Mozambique: In 2007 Mozambique sees highest investment levels since 1986

10 June 2008

Maputo, Mozambique, 10 June – In 2007 Mozambique saw it highest level of foreign direct investment (FDI) since in 1986 it began introducing economic reforms supported by the World Bank and the International Monetary Fund (IMF).

Last year, the Centre for Investment Promotion (CPI) approved projects to a value of US$9 billion, including the Nacala oil refinery (Nampula province) estimated to cost US$5 billion.

Mozambique has seen economic growth of around 8 percent a year over the last few years, and is thus seen as a secure destination by investors.

Peace and political stability, as well as the macroeconomic policies adopted by the government are seen as other attractive factors to many foreign investors.

CPI figures showed that in 2006 it approved projects worth US$850 million.

Mozambique has been the destination of several mega-projects recently, including the construction of aluminium foundry Mozal, which accounted for an investment of over US$2 billion.

The United States of America is the biggest investor accounting for over US$5 billion and China is in sixth place.

Portugal, the country’s former colonial power, is in seventh place, after China. (macauhub)