 Tukaj to je paprič, to je vsočenje. V tega jezivina spremstvorjena. In spremstvorje se na zelo. Vse veče vsega je zelo. Vse glasba je izgleda zelo, da je glasba. Nel avrbi populacija od glasba. Vse glasba je zelo, da je nalazila složenje in zelo, proradno v stoji fondacijo. Zvom nogalem in pojelj, potem ne se pripravila. S všem v 87h svefam loženjenje, priahvarizacijo in investizacijo. Prezeni v 90h poželimo nekaj in desolizacialj kaj א�хva Megaprojecti are a significant informal sector, the choice of special zones as a solution and now more and more är v all valuable natural resources abstraction. Cheng, god's, maybe more! Maybe not ever will remember that south country to remember when it was independence, where we were friends, Prvno inpendence, jezirne prijevce pri domestik prijevce zelo lahko nezirne prijevce, v 64. Kaj jezirne prijevce, zelo zelo zelo, v neseljijske zelo zelo, jezirne prijevce prijevce prijevce, in zelo zvuk v 86. Vseč je v 92. V 87. počkega je zvuk v počkega. Svala počkega, prišlačnje, prišlačnje, tako. Vzelo zvuk v počkega. Vzelo za prišločnje, da se zvuk vših je vseč. Načal je prišločnje, prišločnje, prišločnje, prišločnje. sektor pripravljeni in pripravljeni sektor, zelo smo počkali teks tajov, in teložični in so ono. V 1992 so bilo počkali, in z 1993 do 1999 so bilo pripravljeni sektor, in v 2000 vrst, We observe large projects in formal sector. And what's interesting more and more, we are observing a transition from an aid finance economy to a more domestic finance economy. We have the red line. It's small, about 8 percent of GDP, the industry value, until about 97 and then grew a little bit to 13-40% of the GDP. So we have a few dates here, independent 75, structure adjustment 87, piece 3, 292, and we can see a grow of the GDP. This is GDP, the blue line. And one of the largest mega projects in manufacturing is aluminum smelter in 2000 start producing. And this growth is also part of that. This figure shows the value added industry per capita. It gives a different signal. It means the level we have reached in 71 was, again, reached in 2001. So I would call this period a structural break for different reasons. And but in terms of sectors that from 95 onwards, besides this large project, we have food and beverages. Of course, for the domestic market, we are not exporting much. Reminisce matter, we are exporting. It's an enclave. And ontological and furniture based on wood. And all these industries are mentioned is for the domestic market. In terms of policies, from 65 to 74, we had plans for development and industrialization. From 75 to 86, we had a 10-year plan. Central planning was the model. And what was driving this plan was investment on the heavy industry. And the objective was, in 10 years, become developed economy. In 10 years, most of me, became the poorest country in the world. So it was a failure, this policy. And then in 87, we had price liberalization, starting privatization. And as with Uganda, markets will rule the economy with minimum state. From 93 to 99, speed privatization, market liberalization, weak public institutions, extremely weak public institutions, inviting a few visible mega projects, sugar industry was an exception. Keshu industry was a disaster. But sugar industry could survive and thrive. From 2000 onwards, Milleniam Gold poverty reduction strategy paper made, these papers made social success. Now, on the economy side, with market ruling, totalization, weak institutions, no competition policy, a niche for mega projects, we observed capital market failure, non-competitive labor market. But what was interesting, the economy was growing fast, as we saw. It's interesting for the domestic market, not for international competition. In terms of structure, manufacturing stabilized after 2001, in about 15%, 9% to 64% of these four sectors. And we can observe now extractive industries growing. Decticity in water is significant. In terms of number of companies, manufacturing, of course, has the largest number of companies. Micro enterprises are the largest number. For electricity, it's small, construction is small. But for extractive industry, we have nine large industries, which is interesting. In terms of different manufacturing sectors, we have food, beverage, and tobacco, with a large number of fabricated metal products. This is for the domestic market, and furniture. I was referring before. And also we have wood, and apparel, and foodware. This picture I took from the most recent paper based on the enterprise survey. This shows that the minimum wage is above the productivity level per worker for the majority in manufacturing. We can see here. So productivity, sorry, it's here. Minimum wage is above the productivity for the major number of workers. It means productivity is an issue. In terms of localization, historically, this was the main area for industries, the capital, the second was beta, beta and shimoyo. Now these are new economic special zones and the industrial free zones, the largest one economic special zone is in the Kala. There is a deep port here, a natural port, with strong potential for growth. And then the government is creating a different industrial layer, industrial free zones and special zones in different places. But in terms of potential, the north and the center has a lot of potential. In the south not much because of the competition. So challenges. Improvement in the business environment, a more competitive banking system. We have more than 18 now, but three are dominating the market. Improvement in the labor force productivity, training in general, focus training, business management training, diversification, and in terms of regions we have really opportunities in the center and north of the country. And the reason is, in the south we cannot compete with South Africa. One of the reasons, it's not reason, but... Thank you. The industrialized not only because of distorted policies, but because the big neighbor took over the industry that is very close with the border. And infrastructure costs, transaction costs make it difficult to compete, for Maputo to compete with the rest. I mean, sending goods to the rest of the country with the large neighbor producing country. Thank you. Thank you very much.