Mozambican entrepreneurs want more agricultural business with India

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Mozambican entrepreneurs want more agricultural business with India

3:09 CAT | 10 Sep 2020

Photo courtesy: Confederação das Associações Económicas de Moçambique - CTA

The Confederation of Economic Associations (CTA), Mozambique’s largest employer’s organisation, announced yesterday its intention to diversify agricultural trade with India.

“There are potentialities for the diversification of the range of products that form the basis of trade” between the two countries, said Castigo Nhamane, CTA’s deputy president, during a business forum that brought together entrepreneurs from both countries in Maputo.

“We believe that India, as a developing country, can play an important role in helping to leverage the Mozambican private sector,” he underlined.

Cashew nuts and pulses are among Mozambique’s main agricultural exports to India – which has eliminated taxes on Mozambican products, with the exception of alcoholic beverages and tobacco.

Entrepreneurs believe that the country across the Indian Ocean may provide machinery for Mozambique to boost agribusiness.

National Statistics Institute (INE) figures cast India as Mozambique’s second largest trading partner, after South Africa, in the first quarter of 2020, both in imports and export.

The trade balance between the two countries is in surplus in favour of Mozambique, sources from the Bank of Mozambique note.

Source: Lusa