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Foreign Direct Investment Up 2% to $2.5B in 2023

Foreign Direct Investment Up 2% to $2.5B in 2023

Foreign Direct Investment (FDI) in Mozambique grew 2% to 2.5 billion dollars in 2023, an increase compared to the 2.4 billion dollars recorded in 2022.

“The category of large projects brought total income of 2 billion dollars,” highlighted the report drawn up by the Bank of Mozambique (BoM) and released on Monday (25) by Lusa.

According to the document, last year’s FDI performance was above the government’s projection of 1.4 billion dollars.

Meanwhile, the Executive recently stated that, by 2024, it estimates that FDI in the country will increase to 4.7 billion dollars, driven by the natural gas exploration business.

“An improvement is expected, mainly influenced by the resumption of investments by TotalEnergies. It is also estimated that there will be a notable increase in imports of specialised services due to the major projects underway in the country,” revealed the report on the Economic and Social Plan and State Budget (PESOE) for 2024.

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The government also expects the expansion of “production plants for other projects, such as Montepuez Ruby Minning, Hidroeléctrica de Cahora Bassa and Coral North FLNG, which may require a considerable increase in imports of goods and services”.

The year 2021 was the most productive, with investments in natural gas production causing FDI to soar by 5.1 billion dollars.

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