Indian companies invest US$123 million in Mozambique

12 March 2014

Mozambique’s Investment Promotion Centre (CPI) has approved 61 Indian direct investment projects worth more than US$123 million in the last five years, CPI assistant director Godinho Alves stated in New Delhi.

Godinho Alves told the Maputo-based daily Notícias that the number of projects and their respective worth made India one of the top ten investors in Mozambique, behind Portugal, South Africa and Norway.

On the sidelines off the 10th Africa/India cooperation meeting, he explained that a large part of investment by Indian companies in Mozambique is in the industry and agro-industry, transport and communications sectors, as well as commerce and services.

Godinho Alves highlighted some of the 61 initiatives authorised in the last five years, among them GEZ – Grown Energy Zambeze, which aims to grow sugarcane and sweet sorghum for industrial bio-ethanol production, with private participation of nearly US$63 million, and Morse Communications Mozambique in the city of Maputo, whose project counts direct foreign investment of US$3.8 million.

The newspaper reported that other initiatives may result from this gathering, given the Indian entrepreneurs’ manifest interest in public financing granted to Mozambique via the Export-Import Bank of India, which currently maintains 12 active credit lines in Mozambique together worth US$640 million. (macauhub)