Europe is currently the largest foreign investor in the country, with a volume of investments in infrastructure projects exceeding €60 billion, concentrated mainly in the energy sector, particularly liquefied natural gas (LNG), according to the Mozambique Information Agency.
The information was provided by Simone Santi, president of the Association of European Entrepreneurs (EuroCam) and the Mozambique-Italy Chamber of Commerce, in an interview with the Mozambique Information Agency (AIM). “Overall, we can say that Europe is investing in projects worth more than €60 billion in Mozambique,” he said.
According to the business leader, when the projects in Areas 1 and 4 of the Rovuma Basin, underway in Cabo Delgado province, are included, the overall volume of investments could exceed US$80 billion.
The largest share of European capital is channeled into oil and gas megaprojects led by European operators. Italy’s ENI stands out as one of the main drivers of this economic cycle, with investments exceeding €14 billion and new financial contributions associated with the doubling of the project. “We are talking about a huge investment from Eni alone,” Simone Santi emphasized.
France’s TotalEnergies also has a similar investment volume, reinforcing Europe’s weight in Mozambique’s energy sector.
In addition to operators, large engineering, procurement, construction, installation, and commissioning (EPCIC) contracts are mostly in the hands of European companies, such as Italy’s Saipem, France’s Technip, and the Netherlands’ Van Oord. These contracts are worth between US$20 billion and US$30 billion, with Saipem alone holding contracts valued at between US$10 billion and US$12 billion.
According to Simone Santi, the impact of these investments goes beyond their financial value, with a strong multiplier effect on the national economy. A single project can directly employ more than 2,000 workers and generate around 3,000 subcontracts. “European companies are the ones that have the real capacity to generate employment, technology transfer, and local subcontracting,” he said.
The European presence also extends to other strategic sectors, such as tourism, with Portuguese, Italian, and Spanish investments in provinces such as Cabo Delgado, Inhambane, and Gaza, as well as critical materials and heavy mining, with projects in tantalite, coal, and gold.
According to the head of EuroCam, European confidence in Mozambique is based on the country’s stability, historical relations, and a long-term vision. “Those who invest in Mozambique are here to stay. It is not speculative investment,” he assured, adding that most companies operate with horizons of 20 to 30 years.
