In the last three years, Cabo Delgado province has seen investments of more than 130 billion meticals (2 billion dollars), covering various economic sectors. The information was released by the provincial director of Industry, Tourism and Trade, Nocifo Magaia, according to the Club of Mozambique portal .
Nocifo Magaia stressed that the stabilisation of areas previously affected by terrorism has been a crucial factor in attracting these investments. This stabilisation has provided a safer and more attractive environment for investors.
In the context of Cabo Delgado’s preparations for this year’s edition of the Maputo International Trade Fair (FACIM 2024), the provincial director revealed that international businesspeople have shown interest in investing in the province.
In addition, the potential of the maritime logistics sector will be one of the areas highlighted by Cabo Delgado at FACIM 2024, reflecting the province’s growing relevance on the regional economic scene.
The country has three development projects approved to exploit the natural gas reserves of the Rovuma basin, classified among the largest in the world, all located off the coast of Cabo Delgado province.
Two of these projects are larger and involve channelling the gas from the seabed to land, cooling it in a factory and then exporting it by sea in a liquid state.
“The stabilisation of areas previously affected by terrorism has been a crucial factor in attracting these investments. This stabilisation has provided a safer and more attractive environment for investors”
One is led by TotalEnergies (Area 1 consortium) and work progressed until it was suspended indefinitely following the armed attack on Palma in March 2021, when the French energy company declared that it would only resume work when the area was safe. The other is the still unannounced investment led by ExxonMobil and Eni (Area 4 consortium).
A third completed, smaller project also belongs to the Area 4 consortium and consists of a floating platform for capturing and processing gas for export, directly at sea, which started up in November 2022.
According to the information, Cabo Delgado has been facing an armed rebellion since October 2017, with attacks claimed by movements associated with the extremist group Islamic State. The last major attack took place on 10 and 11 May on the district headquarters of Macomia, with around a hundred insurgents sacking the town, causing several deaths and heavy fighting with the Mozambican Defence and Security Forces.
