Mozambique and Italy to double volume of trade

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Mozambique and Italy to double volume of trade

9:25 CAT | 30 Oct 2023

Photo: Giovani Imprenditori Confindustria / Facebook

Mozambique and Italy intend to double the volume of trade between the two countries, surpassing 500 million dollars a year, according to the president of the Confederation of Mozambican Business Associations (CTA), Agostinho Vuma.

Vuma, who was speaking on Thursday in Milan at the Italy-Mozambique Business Forum, explained that it is essential to establish partnerships between Mozambique and Italy in order to exploit the potential and business opportunities that exist between the two countries.

“Our greatest expectation is to put the business sectors of both countries at the forefront of cooperation processes that will reach or surpass around 500 million dollars a year in bilateral business in exports and imports, which would represent double the current volume of business”, Vuma said.

Currently, one of the main Italian investments in Mozambique is being led by the energy company ENI, which, through the Coral Sul floating LNG Project, anchored in Area 4 of the Rovuma basin, in the northern province of Cabo Delgado, is exploiting Liquefied Natural Gas (LNG).

One of the aspects highlighted by Vuma is the favourable and attractive environment, from a legal and structural point of view, for foreign direct investment in Mozambique, “resulting from the policies implemented by the government to facilitate business and which reached their highest point with the approval of the Economic Acceleration Program (PAE).”

He also argued that the partnership is fundamental to ensure the mutual benefits of investments, in terms of guarantees of return on the capital invested, and in promoting local content.

Vuma, who is leading a delegation of around 40 business people, stressed that this mission is a clear demonstration of the willingness of Mozambican business people to establish the objective conditions for closer relations between the two countries.

Source: AIM