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India Aims to Increase Investment Portfolio in Mozambique

India Aims to Increase Investment Portfolio in Mozambique

The Mozambican President, Filipe Nyusi, met on Tuesday 9 January with the Indian Prime Minister, Narendra Modi, during which the two leaders took stock of existing socio-economic relations, especially in the agricultural and energy sectors.

“At the meeting, the leaders reviewed the existing cooperation between the two countries, in the political, diplomatic, economic and business fields, in which they took positive stock of activities, reiterating their mutual commitment to continue to cement and strengthen the bonds of friendship and cooperation, with a view to building progress and the well-being of both peoples,” said the Mozambican Deputy Minister for Foreign Affairs and Cooperation, Manuel Gonçalves.

Speaking after the meeting, Gonçalves revealed that India was interested in increasing its investment portfolio in the areas of trade, mining and hydrocarbons in the near future, and in continuing to work with Mozambique to improve the business environment.

Also on the same day, Filipe Nyusi took part in the inaugural ceremony of the 10th edition of the Gujarat Global Summit [a global forum for business and networking, knowledge sharing and strategic partnerships for the inclusive growth and sustainable development of countries].

At this event, Mozambique has a pavilion in which it is exhibiting mainly national products and potential in the areas of agriculture, mining, fishing and fruit growing, as a way of attracting investment from other countries.

Filipe Nyusi is in India for a four-day working visit. His trip comes at a time when the Mozambican side is discussing blocking the export of pigeon peas to India. The transaction is the result of a memorandum of understanding with Mozambique, signed in 2016, providing for exemption from customs duties for Indian importers.

India is the largest producer and consumer of pigeon peas, and in recent weeks the Indian press has reported a 10 per cent rise in the price of the product in the country in two months, precisely because of the difficulties in importing from Mozambique.

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