Foreign investment in Mozambique totals US$3.3 billion over three years

26 May 2010

Maputo, Mozambique, 26 May– Foreign direct investment (FDI) in Mozambique grew at an average annual rate of 44 percent from 2007 to 2009, totalling US$3.3 billion at the end of 2009, the governor of the Bank of Mozambique said in Maputo Tuesday.

At the ceremony to launch the Coordinated Direct Investment Survey, an initiative aimed at updating information about direct investment in Mozambique and understanding its impact on the country’s economy, Ernesto Gove added that, not including large projects, accumulated foreign direct investment over the last three years had totalled US$1.7 billion.

Saying that FDI had a multiplying effect on increasing the country’s productive capacity, “on job creation, on promotion of technological progress and the improvement of the external position, both via exports and by replacing imports,” the governor of the central bank called for economic reforms in order to improve the business climate, “for us to be competitive in attracting investment.”

The survey presented Tuesday will gather information about the balance of direct investment and information about private foreign debt and foreign shareholdings.

Mozambique was selected out of 130 countries to carry out this survey, which will have a reference date of 31 December, 2009 and is funded by the International Monetary Fund (IMF).

In cooperation with the National Statistics Institute, the survey will collect data on direct investment, loans received and granted, commercial loans received and granted and foreign shares in the hands of residents.

The survey will be carried out between 26 May and 24 June and covers a sample of financial and non-financial companies, with foreign assets and/or debts, located in Maputo and the provinces of Nampula, Sofala and Tete. (macauhub)