South Korea may become the “most important economic partner” of Mozambique, the South Korean vice-minister for Industry, Trade and Energy said on Tuesday in Maputo, advising the Mozambican government to promote industrialisation in the country.
Choi Kyong-Lim was visiting the Mozambican capital in the scope of a bilateral business forum focusing on mineral resources and energy. Mozambique should learn from the South Korean industrialisation experience to “assure continued economic growth,” he said.
South Korea counts two decades of bilateral relations with Mozambique and ranks 25th on the list of 47 countries that currently have investments in the Mozambican economy. Top on the list is the United Arab Emirates.
The director of Mozambique’s Investment Promotion Centre (IPC), Lourenço Sambo, acknowledged the need to enhance the value of Mozambique’s natural resources. He said during the meeting that South Korea’s industrialisation model was an example for Mozambique.
Sambo also mentioned the difficulties faced by the Mozambican government when developing infrastructures to sustain that process, indicating that Mozambique was open to investment models based on public/private partnerships (PPPs).
“The government needs to build infrastructures but can’t do it with the resources it has, whereby the PPPs as well as partnerships among private entities are extremely important,” he said.
Regarding the development of energy and mineral resources business between the two countries, Mozambique’s national electric power director, Pascoal Bacela, mentioned the need for fuel storage structures at the ports of Nampula, Beira and Maputo.
“We urgently need infrastructures because they are key to guaranteeing that Mozambique can have security in fuel supplies,” Bacela said, explaining that in that regard “the country’s autonomy is no more than three months.”
The Mozambique/South Korea Business Forum in Maputo was attended by 37 South Korean entrepreneurs representing companies with interests in the areas of mineral resources, energy, infrastructures and industry. (macauhub)