A Tanzanian business group is planning to invest €215.9 million in Mozambique, targeting sectors including agriculture, manufacturing, logistics, energy and trade, in a project that could generate approximately 20,000 jobs in the country.
The commitment was announced by Mohammed Enterprises Tanzania Limited (MeTL) chief executive Mohammed Dewji following an audience with President Daniel Chapo in Maputo, according to Lusa.
“We had a very fruitful discussion and we have committed to investing €215.9 million in Mozambique and to employing 20,000 Mozambicans,” Dewji said.
MeTL is one of Tanzania’s largest private conglomerates, with operations spanning agriculture, manufacturing, logistics, energy, trade and financial services. The group is already present in more than a dozen African markets, including Mozambique.
According to the Presidency of the Republic, the announced investment could enable the expansion of activities in areas considered strategic and contribute to the establishment of new production, distribution and service delivery chains in the country.
“The meeting takes place in a context of seeking greater mobilisation of private investment to drive economic growth, industrialisation and job creation in Mozambique, at the same time as the country seeks to deepen economic cooperation with states in the Southern African region,” the Presidency said in a statement.
MeTL currently employs around 37,000 workers and maintains operations across multiple African markets. The new investment announced for Mozambique is expected to strengthen the company’s footprint in the country and broaden its participation in productive sectors.
MeTL is one of Tanzania’s largest private conglomerates, with a diversified presence across agriculture and agro-processing, manufacturing, textiles, energy and fuels, logistics, trade, real estate and financial services. The group currently employs approximately 37,000 workers and operates in more than a dozen African markets, a scale that gives it the capacity to develop large-scale industrial and agricultural projects.
The group’s financial strength has underpinned its regional expansion. As early as 2022, MeTL recorded annual revenues in excess of US$2 billion and was preparing investments of hundreds of millions of dollars to increase industrial and agricultural output. At the time, chief executive Mohammed Dewji also revealed expansion plans for cereal and edible oil production in countries including Tanzania, Mozambique, Zambia and the Central African Republic.
Over recent decades, MeTL has evolved from a trading company into a vertically integrated conglomerate, combining agricultural production, industrial processing, storage, transport and distribution. This structure allows the group to control different stages of value chains and is a key foundation of its capacity to expand into other African markets.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/?p=531816
