primeiro
semestre: o crescimento da dvida pblica a ameaa. Para atenuar, as previses do
crescimento do PIB subiram.
internacionais. Tudo isto concorre
para um maior encarecimento da
dvida pblica. Acrescido a isto, o
pagamento projectado com base
em receitas futuras, provenientes da
explorao de recursos minerais. Mas
os preos destes tambm esto su-
jeitos a futuaes no mercado inter-
nacional, que adicionado a eventuais
variaes cambiais, tambm coloca
em risco as receitas futuras e, por
conseguinte, a capacidade do Estado
de pagar a dvida contrada.
PIB crescer mais do
que se esperava
Enquanto prevalece o temor de que
a dvida pblica possa extravasar
os limites da sustentabilidade, as
novas projeces do FMI para o
crescimento do econmico este
ano melhoraram. Dos 8% iniciais
assume-se, agora, 8.3% para 17.034
milhes de dlares. Um crescimento
signifcativo, segundo o economista
Eduardo Sengo, para quem no h
na estrutura da economia qualquer
situao extraordinria que justifque
a nova projeco, podendo resultar
apenas da correco de um erro de
estimativa.
Mas o mais importante aqui no o
crescimento do PIB em si, mas que
este crescimento possa colocar po
na mesa de todos os moambicanos,
que o que se chama de desenvol-
vimento.
c
6.8
5.8
0.99
Total da Dvida Pblica Dvida Externa
Dvida Pblica Nacional a 31 de Dezembro
de 2013 (mil milhes USD)
Dvida Interna
Fonte: Ministrio das Finanas
Focus on ECONOMY
CAPITAL Magazine JUNHO 2014
35
From the (un)sustainability of
the public debt to the revision
of the GDP - highlight
Two phenomenon mark great discussions over the direction of the economy in the first
semester: The threat is the growth of the public debt. To attenuate, the projections of the GDP
growth have ameliorated.
6.8
5.8
0.99
Total Public Debt Foreign Debt
National Public Debt as at 31 December
2013 (USD billion)
Internal Debt
A
t frst, it was the International
Monetary Fund (IMF) alerting
that the rapid increase of the
public debt will hit unsustain-
able levels. More recently,
the North American Agency
of Notation, Moodys, reinforced the
idea. It all indicates that there are
real risks that the Government may
lose its ability to honour the com-
mitments from the debt acquired to
fnance development projects.
The Government minimizes the risk.
The Minister of Finance, Manuel
Chang, has been disclosing to the
media that the debt levels remain
within the recommended sustain-
ability boundaries. With 6.8 billion
dollars until the last day of year
2013, the national public debt cor-
responded to 24.8% over the Gross
Domestic Product (GDP) in 2010 and
a ratio of 29.6% in 3013, therefore,
below the established limit of 40%
of the GDP.
For a better insight of the matter, the
Capital interviewed the economist
Eduardo Sengo, from the Confedera-
tion of Economic Associations (CTA),
who confrmed that the public debt
has been expanding at a rate rela-
tively high than usual, with the aggra-
vation that it is about a commercial
debt (at market interest rates).
The thing is that, in this case, the
interest rates may increase with
relative easiness, whenever the oc-
currence of facts that retract the
confdence of international investors
is registered. All this compete for a
higher growth of the public debt. Ad-
ditionally, that payment is projected
with basis on future income, deriving
from the exploration of mineral re-
sources. However, the prices of these
are also subject to fuctuations at the
international market, which when
added to possible stock exchange
variations, also puts at risk these fu-
ture dividends; therefore, the ability
of the Government in paying up for
the acquired debt.
GDP will grow more than
what was expected
While the fear that the public debt
may exceed the sustainability limita-
tions prevails, the new projections
of the IMF for this years economic
growth have ameliorated. From the
initial 8%, it is now assumed 8.3%
for 17.034 million dollars. A con-
siderable increase, according to
the economist Eduardo Sengo, who
states that there is no extraordinary
situation in the structure of the
economy which justifes the new
projection, which may simply derive
from a correction of an error in the
estimation.
However, more importantly here is
not the growth of the GDP itself, but
that this growth may secure bread
on the table of all Mozambicans,
which is what we call development.
36
JUNHO 2014 CAPITAL Magazine
Foco NEGCIO
FONTE: Embaixada da Alemanha em Moambique
COM
oportunidades de
recursos naturais e dfce de
infraestruturas, h muito trabalho
que pode ser executado por
empresas alems dotadas de
tecnologia avanada;
NO
j iniciado processo de
integrao regional e de empresas
da SADC, atravs da Cmara de
Comrcio da frica Austral, Moam-
bique um parceiro importante;
A CMARA
e as empresas da
Alemanha querem ajudar a resolver
ou mitigar o dfce de pessoal
qualifcado, o principal obstculo ao
desenvolvimento do sector privado;
INTEGRAR
e promover a coopera-
o entre grandes investimentos
internacionais e Pequenas e Mdias
Empresas locais e resolver o
problema de uma economia
fragmentada;
INTEGRAR
Integrar a Cooperao
Internacional e a cooperao tcnica
e fnanceira da Alemanha com o
sector privado, o grande motor da
economia.
Nova era de cooperao
com o Velho Continente
A
Alemanha, economia mais
poderosa da Europa, quer
cimentar a sua presena em
Moambique, com a abertu-
ra, em meados de Abril, do
Gabinete para o Fomento
Econmico Moambique-Alemanha -
uma espcie de Cmara de Comr-
cio cuja fnalidade identifcar e
explorar o mximo de oportunidades
de negcios.
Em princpio, qualquer rea explo-
rvel segundo os alemes. Contudo,
o interesse principal estar presente
no desenvolvimento econmico que
est a fazer-se, sobretudo nos campos
de recursos minerais, gs, etc., onde
esto a construir-se fbricas e ins-
talaes muito grandes. Temos uma
indstria de boa qualidade e que est
interessada em vender e instalar ma-
quinarias e outros equipamentos aos
projectos em desenvolvimento, con-
fessou o embaixador da Alemanha
em Moambique, Phillip Schauer.
Comrcio
?
O economista alemo Friedrich Kaufmann, gestor da Casa Moambique-
Alemanha apresentou cinco pontos que considera fundamentais para a
sua instalao e para o sucesso da cooperao entre os pases:
Os pilares da Cmara de Comrcio Moambique-Alemanha
Composio das trocas comerciais:
Exportaes de Moambique: Alumnio, tabaco, metais preciosos e pedras preciosas
Importaes de Moambique: Mquinas, cereais e vesturio
Nesse sentido, o papel da Cmara
recm-aberta, de acordo com o di-
plomata, ser o de juntar empresas
germnicas interessadas neste mer-
cado e fornecer a ajuda necessria
para assegurar o xito nos negcios.
Mas pretende-se, com a nova casa,
que haja vantagens tambm para
Moambique, pois ser um local
onde os moambicanos podero obter
informaes sobre como colocar pro-
dutos no mercado alemo, segundo
revelou Maria Rita Fernandes Freitas,
directora nacional de Apoio ao Sec-
tor Privado, do Ministrio da Inds-
tria e Comrcio.
A iniciativa tambm uma medida
encontrada pelos alemes para evitar
a burocracia e o dfce de infraes-
truturas que difcultam o comrcio,
quer interno quer internacional, de
acordo com o embaixador.
c
Volume de negcios Exportaes de Moambique Importaes de Moambique
Relaes Comerciais entre Moambique em 2012 (milhes de euros)
305
128
177
G
ermany, the most powerful
economy in Europe, wants
to cement its presence in
Mozambique, through the
opening of an Ofce for Eco-
nomic Promotion Mozambique
Germany, in mid-April Some form
of Chamber of Commerce which aims
at identifying and explore business
opportunities in depth.
In principle, any area is exploitable,
according to the Germans. However,
The main interest is to be present in
the economic development underway,
particularly in the felds of mineral
resources, gas etc., where large facto-
ries and infrastructures are being built.
We have a good quality industry which
is interested in selling and installing
machinery and other equipment to
the ongoing projects, disclosed the
German Ambassador in Mozambique,
Phillip Schauer.
In that sense, the role of the recently
opened Chamber, according to the
diplomat, will be to bring together
German companies interested in
this market and provide the required
assistance to ensure success in busi-
nesses.
However, it is intended with the new
house, that there are also advan-
tages to Mozambique, as it will be a
place where Mozambicans may obtain
information on how to place products
in the German market, as revealed
by Maria Rita Fernandes Freitas, the
national director of Support to the
Private Sector, from the Ministry of
Industry and Commerce.
The initiative is also a measure es-
tablished by the Germans to avoid
the bureaucracy and infrastructure
defcit which hinder commerce, both
internally and internationally, as per
the Ambassador. .
c
Comrcio
?
The German Economist Friedrich Kaufmann, manager of the Mozambique-
Germany House presented five points which he considers fundamental for
the installation and success of the cooperation between the two countries:
Focus on BUSINESS
CAPITAL Magazine JUNHO 2014
37
SOURCE: German Embassy in Mozambique
New era of cooperation
era with the old continent
Composition of commercial exchange:
Mozambique exports: Aluminum; tobacco, precious metals and gemstones
Imports from Mozambique: Machinery, cereals and clothing
Business volume Exports from Mozambique Imports from Mozambique
Relaes Comerciais entre Moambique em 2012 (milhes de euros)
305
128
177
WITH
the opportunity of mineral
resources and the defcit of infra-
structures, there is a lot of work that
may be executed by German
companies endowed with advanced
technology;
IN THE
process already underway
for regional integration and SADC
companies, through the Chamber of
Commerce of Southern Africa,
Mozambique is an important partner;
THE CHAMBER
and the German
companies want to help to solve or
mitigate the defcit of qualifed
personnel, being the main obstacle
for the development of the private
sector;
INTEGRATE
and promote the
cooperation among large interna-
tional investments and local small
and medium scale enterprises; and
therefore solve the problem of a
fragmented economy;
INTEGRATE
the International
Cooperation and the technical and
fnancial cooperation from Germany
with the private sector, being the key
engine of the economy.
The pillars of the Chamber of Commerce Mozambique-Germany
Foco EMPRESA
Recursos Humanos
com soluo vista
38
JUNHO 2014 CAPITAL Magazine
A
consultora portuguesa de
Recursos Humanos, Couti-
nho, Neto & Orey acaba de
abrir uma representao
na capital moambicana e
pretende actuar de forma
transversal, com foco no recruta-
mento especializado e formao,
respondendo s principais preocu-
paes das empresas e de quem
procura emprego.
A entrada no mercado moambi-
cano encaixa na estratgia de ex-
panso da Coutinho, Neto & Orey,
e para explorar as necessidades
criadas pelo crescimento da activi-
dade econmica em Moambique,
em que h um crescente grau de
importncia da gesto dos Recursos
Humanos no desenvolvimento das
empresas.
A consultora actua em diversos
ramos da actividade econmica
nomeadamente a banca, sector
automvel, distribuio, hotelaria e
turismo, produtos de grande consu-
mo, sector industrial, agrcola, entre
outros, prestando servios a em-
Coutinho, Neto & Orey
presas de vrias dimenses desde
multinacionais a PMEs (pequenas e
mdias empresas).
Numa altura em que a preocupao
dos empregadores a insufcincia
de pessoal qualifcado, a empresa
portuguesa poder apoiar os inves-
tidores com a realizao de anlises
psicolgicas individuais e curricula-
res dos Recursos Humanos, dando a
possibilidade das organizaes po-
derem dispr de funcionrios ade-
quados ao perfl que pretendem.
Elabora, tambm, processos de
recrutamento e seleco, e promete
assegurar a transferncia do Know-
-How para o cliente, assegurando
a continuidade e actualizao do
projecto.
A Coutinho, Neto & Orey integra
tambm uma Empresa de Trabalho
Temporrio (ETT) especializada na
cedncia de trabalhadores tempo-
rrios no sentido de dar resposta s
solicitaes dos seus clientes e s
necessidades de um mercado cada
vez mais competitivo.
Esta empresa chega a Moambique
numa ocasio oportuna. O mercado
conhece uma grande expanso,
escala nacional, de empresas de v-
rios ramos de actividade, sobretudo
de prestao de servios. Assim,
alm de abrir mais uma oportuni-
dade para o seu prprio negcio,
poder criar condies para um
melhor desempenho de empresas
nacionais, a avaliar pela transversa-
lidade das reas de actuao.
semelhana do posicionamento
assumido em Angola, onde a Cou-
tinho, Neto & Orey est presente
h cerca de 10 anos, aqui poder
formar uma equipa de profssionais
altamente motivados e rigorosos na
prestao de servios.
Com 27 anos de existncia, a Cou-
tinho, Neto & Orey est presente,
alm de Portugal, em Espanha,
Angola e mais recentemente em
Moambique e Cabo Verde.
c
DR
Focus on COMPANY
Human Resources
with Solution in Sight
CAPITAL Magazine JUNHO 2014
39
Coutinho, Neto & Orey
T
he Human Resources Consul-
tancy, Coutinho, Neto & Orey
has just opened a branch in
the Mozambican capital and
intents to act in a transversal
approach, with focus on a re-
cruitment specialized in training; and
thus responding to the main concerns
from companies and those looking for
placement.
The entry to the Mozambican mar-
ket fts the expansion strategy from
Coutinho, Neto & Orey, and to explore
the needs deriving from the growth of
the economic activity in Mozambique,
where there is an increasing degree of
importance towards the management
of Human Resources in the develop-
ment of enterprises.
The consultancy acts in diverse felds
of the economic activity, namely in
banking, automobile sector, distribu-
tion, accommodation and tourism,
high consume products, industrial
sector, agriculture, among others, thus
providing service to companies of dif-
ferent dimensions ranging from multi-
nationals to PMEs (small and medium
scale enterprises).
At a time when the concern from em-
ployers is the insufciency of quali-
fed personnel, the Portuguese frm
may support investors by carrying out
Human Resources individual and cur-
riculum psychological analyses, giving
organizations the possibility of using
adequate personnel for their intended
profle. It also elaborates recruit-
ment and shortlisting processes, and
promise to ensure the transference
of know-how onto the client, so to
secure continuity and keeping the
project updated.
The Coutinho, Neto & Orey also
integrate a Temporary Employment
Firm (ETT) specialized in the transfer
of temporary workers towards giving
responses to requests from its clients,
and the needs of a market increas-
ingly competitive.
This frm arrives to Mozambique in a
very timely occasion. The market reg-
isters a major expansion, at national
level, of companies from various feld
of activity, particularly the provision
of services. Thus, besides opening
one more opportunity for its own
business, it may create conditions for
a better performance from national
companies, when taking into account
the transversality of its action areas.
Similarly to the position made by An-
gola, where Coutinho, Neto & Orey is
present for more than 10 years, here
it may form a team of professionals
highly motivated and rigorous on ser-
vices provision.
With 27 years of experience, Coutin-
ho, Neto & Orey is present, besides
Portugal, in Spain, Angola and more
recently in Mozambique and Cape
Verde.
c
DR
DR
40
JUNHO 2014 CAPITAL Magazine
Empresariado
tem de combater
mais a corrupo
Nos ltimos anos, o Centro de
Integridade Pblica tem sido uma
das mais interventivas organizaes
da Sociedade Civil a nvel nacional,
que atravs de questes sensveis
como Governao e Economia,
procura promover a justia social,
tentando que haja cada vez menos
desigualdades sociais. De que forma
que o CIP tem vindo a trabalhar?
Uma das nossas abordagens a
aposta no jornalismo investigativo.
Temos jornalistas de reconhecida
craveira que se empenham
oito horas por dia na busca de
informaes de grande relevncia
social. Tudo comea com o
O Centro de Integridade Pblica (CIP) desenvolve estudos
cuja inteno melhorar a qualidade de vida dos cerca
de 25 milhes de moambicanos. Altos nveis de pobreza
e de corrupo so os temas que mais inspiram as suas
pesquisas, que, muitas vezes, incomodam os decisores
e as multinacionais que operam na rea extractiva. O
director geral do CIP, Adriano Nuvunga, conta Capital
como tentar arbitrar um jogo em que esto envolvidos
o Poder e o Povo.
ADRIANO NUVUNGA,
Director Geral do CIP
TEMA DE FUNDO TEMA DE FUNDO
CAPITAL Magazine JUNHO 2014
41
mapeamento dos grandes temas
que tm de ser desvendados e
esse processo leva tempo (entre
dois e trs meses), mas temos uma
equipa multidisciplinar devidamente
distribuda pelos diferentes temas
que abordamos. Temos tambm uma
rea de monitoramento e rastreio
da despesa pblica que trabalha
durante todo o ano, alm da rea da
indstria extractiva onde contamos
com o apoio de peritos nacionais e
internacionais, por se tratar de uma
rea muito tcnica.
Os resultados das pesquisas do CIP
mostram uma srie de situaes
por corrigir. No campo da indstria
extractiva, por exemplo, considera
insignifcante o contributo das
multinacionais para as receitas
do Estado. A Kenmare e a Sasol
reagiram justifcando que no
havia fundamentos na pesquisa
do CIP que conduzissem queles
resultados. Como intrepreta estes
desmentidos?
positivo que haja reaco porque
o que queremos conduzir o debate
pblico sobre temas candentes. O
CIP trouxe uma dimenso muito
grande da discusso sobre assuntos
de corrupo e governao, que at
h pouco tempo no existia. Aquelas
empresas esto aqui h muitos anos
mas a sua contribuio para os cofres
do Estado muito marginal. Portanto,
fzeram bem em reagir, apesar de o
terem feito tentando desacreditar o
trabalho do CIP. Como sabe, ningum
gosta de ser criticado e a reaco da
Kenmare e da Sasol s mostra que
o CIP consegue provocar debates
abertos e acessveis ao pblico sobre
este tema.
O CIP revela que as despesas
pblicas tambm no vo bem.
Considera que no h cumprimento
das metas inicialmente traadas nos
distritos, alm de que as prprias
prioridades sejam mal desenhadas.
Que explicao existe para esta
realidade?
Isto revela um problema que se
coloca com o sistema nacional
de planifcao. A qualidade do
PESOD nos distritos bastante m.
No se sabe o que se faz com o
dinheiro pblico: os planos no so
cumpridos. Mais gravoso ainda a
qualidade dos empreendimentos que
se erguem no Pas. Por exemplo, se
a recm reabilitada avenida Julius
Nyerere, aqui na cidade capital,
mesmo antes da reinaugurao j
estava esburacada, imagine o que se
passa com as obras nos distritos!
Ao denunciar a corrupo, m
governao, defcincias na
distribuio de riqueza, e todas as
questes que podem incomodar
estruturas de poder, no teme que
venha a nascer uma fora que, de
alguma forma, possa descredibilizar
o CIP?
Trabalhamos com o mximo de
profssionalismo para no acusar
ou denegrir a imagem das pessoas
por falta de domnio das matrias.
Dispomos de meios de pesquisa que
42
JUNHO 2014 CAPITAL Magazine
asseguram credibilidade s nossas
concluses e abordamos os temas
com a necessria profundidade de
modo a evitar a impreciso. Temos
conscincia do grau de risco do
trabalho que desenvolvemos porque
ningum gosta de ser criticado. At
hoje, temos tido uma reaco hostil
mas sabemos conviver com isso
aceitando os limites que o nosso
trabalho impe.
Que resultados o CIP conseguiu
alcanar com todas as intervenes
realizadas at hoje? H retornos?
De um modo geral, o CIP ajudou a
trazer a corrupo para o centro do
debate pblico e da governao.
Muita gente enriqueceu por vrias
dcadas por vias ilcitas mas nunca
se falava sobre isto abertamente. H
considervel melhoramento de vrios
aspectos e nas diversas vertentes
em que o CIP opera. A indstria
extractiva melhorou bastante
em aspectos relacionados com o
quadro institucional, Iniciativa de
Transparncia da Indstria Extractiva
(ITIE), entre outros. H melhorias
tambm na alocao dos oramentos
para os distritos e na execuo de
despesas, em resultado do rastreio
que realizamos a nvel local.
Quais os constragimentos no
exerccio da vossa actividade?
Temos limitaes no acesso
informao, cuja Lei teima em
no sair do Parlamento. Por outro
lado, o empresariado no adere ao
debate anti-corrupo. Em muitos
pases, foram os empresrios que
arregaaram as mangas e lutaram
pelo fm da corrupo e pelo
melhoramento do ambiente de
negcios. Que empresariado esse
que no sabe que s com o fm da
corrupo que haver melhor
ambiente para o exerccio da sua
actividade? Gostaramos que o
nosso empresariado fosse mais
interventivo.
c
BACKGROUND THEME
The Centre for Public Integrity carries-out studies which are intended to improve the quality
of life for some 25 million Mozambicans. High poverty levels and corruption are the topics
that inspire the most its researches, which many times bother the decision makers and
multinationals operating in the mining industry. The Director General of CIP, Adriano Nuvunga,
tells Capital how it is to try to arbitrate a game where the Power and the People are involved.
44
JUNHO 2014 CAPITAL Magazine
ADRIANO NUVUNGA,
CIP General Director
Business community
has to fight corruption
harder
CAPITAL Magazine JUNHO 2014
45
In the last years, the Centre for
Public Integrity has been one of
the most intervening organizations
from the Civil Society at national
level, which looks at promoting
social justice through sensitive
questions such as Governing and
Economy and attempting to ensure
lesser social inequalities. In what
form has CIP been working?
One of our approaches is the wager
on investigative journalism. We
have journalists of recognized
caliber who dedicate themselves
eight hours per day on the quest
for information of greater social
relevance. It all starts with the
mapping of the major topics that
need to be unveiled, and this
process takes time (from two to
three months), but we have a
multidisciplinary team properly
distributed across the diferent
topics that we engage. We also
have a monitoring area and tracking
of the public expense which
works all year, over and above
the mining area where we count
with the support of national and
international experts, as it is about a
very technical feld.
The results CIP researches indicate
a series of situations to be
corrected. In the feld of the mining
industry, for instance, it considers
insignifcant the contribution from
the multinationals for the States
revenue. The Kenmare and Sasol
reacted justifying that there were
no grounds on CIPs research which
led to those results. How do you
interpret those denials?
It is positive that there is a reaction
because what we want is to drive
the public debate on hot topics.
CIP brought a huge discussion
dimension over the issues of
corruption and governance, which
did not existed until recently. Those
companies are here for many years
yet their contribution to the states
cofers is very marginal. However,
they did well in reacting although
they did it in order to discredit CIPs
work. As it is known, no one likes to
be criticized and the reaction from
Kenmare and Sasol shows that CIP is
able to trigger open debates on this
topic and accessible to the public.
CIP reveals that the public
expenses are also not going well.
Do you consider that there is no
fulfllment of the targets initially
established in the districts,
besides the fact that the priorities
themselves are badly formulated?
What sort of explanation is there
for this reality?
This reveals a problem which is
placed with the national planning
system. The quality of PESOD
in the districts is very bad. It is
not known how public money is
employed: plans are not met. Even
more seriously is the quality of
undertakings that are erected in the
country. For example, the recently
rehabilitated Julyus Nyerere
Avenue, right here at the city
capital, was already potholed even
before the inauguration; imagine
what happens with the sites in the
districts!
In reporting corruption, bad
governance, defciencies in the
distribution of wealth, and all
the matters that may upset the
power structures, dont you fear
that a force aimed at somehow
discrediting CIP may arise?
We work with maximum
professionalism so not to accuse
or denigrate the image of people
due to lack of dominium over the
issues. We have means for research
which ensure credibility of our
conclusions and we engage the
topics with the necessary depth
as to avoid imprecision. We are
conscious of the level of risk in the
work that we do as no one likes to
be criticized. To this day, we have
had hostile reactions but we know
how to live with that and accepting
the limitations imposed by our
work.
What results has CIP managed to
achieve with all its intervention
carried-out to this day? Are there
returns?
From a general perspective, CIP
has helped to bring corruption to
the center of public debate and
governance. Many people enriched
themselves through various
decades but this was not spoken
openly. There are considerable
improvements in various aspects
and in diferent fronts where CIP
operates. The mining industry
improved signifcantly on aspects
related to the institutional
framework, Transparency Initiative
for the Mining Industry (ITIE) among
others. There are also improvements
in the allocation of budgets for the
districts and on the execution of
charges as a result of the tracking
that we carried out at local level.
Which are the constraints in the
exercise of your activity?
We have limitations in information
access, as the law is adamant in not
leaving the parliament. On the other
side, the business community does
not adhere to the anti-corruption
debate. In many countries, it was
entrepreneurs who pulled up their
sleeves and fought for the end of
corruption and for the improvement
of business environment. What
business community is that which
does not realize that it is only with
the end of corruption that there
will be and environment for the
exercise of its activities. We wish
our business community were more
intervening.
c
EDIO NR. 06
JUNHO - JULHO 2014
PREO: 200MT
Virtual offices
Escritrios virtuais
arquitecto Henrique Castro
Edifcios altos exigem
tecnologias
Vida contempornea
PROJECTO DE ARQUITECTURA
DO NATTA CAF
CAFE NATTA
THE ARCHITECTURAL DRAFT
12
MAJOR projects
Architecture 3D
Focus Leisure
GRANDES projectos
Architectura 3D
Foco lazer
Contemporary living
ARQUITECTURA | DECORAO DE INTERIORES | IMOBLIRIA
interview
entrevista
Architect Henrique Castro
Tall buildings require
technology
EMPREENDER
Recolha de resduos slidos
contribui para o emprego
CAPITAL Magazine JUNHO 2014
47
O
negcio comeou, h trs
anos, em Nampula, mas
devido s oportunidades
de mercado rapidamente se
expandiu para as cidades de
Maputo e Matola. Trata-se da
Highlighter, uma empresa vocaciona-
da para a recolha de resduos slidos
em espaos pblicos ou comuns.
O jovem Ednilton Madeira, director
geral da Highlighter, lanou-se no
mercado, trabalhando, numa primeira
fase, com condomnios em Nampula
e Maputo, e agora j est a trabalhar
na recolha de resduos slidos nos
municpios da Beira, Nampula, Queli-
mane e Guru.
Contando com a colaborao de 100
trabalhadores, a Highlighter tende a
frmar-se cada vez mais no mercado
moambicano na prestao de um
servio que complementa a limpeza
que feita no interior das casas e
instituies.
Embora a prestao de servios aos
municpios esteja ainda numa fase
embrionria, Ednilton Madeira prev
instalar, ao longo das vias, contento-
res e caixas do lixo que vo garantir a
acumulao de resduos slidos para
posterior recolha.
A ideia agora atacarmos os espaos
pblicos. Falo concratamente ose
jardins, praas e rotundas e j temos
contactos avanados para a concre-
tizao deste objectivo, revelou Ma-
deira, tendo realado que impor-
tante trabalhar mantendo os nveis
de qualidade altos, como forma de
garantir a satisfao das necessida-
des dos clientes e da empresa se
tornar uma referncia.
A Highlighter pretende expandir as
suas actividades em todo o Pas, ex-
plorando as oportunidades existen-
tes nos sectores pblicos e privados.
Uma das coisas que se destaca no
trabalho que prestamos tem a ver
com o elevado nmero de pessoas
que empregamos. Pelas exigncias e
tambm pela natureza, precisamos de
estar sempre a contratar novas pesso-
as, o que bom porque contribumos
para a criao de emprego, conside-
rou Ednilton Madeira.
Para o empresrio, o segredo para o
sucesso est na perseverana e na
adopo de uma gesto estratgica
do mercado. Estamos num mercado
livre, onde a concorrncia cresce a
olhos vistos, por isso temos que traba-
lhar com determinao nos objectivos
que traamos, acrescenta o empre-
endedor, bem ciente da sua misso.
c
EDIO NR. 06
JUNHO - JULHO 2014
PREO: 200MT
Virtual offices
Escritrios virtuais
arquitecto Henrique Castro
Edifcios altos exigem
tecnologias
Vida contempornea
PROJECTO DE ARQUITECTURA
DO NATTA CAF
CAFE NATTA
THE ARCHITECTURAL DRAFT
12
MAJOR projects
Architecture 3D
Focus Leisure
GRANDES projectos
Architectura 3D
Foco lazer
Contemporary living
ARQUITECTURA | DECORAO DE INTERIORES | IMOBLIRIA
interview
entrevista
Architect Henrique Castro
Tall buildings require
technology
48
JUNHO 2014 CAPITAL Magazine
ENTREPENEUR
T
he business started three
years back in Nampula, and
due to market opportunities,
it rapidly expanded to the
cities of Maputo and Matola.
This is about Highlighter, a
company dedicated to the collection
of solid residues in public and com-
mon spaces.
The youngster Ednilton Madeira,
general director of Highlighter,
launched himself into the market
working with condominiums in Nam-
pula and Maputo as frst stage; and
is now working on the collection of
solid residues in the municipalities
of Beira, Nampula, Quelimane and
Guru.
Counting with the collaboration of
100 workers, the Highlighter tends
to frm itself more and more in the
Mozambican market, while provid-
ing a service that complements
the cleaning which is done inside
households and institutions.
Although the service provision to
Municipalities is still at an embry-
onic stage, Ednilton Madeira plans
to install containers and dustbins
along the roads, which will ensure
the accumulation of solid residues,
for further collection.
The idea now is to tackle the public
spaces. I speak of gardens, square
and roundabouts more precisely, and
we have good contacts underway for
the materialization of this objective,
revealed Madeira, having stressed
that it is important to maintain high
quality levels in the work performed,
as means of ensuring the needs
satisfaction for the frms clients and
the company becoming a reference.
The Highlighter intends to expand
its activities throughout the country,
exploring the existing opportunities
in the public and private sectors.
One of the things that stand out
in the work we do, has to do with
the large number of people that
we employ. Based on the demand
and also by the nature, we need to
be continuously hiring new people,
which is good as we contribute for
the generation of jobs, considered
Ednilton Madeira.
For the entrepreneur, the secret for
success is in the perseverance and
the adoption of a strategic manage-
ment of the market. We are on a
free market, where competition grows
at naked eyes and thats why we have
to work with determination in the
objectives established, added the
entrepreneur, well conscious of his
mission.
c
Collection of solid residues
contributes for employment
PLATAFORMA EMPRESARIAL
50
JUNHO 2014 CAPITAL Magazine
Que viso possui a CIS Nacala relativa-
mente ao desenvolvimento sustentvel,
nesta regio?
A CIS entende que o desenvolvimento
sustentvel baseado na conjugao
harmoniosa e equilibrada entre o apoio
ao desenvolvimento local, a diminuio
do impacto ambiental e a criao de
oportunidades reais de emprego aos
nacionais. Para tal, a identidade cultural
respeitada em todos os nossos centros de
investimento.
Aps a realizao do diagnstico das ne-
cessidades e oportunidades, do ponto de
vista social, identifcmos como priorida-
des: o incentivo produo de alimentos
e a valorizao profssional.
A produo de alimentos, alm de me-
lhorar a carncia de segurana alimentar
nas famlias tambm funciona como um
plo de oportunidades para a criao de
rendimento sustentvel das comunidades
locais, atravs da comercializao do
excedente de produo.

Que planos esto delineados pela CIS
Nacala em termos de apoio ao desenvol-
vimento das comunidades locais?
A CIS Nacala desenvolveu um conjunto de
iniciativas que iro alavancar uma srie
de projectos, nomeadamente de apoio
A CIS Nacala, especialista no fornecimento de catering,
alojamento e servios de apoio, em lugares remotos, tem
promovido a iniciativa local, e contribudo para a incluso
dos pequenos e mdios produtores, na cadeia de valor
dos grandes projectos. Fomos saber pormenores destas
iniciativas, atravs do responsvel pelo Departamento de
Desenvolvimento Sustentvel da CIS Nacala, Luis Gis.
CIS contribui para
o desenvolvimento
sustentvel de Nacala
seu impacto junto das populaes?
O programa j arrancou com vrios gru-
pos de agricultores, nomeadamente em
Umphaco, Nacuxxa e Nacotho, onde foram
entregues sementes hortcolas, ferramen-
tas, apoio tcnico no decorrer das cultu-
ras, e, sobretudo, a compra da produo a
um preo justo. Desta forma, contribumos
para a incluso da pequena economia lo-
cal na cadeia de valor dos grandes projec-
tos. Neste momento, j esto a benefciar
cerca de 40 famlias. Ou seja, acima de
200 pessoas. Em breve, estaremos tam-
bm a apoiar agricultores em Nacala-a-
-Velha, onde alis, temos tido uma grande
abertura por parte das suas autoridades
locais, o que demonstra a receptividade
que este programa est a gerar.
Quanto valorizao profssional, que
planos esto a desenvolver e que parce-
rias j estabeleceram?
Empenhamo-nos muito na valorizao
dos nossos trabalhadores, com programas
regulares de formao. Tambm estabele-
cemos uma parceria com a ADPP-Colgio
Politcnico em Nacala, onde temos rece-
bido alunos fnalistas do curso de Hote-
laria, para estgios profssionais, com a
possibilidade de serem admitidos no fnal
do estgio, o que tem vindo a acontecer.
Durante 2014, iremos receber cerca de 80
estagirios.
c
produo local e de criao de emprego,
a que demos o nome de Sementes para o
Desenvolvimento. O seu esforo baseia-se
em cinco pilares fundamentais: Iniciativas
de produo agrcola; segurana alimentar
das famlias; emprego e valorizao profs-
sional; a maximizao das compras locais
e a proteco do meio ambiente, onde
recentemente obtivemos um certifcado
de Boas Prticas.
Qual tem sido a evoluo do Programa
Sementes para o desenvolvimento e o
ENTREPRENEURIAL PLATFORM
CAPITAL Magazine JUNHO 2014
51
What is the vision of CIS Nacala, re-
lated to Sustainable Development in
this region?
CIS believes that Sustainable Devel-
opment is based on the harmonious
and balanced combination between
support to Local Development, re-
duction of environmental impact and
creating real employment opportu-
nities to locals, respecting cultural
identity in all our investment centers.
Since the beginning, and after
making the diagnosis of the needs
and also of opportunities from the
Social point of view with potential
CIS contributing to the
Sustainable Development
in Nacala
CIS Nacala, a specialist company providing Catering, Accommodation and Support Services in
Remote Sites, has been promoting local development initiatives, contributing for the inclusion
of small and medium producers in the value chain of Major Projects.
We talk about details of these initiatives with the responsible for the Sustainable Development
at CIS Nacala, Luis Gois.
Tel.: +258 21 303449
Fax: +258 21 303450
Rua Ngungunhane n 56 r/c
Afrin Prestige Hotel
Restaurante
e Servio de Catering
Organizamos
os seguintes eventos
Banquetes
Conferncias
Cocktails
Pequenos almoos
Coffee Breaks
Celebraes(Casamentos,
aniversrios, etc.)
Restaurante
e Servio de Catering
Organizamos
os seguintes evento
Banquete
Conferncia
Cocktail
Pequenos almoos
Coffee Breaks
Celebraes(Casamentos,
aniversrios, etc.)

D
a
s
im
p
lic
id
a
d
e
v
e
m
a
c
la
s
s
e

for sustainable development


of populations, we identifed
as priorities the suport of food
production and vocational training.
, Apart from improving the lack
of food security in families, food
production also functions as a hub of
opportunities to create sustainable
income for local communities
through the sale of surplus
production.
What plans are outlined by CIS Nacala
currently, to support the development
of local communities?
CIS Nacala, developed a number of
initiatives that will leverage a num-
ber of projects, including to support
local production, which we named
SEEDS FOR DEVELOPMENT. These ef-
forts are based in 5 main pillars: food
production initiatives, food security
of families, maximize local employ-
ment and professional development,
increase local purchase and environ-
mental protection, for which we have
recently received a Good Pratices
Certifcate Award.
What has been the evolution of the
program SEEDS FOR DEVELOPMENT,
and the impact among the population?
This program has already started
with several groups of farmers,
namely in Umphaco, Nacuxxa and
Nacotho where vegetables seeds are
delivered, as well as tools, technical
support during the crop cycle, and
mainly the purchase of produce at a
fair price, thereby contributing to the
inclusion of the small local economy
in the value chain of Major Projects.
At the moment, they are already
benefting about 40 families, nearly
200 people.
Soon we will also be supporting
farmers in Nacala-a-Velha. In fact, in
this nice village we had very good
relations with Local Authorities,
which demonstrates the receptivity
and expectation that this program is
creating.
Regarding professional development,
which plans are being developed and
which existing partnerships are estab-
lished?
We are engaged in the valuation of
our employees with regular training
programs. We also established a
partnership with the ADPP- in Nacala,
where we have been shortlisted
students of the Hospitality course,
for professional internships, with
the possibility of being admitted at
the end of the period, as happened
before. We hope to receive about 80
students during 2014.
c
UP-GRADE
CAPITAL Magazine JUNHO 2014
53
J
no se vai chamar Riopele.
Mas, durante muito tempo,
a mais importante unidade
idustrial da rea txtil do pas
ostentou esse nome. Adjudi-
cada a operadores privados
um consrcio luso-moambicano
h alguns anos, j poderia estar a
operar desde meados do ano passa-
do, com a designao Mozambique
Cotton Manufactures, nome atribudo
pelos novos proprietrios, se no
fossem os sucessivos atrasos, por
diversas razes.
Interrompida h mais de 10 anos, a
Riopele, localizada em Marracuene,
na provncia de Maputo, no retomou
as actividades em 2013 por razes
que se prendem com o fornecimento
de energia elctrica.
Em Dezembro, os proprietrios que
integram a moambicana Intelec Hol-
dings e as portuguesas Mundotxtil,
Mundifos e Crispim Abreu asse-
guraram que o problema da energia
tinha sido ultrapassado e que j
tinham sido investidos 12 milhes de
dlares na reposio das infraestru-
turas fsicas, o sufciente para inau-
gurar a to esperada indstria txtil
em Maro deste ano.
Terminamos todo o processo de
montagem do que ser a parte indus-
trial que vai transformar o algodo
em fo e, no fm de Janeiro, contamos
concluir a parte para a produo de
tecido, para que at Maro, quando a
fbrica inaugurar, possamos produzir
tanto o fo quanto o tecido, revelou,
na altura, Haje Pedreiro, representan-
te da Intelec Holdings.
Os proprietrios garantem que j
no h muito que falte para opera-
cionalizar o empreendimento, mas
este ms, Junho de 2014, j estamos
a quase um ano desde o primeiro
adiamento.
que ainda em Dezembro, o consr-
cio avanava a necessidade de 40
milhes de dlares para a aquisio
de novos equipamentos e reposio
dos equipamentos antigos da fbrica.
E o processo que se previa como re-
lativamente curto, vai-se arrastando
por mais tempo.
Um ano passado
e a Riopele no arrancou
A sua abertura marca a revitalizao da indstria txtil nacional, pela dimenso que se espera
que a Riopele venha a ter na mobilizao de outros operadores e produtores de algodo. Mas
apesar de estar quase tudo a postos, a mesma ainda no arrancou.
D
R
D
R
D
R
UP-GRADE
54
JUNHO 2014 CAPITAL Magazine
ncora da revitalizao
da indstria txtil
volta do projecto Riopele, est um
plano de revitalizao da indstria
txtil nacional. O ministro da Inds-
tria e Comcrio, Armando Inroga,
j havia anunciado que o Governo
posicionou uma fbrica de processa-
mento de algodo para a produo
de fardos em Guro, na provncia de
Manica. Trata-se de um projecto a
montante, que tem em vista o desen-
volvimento da indstria txtil com
grandes projectos e Pequenas e M-
dias Empresas (PME) associadas.
Ainda de acordo com Inroga existe,
no mercado, matria-prima sufciente
para alimentar a indstria que se
pretende. A ttulo de exemplo, Mo-
ambique teve, no ano passado, o
segundo maior volume de produo
de algodo da histria, e grande
quantidade acabou perdida no Norte
por falta de mercado.
Espera-se tambm que a nova Tex-
moc, em Nampula, tambm venha a
adquirir parte do tecido fabricado na
Riopele, agora Mozambique Cotton
Manufactures.
No global, o empreendimento espera
envolver mais de 150 Pequenas e
Mdias Empresas, com grande im-
pacto na criao de novos postos de
trabalho.
A par disso, poder constituir mais
um mercado para a produo nacio-
nal de algodo, que vrias vezes se
perde por ausncia de uma indstria
txtil capaz de absorv-la.
Estima-se que em trs anos de ope-
rao, a Riopele possa empregar
cerca de 700 pessoas.
O alvo da Mozambique Cotton Manu-
factures cobrir o mercado nacional
e canalizar o excedente de produo
para o mercado externo.
MOZAMBIQUE COTTON MANU-
FACTURES
Investimento total: 40 milhes USD
Postos de trabalho: cerca de 700.
c
One year gone and Riopele
did not kick-start
Its launch marks the revitalization of the national textile industry, considering the dimension
which Riopele is expected to have on the mobilization of other cotton operators and producers.
However, despite the fact nearly everything is in place, it still did not take-off.
D
R
CAPITAL Magazine JUNHO 2014
55
UP-GRADE
It will no longer be called Riopele.
However, for a long time, the most
important industrial plant in the
textile sector within the country
bore that name. Having been
adjudicated to private operators a
luso-mozambican consortium a
few years back, it could have started
operating mid last year, with the
designation Mozambique Cotton
Manufacturers, being the name
ascribed by the new proprietors, if
not for the successive delays due to
various reasons.
Interrupted for over 10 years, Riopele
which is located in Marracuene,
Maputo Province, has not resumed
its activities in 2013 due to reasons
around the supply of electric power.
In December, the owners who
integrate the Mozambican Intelec
Holdings and the Portuguese
Mundotxtil, Mundifos and Crispim
Abreu assured that the electricity
problem had been solved and
that 12 million dollars had been
invested towards restoring physical
infrastructures; just about enough to
inaugurate the much expected textile
industry, in March this year.
We have concluded the whole
ftting process of the industrial
section which will transform cotton
into fber, and that towards the end
of January, we expect to conclude
the sector for the production of
fabric, so that up until March, when
the factory opens, we may produce
as much fber as fabric, stated then
by Haje Pedreiro, the representative
of Intelec Holdings.
The proprietors guarantee that not
much is left to operationalize the
undertaking, yet this month, June
2014, we are nearly a year since its
frst postponement.
The thing is that still in December,
the consortium advised on the need
to source 40 million dollars for the
acquisition of new equipment as well
as the replacement of old equipment
in the factory. Hence, the process
that was anticipated to be relatively
short, keeps dragging longer.
The revitalizing anchor of
the textile industry
A plan to revitalize the national
textile industry oozes around the
Riopele project. The minister of
industry and commerce, Armando
Inroga, had already announced that
the Government positioned a cotton
processing plant in Guro, Manica
province, for the production of bales.
It is about an upstream project
which aims at developing the textile
industry through big projects and
associated Small & medium scale
enterprises.
As per Inroga still, there is enough
raw material in the market, to feed
the desired industry. As for example,
last year, Mozambique had the
second largest volume of cotton
production in history, and a major
quantity ended up lost in the north
due to lack of market.
It is expected that the new Texmoc,
in Nampula, will also acquire part of
the fabric manufactures at Riopele,
which is now Mozambique Cotton
Manufactures.
Overall, the undertaking expects to
involve more than 150 Small and
Medium Scale Enterprises, with great
impact on the creation of new jobs.
In parallel, it may constitute one
more market for the national
production of cotton, which is lost
many times due to lack of a textile
industry capable of absorbing it.
It is estimated that in three years
of operations, Riopele may employ
around 700 people.
The Target of Mozambique Cotton
Manufacturers is to cover the
national market and channel the
production surplus to the external
market.
MOZAMBIQUE COTTON MANU-
FACTURES
Total Investment: 40 million USD
New Jobs: Nearly 700.
c
D
R
Aluguer de longa durao incluindo manuteno
Aluguer de longa durao sem manuteno
Gesto de Seguros
Gesto de Manuteno
Gesto de Motoristas
Venda e Locao
Auditoria de Frotas
Gesto de Frotas
Full Maintenance Rental
Operating Rental
Insurance Management
Managed Maintenance
Drivers Management
Sale and Lease back
Fleet Audit
Fleet Management
1 Rua Perpendicular n 15-Bairro da Coop | Telefone: +258 21 416186 | Fax: +258 21 416187
Maputo - Moambique
CAPITAL Magazine JUNHO 2014
57
Aluguer de longa durao incluindo manuteno
Aluguer de longa durao sem manuteno
Gesto de Seguros
Gesto de Manuteno
Gesto de Motoristas
Venda e Locao
Auditoria de Frotas
Gesto de Frotas
Full Maintenance Rental
Operating Rental
Insurance Management
Managed Maintenance
Drivers Management
Sale and Lease back
Fleet Audit
Fleet Management
1 Rua Perpendicular n 15-Bairro da Coop | Telefone: +258 21 416186 | Fax: +258 21 416187
Maputo - Moambique
58
JUNHO 2014 CAPITAL Magazine
A minha relao com a
PWC ajuda-me a criar o
valor que procuro
Esta a promessa que fazemos
aos nossos clientes, aos nossos
colaboradores e s comunidades
nas quais operamos.
Oferecemos uma amplitude de
servios para assessorar os nos-
sos clientes, nas mais diversas
reas, para enfrentar desafios e
potenciar o seu desempenho.
Local e internacionalmente, a PwC
trabalha com as maiores orga-
nizaes mundiais e com grandes
empreendedores.
A PwC uma rede internacional e
sustentada de prestao de ser-
vios de elevado profissionalismo.
Os nossos servios, entre outros:
Auditoria
Consultoria
Contabilidade
Fiscalidade
PricewaterhouseCoopers
Pestana Rovuma Hotel,
Centro de Escritrios, 5. andar,
Caixa Postal 796, Maputo,
Moambique
T: (+258) 21 350400, (+258) 21
307615/20,
F: (+258) 21 307621/320299,
E-mail: maputo@mz.pwc.com
www.pwc.com
FISCALIDADE PRICEWATERHOUSECOOPERS
A IMPUGNAO DOS ACTOS TRIBUTRIOS
Ebrahim Bhikh *
Aspectos Introdutrios
C
om a presente nota pretendemos
dar continuidade ao tema j inicia-
do em edies anteriores (Do Proce-
dimento de Fiscalizao Tributria
I e II), concluindo a abordagem dos
aspectos relativos possibilidade
do sujeito passivo recorrer Hierarquicamen-
te ou Contenciosamente caso no concorde
com o posicionamento da Administrao
Tributria (AT).
A AT deve, nas suas actuaes face aos
administrados, respeitar os direitos e inte-
resses legalmente protegidos dos mesmos,
conforme resulta do 2 n. 1 do artigo 249 da
Constituio da Repblica de Moambique
(CRM). No mbito fiscal, esses direitos e
interesses so tutelados atravs das cha-
madas garantias dos contribuintes, que nos
aparecem, desde logo, como uma decorrn-
cia do princpio da legalidade da tributao,
previsto no artigo 100 da CRM.
Ao nvel do Direito Tributrio, a expresso
garantias dos sujeitos passivos aparece-
-nos no artigo 50 da Lei n. 2/2006, de 22 de
Maro, Lei Geral Tributria LGT, onde se
enumeram alguns dos meios ao alcance
do SP quando pretenda reagir face a actos
da AT lesivos dos seus direitos, nomeada-
mente, no pagar impostos legalmente
estabelecidos, apresentar reclamaes ou
recursos hierrquicos, solicitar revises
ou apresentar recursos contenciosos de
quaisquer actos ou omisses da AT, lesivos
dos seus direitos ou interesses legalmente
protegidos.
Procedimentos em caso de Reclamao
Graciosa
No concordando com a liquidao ou
deciso da AT, o sujeito passivo poder
submeter a respectiva Reclamao Gra-
ciosa para o autor do acto dentro do prazo
estabelecido para o pagamento (cfr. Arts.
126, 127 e 128 da LGT).
A Reclamao Graciosa visa a anulao dos
actos da AT, por iniciativa do sujeito passivo
ou interessado, dirigido ao servio que
aprovou o acto, e tem como fundamentos
qualquer ilegalidade, nomeadamente: (i)
errnea qualificao e quantificao dos
rendimentos, lucros, valores patrimoniais;
(ii) vcio de fundamentao; (iii) preterio
de outras formalidades; (iv) incompetncia.
Em caso de indeferimento da Reclamao
Graciosa e/ou da deciso de reviso ou
fixao da matria colectvel permissvel
o Recurso Hierrquico, no prazo de 90 dias,
para o superior do autor do acto.
O Recurso Hierrquico justifica-se no
s pela necessidade de salvaguardar e
defender os interesses do sujeito passivo,
mas por fora do Princpio da Exausto, de
modo a se obter a definitividade do acto
e aceitao junto do Tribunal Fiscal, sob
pena de rejeio liminar (cfr. arts. 52, 126,
138 e 141 da LGT conjugados com o Art. 7
da Lei n. 2/2004, de 21 de Janeiro, Lei dos
Tribunais Fiscais LTF). Assim, no ser
necessrio que o sujeito passivo percorra
toda a hierarquia da AT para que obtenha
um acto administrativo no qual assentar o
seu direito ao Recurso Contencioso (Impug-
CAPITAL Magazine JUNHO 2014
59
FISCALIDADE PRICEWATERHOUSECOOPERS
A IMPUGNAO DOS ACTOS TRIBUTRIOS
nao Contenciosa).
A deciso sobre o Recurso Hierrquico
passvel de Recurso Contencioso aps a
notificao da deciso do indeferimento, no
prazo de 90 dias (cfr. Art. 141 da LGT).
Procedimentos em caso de Reclamao
Contenciosa
O processo ou contencioso tributrio con-
siste no meio processual, pelo qual o sujeito
passivo pode defender, perante os tribunais
fiscais, os seus direitos e interesses legal-
mente protegidos.
Regra geral, o processo de Reclamao Con-
tenciosa inicia-se com a apresentao da
petio inicial aps notificao da deciso
ou indeferimento do Recurso Hierrquico
que ser submetida junto do Tribunal Fiscal.
A AT produzir uma resposta a contestao
(contra-alegaes) dirigida ao respectivo Tri-
bunal Fiscal onde apresentar a sua posio
em relao aos factos arrolados pelo sujeito
passivo que ser apensada aos autos para
efeitos de deciso pelo Tribunal Fiscal.
Segundo o disposto no Art. 34 do Diploma
Legislativo n. 783, de 18 de Abril de 1942,
que Regulamenta o Contencioso das Con-
tribuies e Impostos RCCI, os motivos
que podem levar impugnao do acto de
liquidao so: (i) inexistncia ou cessao
dos factos tributrios; (ii) erro na determi-
nao da matria colectvel e do seu valor;
(iii) erro na designao ou transferncia
da inscrio de prdios, pessoas, factos ou
valores; (iv) duplicao ou omisso relativa
inscrio de contribuintes ou descrio de
factos tributrios; (v) aplicao de taxa dife-
rente da devida ou erro de clculo na fixa-
o da colecta ou de quaisquer adicionais;
(vi) duplicao de colecta; (vii) ilegalidade
da contribuio ou imposto; (viii) incom-
petncia do funcionrio que o liquida; (ix)
incompetncia do tribunal.
O Recurso Contencioso s ter efeito sus-
pensivo, caso o sujeito passivo deposite as
importncias impugnadas ou preste cauo
mediante garantia bancria.
Nos termos da alnea c) do n. 1 do Art. 13 da
LTF, o Tribunal Fiscal julga o Recurso Conten-
cioso, como como Tribunal de 1 Instncia.
Caso a sentena do Tribunal Fiscal seja
desfavorvel ao sujeito passivo, o mesmo
poder, no prazo de 8 dias, recorrer para
o Tribunal Administrativo, em 2 instncia
(Cfr. Art. 18 do RCCI).
Na eventualidade de em sede da 2 instn-
cia no Tribunal Administrativo, o sujeito
passivo ser novamente condenado poder
ainda recorrer em ltima instncia para o
Plenrio do Tribunal Administrativo. O Re-
curso para o Plenrio do Tribunal Adminis-
trativo deve ser feito no prazo de 10 dias a
contar da data da notificao da notificao
do acrdo. Caso no se preste a cauo
(de modo a obter o efeito suspensivo), o
Acrdo poder ser executado pela Adminis-
trao Tributria.
Notas Finais
O uso por parte dos sujeitos passivos dos
meios ao seu dispor abordados, ao longo da
presente nota, justificam-se como tutela
plena e efectiva em tempo til, dos direitos
e interesses legalmente protegidos em
matria tributria surgindo em regra, na
sequncia de um acto tributrio, com o qual
o sujeito passivo no est de acordo no todo
ou em parte por considerar ter ocorrido
uma ilegalidade (mas pode tambm surgir
no caso em que est apenas em causa a
determinao do quantum do imposto).
Da, em nosso entender, a importncia dos
sujeitos passivos conhecerem as normas
que lhes permitem reagir, muitas vezes em
casos que possam constituir uma verdadei-
ra extorso fiscal, e que podem levar muitos
sujeitos passivos a encerrarem os seus es-
tabelecimentos comerciais por violao dos
seus direitos e garantias no que se refere s
relaes que se estabelecem com a AT.
Ebrahim Bhikh
ebrahim.bhikha@mz.pwc.com
Consultor Fiscal & Legal
PwC
Este artigo de natureza geral e mera-
mente informativa, no se destinando a
qualquer entidade ou situao particular,
e no substitui aconselhamento profis-
sional adequado para um caso concreto.
A PricewaterhouseCoopers Legal no se
responsabilizar por qualquer dano ou
prejuzo emergente de uma deciso to-
mada (ou deixada de tomar) com base na
informao aqui descrita.
c
60
JUNHO 2014 CAPITAL Magazine
TAXATION PRICEWATERHOUSECOOPERS
A minha relao com a
PWC ajuda-me a criar o
valor que procuro
Esta a promessa que fazemos
aos nossos clientes, aos nossos
colaboradores e s comunidades
nas quais operamos.
Oferecemos uma amplitude de
servios para assessorar os nos-
sos clientes, nas mais diversas
reas, para enfrentar desafios e
potenciar o seu desempenho.
Local e internacionalmente, a PwC
trabalha com as maiores orga-
nizaes mundiais e com grandes
empreendedores.
A PwC uma rede internacional e
sustentada de prestao de ser-
vios de elevado profissionalismo.
Os nossos servios, entre outros:
Auditoria
Consultoria
Contabilidade
Fiscalidade
PricewaterhouseCoopers
Pestana Rovuma Hotel,
Centro de Escritrios, 5. andar,
Caixa Postal 796, Maputo,
Moambique
T: (+258) 21 350400, (+258) 21
307615/20,
F: (+258) 21 307621/320299,
E-mail: maputo@mz.pwc.com
www.pwc.com
Introductory Aspects
W
ith the present note, we intend
to give continuity to the topic
already started in previous
editions (from the Procedure
of Tax Inspection I and II), thus
concluding the approach of
the aspects around the possibility of the
taxable subject appealing Hierarchically
or Contentiously in case he does not agree
with the positioning of the Tax Administra-
tion (AT).
The AT has to, in its actions before the ad-
ministered ones, respect their rights and
interests legally protected, as resulting from
the 2 n. 1 of the article 249 in the Constitu-
tion of the Republic of Mozambique (CRM).
In the fiscal scope, these rights and interests
are protected by the so called guarantees of
taxpayers, which are presented to us, from
the onset, as a result from the principle of
taxing legality, stipulated in the article 100
of the CRM.
At the level of the Tax Law, the expression
guarantees of the taxable subjects is shown
in the article 50 of the Law n. 2/2006, from
22
nd
March, General Tax Law LGT, where
some instruments available to the PS are
numbered, whenever intending to react to
the harmful actions from the AT to his rights,
namely, not paying legally established taxes,
presenting complains or hierarchical ap-
peals, request for revisions or presenting
contentious appeals of any acts or omis-
sions from the AT, which are harmful to his
rights or legally established interests.
Procedures in the event of Gracious
Complain
Not agreeing with the liquidation or decision
from the AT, the taxable subject may submit
the respective Gracious Complain to the au-
thor of the act, within the period established
for the payment (cfr. Articles. 126, 127 and
128 from the LGT).
The Gracious Complain aims at the annul-
ment of the acts from the AT, under the
initiative of the taxable or interested sub-
ject, directed to the service which approved
the act, and has as its fundament any illegal-
ity, namely: (i) erroneous qualification and
quantification of revenues, profits, asset
values; (ii) defective reasoning; (iii) breach
of other formalities; (iv) incompetence.
In the event of rejection of the Gracious
Complain and/or the revision decision or
fixation of collectable matter, an Hierarchi-
cal Appeal to the superior of the author of
the act, is permissible, within the period of
90 days.
The Hierarchical Appeal is justified not only
by the need of safeguarding and defend-
ing the interests of the taxable subject, but
by force of the Principle of Exhaustion, as
means of obtaining the definitiveness of the
act and acceptance by the Tax Court, or else
facing an outright rejection (cfr. articles. 52,
126, 138 and 141 from the LGT conjugated
with the article 7 from the law n. 2/2004,
from 21st January, Law of the Tax Courts
LTF). Hence, it will not be necessary that
the taxable subject goes through the whole
hierarchy of the AT in order to obtain an ad-
THE IMPUGNATION OF TAX ACTS
Ebrahim Bhikh *
CAPITAL Magazine JUNHO 2014
61
TAXATION PRICEWATERHOUSECOOPERS
ministrative act in which it will be based his
right to appeal to the Contentious Recourse
(Contentious Impugnation).
The decision over an Hierarchical Appeal is
subject to Contentious Recourse after the
notification of the decision of rejection, in
a period of 90 days (cfr. Article. 141 from the
LGT).
Procedures in the event of Contentious
Complain
The process or tax contentious consists on
the procedural means, by which the taxable
subject may defend his rights or legally pro-
tected interests, before the tax courts.
General rule, the Contentious Complain
Process starts-off with the presentation of
the initial petition after the notification of
the decision or rejection of the Hierarchical
Resource, which will be submitted through
the Tax Court. The AT will produce an answer
to the contestation (counter-claims) directed
to the respective Tax Court, where it will
present its position in relation to the facts
presented by the taxable subject, and which
will be appended to the docket, towards a
decision by the tax court.
According to the established in the article 34
of the Legislative Diploma n. 783, from 18
th

April, 1942, which regulates the Contending
of Taxes RCCI, the reasons which may
lead to the impugnation of a liquidation act
are: (i) absence or cessation of taxable facts;
(ii) error on the determination of the collect-
able mater and its value; (iii) error on the
designation or transfer of the inscription of
buildings, people, facts or values; (iv) dupli-
cation or omission in relation to the inscrip-
tion or taxpayers or description of taxable
facts; (v) application of a rate different of
that owed or calculation error on the fixation
of the collection or any other additions; (vi)
duplication of the collection; (vii) illegality of
the contribution or tax; (viii) incompetence
of the employee which liquidates it; incom-
petence of the court.
The Contentious Recourse will only have
suspensive effect, in the event the taxable
subject deposits the impugnated monies or
ensures bailment through bank guarantee.
In terms of the line c) of the n. 1 from the
Article 13 from the LTF, the Tax Court judges
the Contentious Recourse as a first degree
court. In the event the sentence of the Tax
Court is not favourable to the taxable sub-
ject, he may appeal to the Administrative
Court in a period of 8 days as a 2 degree (Cfr.
Article. 18 from the RCCI).
In the event that the 2 degree appeal at the
Administrative Court, the taxable subject is
again found guilty, he may still appeal as a
last resource to the Plenary of the Adminis-
trative Court. The appeal to the Plenary of the
Administrative Court has to be done within a
period of 10 days, counting as from the date
of notification of the judgement. In case the
bailment is not secured (in order to have the
suspensive effect), the judgement may then
be executed by the Tax Administration.
Final Notes
The use, by the taxable subjects, of the
means available as mentioned along the cur-
rent note, are justified as plain, effective and
timely tutelage, of the rights and interests
legally protected in tax matters, emerging as
rule, from a tax act, with which the taxable
subject does not agree as a whole or portion
of it, therefore considering that an illegality
has occurred (but may also emerge when-
ever it is merely at stake the determination
of the quantum of the tax).
Hence, in our understanding, the impor-
tance of taxable subjects having command
of the norms that enable them to react,
many times in cases which may constitute a
true tax extortion, and which may lead many
taxable subjects to shut down their busi-
nesses given the violation of their rights and
guarantees, as far as the established rela-
tions with the AT are concerned.
Ebrahim Bhikh
ebrahim.bhikha@mz.pwc.com
Tax & Legal Consultant
PwC
This article is of general nature and
merely informative, not destined to
any entity or situation in particular,
and does not substitute adequate
professional advice for a specific case.
The PricewaterhouseCoopers Legal will
not be held responsible for any damage or
loss merging from a decision taken (or not
taken) with basis on the information here
described.
c
THE IMPUGNATION OF TAX ACTS
Perspectiva EDUCAO
62
JUNHO 2014 CAPITAL Magazine
E
studos realizados em todo o
mundo mostram que a me-
lhoria da Educao de um
pas est relacionada com o
incremento da produtividade e
competitividade das empresas.
Uma educao adequada produz um
impacto grande na produtividade de
uma empresa quando comparada
com outras sem funcionrios quali-
fcados. Uma experincia mundial-
mente conhecida a da Coreia, cuja
aposta na Educao de qualidade
teve um impacto notvel na produ-
tividade e na renda per capita da
populao.
As defcincias do sistema educativo
moambicano apontam para a for-
mao de um trabalhador que no
desenvolve habilidades importantes
para o trabalho, como a concentra-
o, a capacidade de abstrao e a
agilidade mental, que se refecte na
qualidade do trabalho produzido.
A aposta de Moambique na Edu-
cao, depois de ouvido o sector
produtivo, centra-se agora no saber
fazer e saber pensar. As empre-
sas necessitam de quadros mdios
e superiores com capacidade de
executar e de progredir num mundo
cada vez mais industrializado e mais
tecnolgico.
O reforo da ligao do
graduado ao mercado de trab-
alho
Constitui-se agora como prioridade
a necessidade de reforar a ligao
do graduado dos diferentes nveis do
Sistema Nacional de Educao com o
mercado de trabalho.
Assumem um papel fulcral as reas
do Ensino Tcnico e das Universida-
des, com a necessidade de reforar
a rea de Cincias e Engenharia, por
onde passa muita da mo-de-obra
qualifcada para responder s ne-
cessidades do sector produtivo. No
descurando o ensino profssionali-
zante nas Escolas Secundrias com
o objectivo de preparar os jovens e
adultos para a vida activa.
O novo Plano Estratgico 2012
2016 privilegia a continuao da ex-
panso do Sistema Educativo, explo-
rando vrias modalidades de ensino,
havendo a necessidade de continuar
a elevar a capacidade do sector com
quadros cada vez mais qualifcados e
motivados para a gesto dos proces-
sos de mudana e para assegurar a
consolidao das reformas iniciadas
ao nvel do sector da educao e do
sector pblico.
necessrio criar uma viso holstica
do desenvolvimento do sistema
educativo para assegurar a aquisio
de competncias e habilidades avan-
adas e especializadas no sentido
de sustentar e impulsionar o actual
desenvolvimento do Pas. A Educa-
o continua a criar as condies
necessrias para o aumento dos
graduados do ensino secundrio
geral com competncias profssiona-
lizantes para facilitar a sua transio
para a vida adulta e laboral; a expan-
so de Ensino Tcnico-Profssional
de qualidade, baseado em compe-
tncias necessrias e requeridas pelo
mercado de trabalho e nos sectores
das indstrias emergentes; a forma-
o e capacitao de profssionais
atravs de aces de curta durao,
respondendo melhor e de forma
mais rpida s necessidades de ter
uma mo-de-obra qualifcada.
O aumento dos recursos fnanceiros,
materiais e humanos, benefciando
directamente as escolas com salas
de aula superlotadas e com altos
rcios professor-aluno.
Para alm do aumento dos recursos
fnanceiros, a chave para o sucesso
de qualquer poltica a melhoria na
formao de professores.
A importncia do Sector
Privado
Assumindo a educao como uma
responsabilidade partilhada entre
o Governo e o sector produtivo,
principal benefcirio do aumento
de qualidade dos recursos humanos
nos prximos anos, ser encorajado
por uma maior expanso do ensino
privado.
O sector privado particularmente
importante no ensino ps-primrio.
Em 2011, cerca de 10% dos alunos
no ensino secundrio frequentavam
escolas privadas ou comunitrias e,
em 2010, cerca de 28% dos estu-
dantes do ensino superior frequen-
tavam instituies privadas. Das 46
universidades existentes apenas 18
so pblicas, refectindo o interesse
e a apetncia do sector privado pelo
Ensino como potencial negcio.
A maioria dos cursos ministrados
pelas universidades est na rea das
Cincias Sociais o que representa
um desequilbrio muito grande em
Educao tambm negcio
Antnio Batel Anjo*
relao s necessidades do desen-
volvimento do Pas que se encontra
sobretudo nas Cincias Naturais.
Esta uma das assimetrias que urge
resolver e cujo impacto na sociedade
e na economia muito elevado, uma
vez que muitos projectos no con-
seguem resolver os seus problemas
junto do mercado e, por outro lado,
muitos desses jovens graduados
fcam desempregados. Esta situao
agudiza-se nas universidades pri-
vadas onde poucas so as que pos-
suem cursos de Cincias e Engenha-
rias, facto determinado pelo custo de
formao dos alunos nestas reas.
No entanto, este facto representa
uma oportunidade de negcio tanto
para o sector pblico como privado.
A prdiga associao en-
tre empregadores e emprega-
dos
O sector da Educao gera outro im-
pacto na Economia por via das em-
presas fornecedoras de servios em
geral e das empresas de base tecno-
lgica que se instalaram no Pas para
fornecer equipamentos e formao
em reas especfcas relacionadas
com os equipamentos tecnolgicos e
de preciso.
A instalao destas empresas em
territrio nacional, alm de potenciar
o emprego de jovens com elevado
potencial nas reas de Cincias e
Engenharia, so parceiros dinmicos
no sector da Educao trazendo
para o Pas os mais recentes avanos
tecnolgicos.
O MINED assume o estmulo
criao de empregos no sector priva-
do, atravs de vrias iniciativas que
se concentram no Plano Tecnolgico
da Educao. Uma dessas iniciativas
o cluster para a produo de con-
tedos, cuja ideia base estabele-
cer uma plataforma colaborativa de
capacitao de moambicanos nas
reas tecnolgicas, de construo de
contedos e de modernas estrat-
gias de formao. Esta estratgia est
em consonncia com o Plano Tecno-
lgico da Educao e com o Plano de
Estratgico para a Educao 2012
2016.
TriploA - um modelo de
negcio
Neste cluster pode ser encontrada
uma actividade econmica atravs
da reunio de pequenas, mdias
empresas e organismos pblicos
locais, situadas num mesmo espao
e que apresentam grandes nveis de
entrosamento entre si e constituem
o que hoje existe de mais moderno
em modelo de desenvolvimento. No
fundo, este cluster tem tambm
ele de criar um modelo de negcio
que seja sustentado e sustentvel no
tempo.
O cluster no mais que um modelo
que designamos por triploA
1
j que
tem por base:
1. Aglomerao, de um con-
junto de empresas concen-
tradas no espao que pro-
movem a troca de ideias,
1 A expresso TriploA foi obtida pela juno das
primeiras letras das palavras: Aglomerao, Afnidade
e Articulao.
de sinergias, a prtica
colaborativa e de alianas
estratgicas, inclusive para
contrariar limitaes rela-
cionadas com economias
de escala.
2. Afnidade entre empresas
voltadas para o mesmo
posicionamento em termos
de negcio, em que cada
uma delas seja especializa-
da em tarefas particulares.
3. Articulao, que permite
um relacionamento prxi-
mo, de grande intensidade
e permanente colaborao
entre as empresas, tanto na
troca de sinergias e as pr-
ticas colaborativas como no
estmulo competitividade.
Do ponto de vista operacional o
cluster uma forma de desenvol-
vimento econmico e social que
se vem assumindo como um bom
modelo tanto para pases industriali-
zados como em pases em desenvol-
vimento.
Este um bom exemplo, entre mui-
tos, de como o Ministrio da Educa-
o se pode aliar ao sector privado
na criao de contedos para o
Sistema de Ensino, criando empregos
e dando uma nova perspectiva ao
sector privado de que a Educao
um negcio importante e a ter em
conta.
c
(*) Coordenador do Programa Pensas
do Ministrio da Educao
CAPITAL Magazine JUNHO 2014
63
DR
Perspective EDUCATION
64
JUNHO 2014 CAPITAL Magazine
S
tudies carried out worldwide
indicate that the improve-
ment of a countrys education
is related to the increment
on productivity and com-
petitiveness of enterprises.
An adequate education produces
a huge impact on the productivity
of a business when compared with
others with no qualifed personnel.
One experience known worldwide is
that of Korea, which wager on qual-
ity education had a notorious impact
on the populations productivity and
revenue per capita.
The defciencies of the Mozambican
educational system suggest for the
training of a staf member who does
not gather important abilities for the
desired work such as concentration,
abstraction capacity and mental agil-
ity, which are refected on the quality
of work performed.
The wager of Mozambique on educa-
tion, after hearing the productive
sector, is now centered on know
how and know to think. The com-
panies need technical and higher
qualifcation personnel with the
capacity to execute and progress in a
world increasingly industrialized and
technological.
The reinforcement of the
connection of the graduate to
the job market
It now constitutes a priority and ne-
cessity to reinforce the connection of
the graduate of the diferent levels of
the National Education System with
the job market.
A key role is assumed by the areas of
Technical Education and Universities,
with the need to reinforce the feld
Education is Also Business
Antnio Batel Anjo*
of Sciences and Engineering, where
volumes of qualifed labor is chan-
neled to respond to the needs of the
productive sector. Not disregarding
the professionalizing education at
Secondary Schools with the objective
of preparing youths and adults to the
productive life.
The new strategic plan 2012 2016
privileges the continuous expansion
of the Education System, exploring
various modalities of education and
therefore the need the continue to
elevate the capacity of the sector
with personnel more and more quali-
fed and motivated for the manage-
ment of changing processes and to
ensure the consolidation of the initi-
ated reforms within the education
and public sectors.
It is necessary to create a holistic
view of the development of the edu-
cation system so to secure the acqui-
sition of competencies and advances
& specialized abilities as means of
sustaining and propel the countrys
current development. Education
continues to create the necessary
conditions for the increase of gradu-
ates from the general education
with professionalizing competencies
to facilitate their transition for the
adult and labor life; the expansion
of a quality Technical and Vocational
Education, based on competencies
which are necessary and required by
the job market and in the sectors of
emerging industries; the training and
capacity building of professionals
through short term actions which re-
spond better and faster to the need
to have qualifed labor.
The increase of fnancial resources
and human means directly beneft
the schools with have overcrowded
classes and high teacher-student
DR
CAPITAL Magazine JUNHO 2014
65
ratios.
Besides the increase of fnancial
resources, the key for success of any
policy is the improvement of teach-
ers training.
The importance of the pri-
vate sector
Taking education as a shared respon-
sibility between the Government
and the productive sector, the main
benefciary of the improvement on
the quality of human resources in the
coming years, it shall be encouraged
by a greater expansion of the private
education.
The private sector is particularly
important on the post-primary edu-
cation. In 2011, roughly 10% of the
students on the on the secondary
education attended private or com-
munity schools and in 2010, roughly
28% of the students in higher
education attended private schools.
From the existing 46 universities
only 18 are public, which refect the
desire and interest of the private sec-
tor for the Education as a potential
business.
The majority of courses taught by the
universities are on the feld of Social
Sciences which represents a huge
imbalance in relation to the develop-
ment needs of the country which is
mainly on Natural Sciences. This is
one of the asymmetries which urge
to be solved and which impact in so-
ciety and economy is very high, given
that many projects cannot solve their
problems in the market and on the
other side, many of these graduated
youths remain unemployed. This
situation is worsened on the private
universities which there are very few
which provide Sciences and Engi-
neering, which is a fact determined
by the cost of training students in
these felds. However, this fact repre-
sents a business opportunity both for
the public and private sector.
The prodigal association
between employers and em-
ployees
The education sector generates
another impact on the economy
through the companies which pro-
vide services in general and the com-
panies with a technological basis
which have established themselves
in the country to provide equipment
and training in specifc felds related
with technological and precision
equipment.
The establishment of these frms in
the national territory, besides poten-
tiating jobs among youths with am-
ple potential in the felds of Sciences
and Enginering, are also dynamic
partners on the sector or Education
and thus bringing into the country
the latest technological releases.
The MINED assumes the stimuli for
the creation of jobs in the private
sector through various initiatives
which focus on the Educations
Technological Plan. One of these
initiatives is the cluster for the
production of contents, where the
basic idea is to establish a collabora-
tive platform of capacity building
of Mozambicans in the felds of
technology, construction of contents
and modern training strategies. This
strategy is in conformity with the
Educations Technological Plan and
the Strategic Plan for Education
2012 2016.
Triple A - a business model
In this cluster an economic ac-
tivity may be found through the
combination of small and medium
scale enterprises and local public
organisms located in the same space
and which present high levels of
interplay among themselves, and
constitute what today exists as the
most modern in development model.
In essence, this cluster has to also
create a business model which is
supported sustained and sustainable
in time.
The cluster is not more than a mod-
el which we designate as Triple A
1

as it has its basis on the following:
1. Agglomeration of a group
of enterprises concentrated on
the space where they promote the
Exchange of ideas, synergies, the
collaborative practice and strategic
alliances including to counter the
limitations associated with scale
economies;
2. Afnity among companies
oriented for the same position in
terms of business, where each of
them is specialized in specifc tasks;
3. Articulations, which enable
a close relationship, of high intensity
and permanent collaboration among
companies, both in the exchange
of synergies and the collaborative
practices such as in the stimuli to
competitiveness.
From the operational point of view,
the cluster is a form of economic
and social development which has
been assuming as a good model to
industrialized countries as well as to
developing countries.
This is a good example, among many,
on how the Ministry of Education
may ally itself with the private sector
on the creation of contents for the
Education System, thus creating jobs
and giving a new perspective to the
private sector as Education is also an
important business to take into ac-
count.
c
(*) Coordinator of the programme
Pensas from the Ministry of Educa-
tion
1 The expression Triple A was obtained by the func-
tion of the frst letters of the words: Agglomeration,
Afnity and Articulation.
GESTO ESTRATGICA
N
a procura continuada da
melhoria das operaes, as
instituies que operam na
frica Subsaariana tm vin-
do a dedicar uma crescente
ateno efcincia ope-
racional, atravs da introduo de
ferramentas de planeamento, moni-
torizao e controlo dos padres de
consumo, e da reengenharia e simpli-
fcao dos processos (streamlining),
aplicando novas prticas de gesto.
Neste contexto, torna-se relevante
refectir sobre a temtica da Gesto
e Transporte de Valores nos pontos
fnais de entrega, luz dos conceitos
de planeamento e controlo operacio-
nal, inserido num contexto de uma
economia emergente (com um cres-
cimento do PIB entre os 7%-8,5%,
em 2012 e 2013, e previso similar
nos prximos anos) com uma vasta
extenso e disperso geogrfca (ter-
ritrio com mais de 800 mil Km
2
, que
posiciona Moambique em 35 no
ranking dos pases com maior rea
terrestre) que coloca desafos nicos
aos gestores de instituies fnan-
ceiras e outras que lidam igualmente
com a necessidade de deslocao de
valores.
Para os gestores, a efcincia fnan-
ceira decorrente da optimizao
operacional do processo uma ala-
vanca para a melhoria do rcio do
cost-to-income ( uma actividade no
diferenciadora na cadeia de valor,
mas que representa exigncias ele-
vadas na execuo).
Analisando o tema por partes, exis-
te hoje uma convergncia para as
componentes que contribuem para
o apuramento da funo de Gesto
e Transporte de Valores, numa insti-
tuio, que resulta do somatrio das
componentes de custo de transporte
(como prtica, entregue em regime
de outsourcing, representando uma
percentagem elevada do custo total
da funo), custo de seguros (cober-
tura de riscos de roubo e extravio),
perdas/ degradao de numerrio
e o custo de oportunidade (balano
essencial ao volume dos valores em
circulao).
A optimizao do desempenho da
funo do ponto de vista operacional
e fnanceiro, com as 4 componentes
analisadas de forma integrada, est
maioritariamente dependente de ca-
pacidades que extravasam a activida-
de core do negcio, nomeadamente
por exigir previses de necessidades
de caixa, muitas vezes dependente
da sensibilidade dos tesoureiros
dos respectivos pontos de venda,
pela defnio de limites de guarda
de valores com base em parmetros
subjectivos e qualitativos, e pelas
decises de fornecimento e recolha
serem tomadas sem suporte de apli-
caes/ mecanismos de simulao e
estimativa. Em Moambique, a pr-
pria disperso geogrfca e as gran-
des diferenas de necessidade de
circulao de valores entre diferen-
tes provncias e distritos acrescenta
outro factor de complexidade.
De acordo com a experincia da
Accenture junto de diversas orga-
nizaes clientes a nvel global, a
implementao de novos conceitos
de gesto, atravs da introduo
de mecanismos de previso (com
recolha de parmetros como os dias
de pico, o histrico de movimentos,
eventos dos pontos de venda, pla-
neamento de entregas e recolhas),
permitem poupanas signifcativas,
atravs da optimizao dos proces-
sos de distribuio de valores, como
dos montantes envolvidos, para ob-
teno de nveis de servio idnticos
ou superiores.
Em paralelo, existem benefcios adi-
cionais decorrentes da implementa-
o destas solues, nomeadamente:
Reduo do custo total de caixa
em numerrio, incluindo despesas
com transportes, processamento e
custos de oportunidade; Maior enfo-
que no negcio, reduzindo o esforo
administrativo dos pontos de venda;
Melhores condies para o controle
centralizado e para o acompanha-
mento do planeamento de caixa
em numerrio e transporte; Melhores
condies e informaes para a opti-
mizao dos servios prestados por
terceiros (ex.: transportadoras); Redu-
o dos esforos de processamento.
Este tema assume uma importncia
ainda maior, num contexto de franco
crescimento dos indicadores base
Desafios e impactos
da disperso geogrfica
na Cadeia de Valor
JOO RUEFF TAVARES,
Director da Accenture Strategy na rea de Servios Financeiros
66
JUNHO 2014 CAPITAL Magazine
de negcio (ex: o sector bancrio
enfrenta taxas de expanso anuais
de novos balces e ATMs entre os
5% a 10%, e um maior aumento da
cobertura geogrfca, fora do distrito
de Maputo).
A efcincia deste desafo acima
de tudo, resultante da combinao
de mais e melhor planeamento e
monitorizao dos comportamen-
tos de procura (atravs da imple-
mentao de modelos simples,
com a inteligncia necessria ao
nvel da gerao dos parmetros
em anlise), com o aproveitamento
de sinergias de rotas (triangu-
laes entre balces; sinergias
com entregas no fnanceiras,
como documentao), e com um
modelo de superviso activa do
comportamento dos balces, por
parte das tesourarias centrais.
A efectividade deste processo
tambm se traduz num refexo
e benefcio para a populao/
clientes fnais, contribuindo
para o reforo da imagem
das instituies junto
dos seus clientes e
para a formaliza-
o da econo-
mia.
c
CAPITAL Magazine JUNHO 2014
67
70
JUNHO 2014 CAPITAL Magazine
STRATEGIC MANAGEMENT
I
n the continuous search of the
operations improvement, institu-
tions that operate in Sub-Saharan
Africa have been dedicating a
growing attention towards opera-
tional efciency, through the use
of planning, monitoring and control
tools of the consuming patterns, and
also processes reengineering and
simplifcation (streamlining), apply-
ing new management practices.
In this context, its important to
think on the theme of Cash Man-
agement and Transportation at its
fnal stages of delivery, considering
concepts of planning and operational
control, included in a context of
an emerging economy (with a GDP
growth between 7-8.5 percent, in
2012 and 2013, and similar forecast
for the next few years) with a vast
extension and geographic disper-
sion (with a territory of more than
800.000 square Km, that positions
Mozambique in 35
th
of the countries
with the largest territorial area) that
places unique challenges to the ex-
ecutives of fnancial institutions and
others that also deal with the neces-
sity of value transportation.
For executives, fnancial efciency
arising from the operational opti-
mization of the process leverage
towards the improvement of cost-to-
income ratio (it is a non-diferenti-
ating activity in the value chain, but
represents high requirements in the
execution).
Challenges and impacts
of geographic dispersion
in the Value Chain
JOO RUEFF TAVARES,
Manager at Accenture Strategy - Financial Services
Analyzing it in parts, there is today a
convergence for the components that
contribute to the clarifcation of the
role of Cash Management and Trans-
portation in an institution, resulting
from the sum of shipping cost (as a
practice, it is delivered in outsourc-
ing, accounting for a high percentage
of the total function cost), insurances
cost (cover the risks of robbery and
loss), notes loss/degradation and op-
portunity cost (essential balance to
the volume of circulating value).
The performance optimization of the
function through operational and
fnancial points of view, with the
4 components analyzed integrally,
mostly dependents on capabilities
that go beyond the core activity of
the business, notably by requiring
forecasts of cash needs, often reli-
ant on the sensitivity of the treasur-
ers in selling points, through the
defnition of safe custody bounds
based on subjective and qualitative
parameters, and for the decisions
of supply and collect made without
supporting mechanisms for simula-
tion and estimation. In Mozambique,
the geographic dispersion and the
very diferent needs for values circu-
lation between diferent provinces
and districts adds another layer of
complexity.
According to Accentures experience
in many global client organizations,
the implementation of new manage-
ment concepts, through the use of
forecast mechanisms (with the as-
sembly of parameters such as peak
days, movement history, events at
the points of sale, planning of deliv-
eries and collects), allow signifcant
savings, through the optimization of
the processes of value distribution,
as the amounts involved, to obtain
the same or higher levels of service.
In parallel, there are additional
benefts of implementing these solu-
tions, including: Reduced total cost of
cash in hand, including expenditure
on transportation, processing and
opportunity costs; Greater focus on
business, reducing the administra-
tive efort of points of sale; Improved
CAPITAL Magazine JUNHO 2014
71
conditions for centralized control
and monitoring of cash in hand
and transport; Better conditions and
information for the optimization of
services provided by third parties
(example: transporters); Reduction
of process eforts.
This theme assumes an even bigger
importance in a context of rapidly
growing base of business indicators
(eg., the banking industry for new
branches and ATMs faces annual
expansion between 5-10 percent,
and a further increase of the geo-
graphical coverage, out of the Ma-
puto district).
The efciency of this challenge is,
above all, the result of more and
better planning and monitoring
of search behaviors (through the
implementation of simple models,
with the necessary intelligence
for the same level of parameters
generation in analysis), with the
use of routes synergies (triangula-
tions between branches; synergies
with non-fnancial supplies, such as
documentation), and as a model of
active surveillance of the behavior
of branches, by central treasuries.
The efectiveness of this process
also results in benefts to the popu-
lation / end customers, contributing
to strength the institutions image to
their customers and to the formal-
ization the economy.
c
ESTILO DE VIDA
Buongiorno, Principessa!
74
JUNHO 2014 CAPITAL Magazine
N
o frondoso Parque dos
Poetas, que fca mesmo no
centro da Cidade da Matola,
possvel encontrar uma
pastelaria com um bouquet
de propostas gastronmicas
de fazer corar os comensais mais exi-
gentes e com um ambiente deveras
agradvel.
Sendo Princesa de nome, a pastelaria
exibe um certo ar de easy staying,
pois a sua extensa esplanada, co-
roada por uma proteco amovvel,
permite que os seus clientes estejam
confortavelmente resguardados das
mais drsticas intempries. Faa
chuva ou faa sol, est-se bem na
Princesa...
Sendo um spot com alguma delica-
tessen mistura. Entre bolos, pro-
dutos de charcutaria, pes diversos
e produtos mais gourmet do que de
marca de distribuio massifcada,
a pastelaria l vai conquistando as
preferncias dos passantes, apesar
do peso dos preos de venda ao
pblico. No obstante, possvel
encontrar-se naquele recanto os
famosos Panettone entre os mais
diversos produtos de inspirao ita-
liana como bolos, biscoitos, molhos,
massas, gua e conservas diversas
que incluem espargos. At a famosa
gua Voss cuja embalagem uma
autntica prola do design se en-
contra disponvel
Na charcutaria possvel encontrar
um bom leque de presuntos, sala-
mes, bacons e queijos que so bons
amigos do po de sementes ou de
mistura.
Mas se a ideia no comprar nada
mas apenas fcar a gozar um pouco a
paisagem e a companhia de algum,
deixe-se fcar pela esplanada e no
perca a oportunidade de experimen-
tar uma baguete com molho de cogu-
melos cremoso e parmeso, adicio-
nados de rcula, halloumi, tomate e
azeitonas. A Princesa um stio pti-
mo para se tomar o pequeno-almoo
e acordar para o dia.
J lhe despertei o apetite? Ento,
j agora, aventure-se num enrolado
doce picante com frango tailands,
ou num tostado de queijo provolone
e feta, e bom proveito!
c
LIFESTYLES
Buongiorno, Principessa!
76
JUNHO 2014 CAPITAL Magazine
I
n the leafy Poets Park, which is
right at Matola city center it is
possible to fnd a bakery with a
bouquet of gastronomical sugges-
tions which may blush the most
discerning diners, with and agree-
able ambience indeed.
Being a princess by name, the bakery
exhibits a particular fair of easy
staying, as its extensive esplanade,
which is crowned by a detachable
protection, allows for its clients to
be comfortably safeguarded from
the most drastic weather. Come
rain come sun, its all to the good at
Princesa
Being a spot with some mixed
delicatessen, through cakes,
charcuterie products, diferent
breads and more gourmet products
than massive distribution brands,
the bakery keeps conquering
the preferences of passer-byes,
regardless of the heavy price burden
to the public.
Nonetheless, it is possible to fnd
at that nook, the famous Panettone,
among the most diverse products
of Italian inspiration such as cakes,
biscuits, dressings, pastas, water and
diferent preserves which include
asparagus. Even the famous Voss
water which packing is an authentic
pearl of design is available. At the
charcuterie it is possible to fnd a
good array of hams, salamis, bacons
and cheese which are good friends
of seed breads or mixed.
However, if the idea is to buy
nothing and simply enjoy a bit of the
landscape with someones company,
suit yourself at the esplanade and do
not miss the chance to experience a
baguette with a creamy mushroom
sauce and parmesan, add-ons of
rucola, halloumi, tomato and olives.
The Princesa is a great place to have
breakfast and wake-up for the day.
Have I triggered your appetite? Then,
right now, venture yourself in a sweet
hot wrapping with Thai chicken or in
a provolone and feta cheese toast,
and enjoy!
c


2
0
1
3

E
Y
G
M

L
i
m
i
t
e
d
.

A
l
l

R
i
g
h
t
s

R
e
s
e
r
v
e
d
.
Um melhor
ambiente de
trabalho comea
consigo.
Todos os dias, todos os
colaboradores da EY contribuem
para a construo de um melhor
ambiente de trabalho - para as
nossas pessoas, os nossos clientes
e a nossa comunidade.
ey.com/betterworkingworld
@EY_Africa


2
0
1
3

E
Y
G
M

L
i
m
i
t
e
d
.

A
l
l

R
i
g
h
t
s

R
e
s
e
r
v
e
d
.
Um melhor
ambiente de
trabalho comea
consigo.
Todos os dias, todos os
colaboradores da EY contribuem
para a construo de um melhor
ambiente de trabalho - para as
nossas pessoas, os nossos clientes
e a nossa comunidade.
ey.com/betterworkingworld
@EY_Africa
REVISTA-CAPITAL-NEYMA-200x267MM.ai 1 5/8/14 3:03 PM

Vous aimerez peut-être aussi