Mozambican government approves estimated investment of US$660 million in forestry and agricultural sectors

23 December 2011

Maputo, Mozambique, 23 Dec – The government of Mozambique said Thursday it had approved two investments in the forestry and agricultural sectors totalling US$660 million, which will create around 4,000 jobs.

Indústrias Florestais de Moçambique (IFLOMA), owned by South African investors and the Mozambican government, over 30 years will manage a 70,000-hectare concession of forest in Sofala province as part of a project estimated to cost US$450 million and intended to produce both wood and paper.

Mozambican company Episteme plans to invest US$210 million over a 10-year period to produce sugar cane, cotton and food products in an area of 20,000 hectares.

According to government spokesman Henrique Banze the two projects will create 4,000 jobs, most of which will be for Mozambican workers. (macauhub)