Indian investments in Mozambique to reach $1 billion by 2013
18 April 2011
Indian investment in Mozambique has been forecast to rise to $1 billion (£614 million) by 2013, it has been revealed.
With investments totalling $64.17 million in energy, mineral resources, agro-industries, transport and communication, India is the fourth-largest investor in the African nation.
According to the Economic Times, prime minister of Mozambique Aires Bonifacio Baptista Ali is confident that trade between India and Mozambique will grow and the target of $1 billion by 2013 will be achieved.
"We now look at an increase in investment by the Indian private sector in areas such as agriculture, irrigation systems, energy, roads and infrastructure and electricity. The $1 billion target for trade by 2013 also looks achievable from here," Mr Baptista Ali said.
He said that the best method for Indian companies to set up business in Mozambique is through joint ventures.
It follows news that the African Development Bank announced funding amounting to $114 million for three projects in Kenya, Mozambique and Sierra Leone.