Mozambique and Spain sign mutual investment protection agreement

19 October 2010

Madrid, Spain, 19 Oct – Mozambique and Spain signed on Monday in Madrid an agreement on mutual investment protection and memorandums of understanding concerning the fisheries and tourism sectors, reports Mozambican news agency AIM.

The documents were signed during Mozambican President Armando Guebuza’s three-day official visit to Spain. The director of the Investment Promotion Centre (CPI), Lourenço Sambo, said the mutual investment protection agreement covered all areas of private direct investment in Spain and Mozambique and vice-versa.

“The question is whether I, as an investor, can feel motivated to invest in a given country if there is no agreement that serves to guarantee my investment,” said Sambo, adding that “this agreement specifically aims to encourage Spanish investors to invest in Mozambique”.

The CPI director recalled that Mozambique has signed similar agreements with South Africa and Portugal, among other countries.

The memorandum for the tourism area aims to promote that sector in Spain, given that the latter is one of the world’s top tourism destinations, while the fisheries memorandum is meant to promote the fishing industry in Mozambique.

Spain is one of the main donors to the Mozambican state budget and maintains cooperation programmes in areas such as health, education, energy and fishing. (macauhub)