Mozambique: President calls for projects for $24B in S Korea funding for Africa

Login

Register

http://www.clubofmozambique.com/

Mozambique: President calls for projects for $24B in S Korea funding for Africa

1:39 CAT | 05 Jun 2024

The president of Mozambique, Filipe Nyusi, on Wednesday called for the preparation of “clear, concrete and priority” projects in the country to be drawn up to apply for the $24 billion (€22 billion) in funding that South Korea is to make available to Africa.

“This means that we will have to design very clear, concrete and prioritised projects to better target these assets,” said Nyusi, during a working visit to Seoul, where he took part in the Korea Africa Summit.

“There were medium-term investment commitments from Korea in the order of one billion US dollars [€919 million], to be invested in Mozambique,” he said. “The summit announced that it would make ten billion dollars [€9.190 billion] available until 2030 for investments in Africa, in addition to fourteen billion dollars [€12.870 billion] to be invested by Korean companies.”

READ: S. Korea earmarks $24bn in aid, investment support for Africa

Nyusi expressed his satisfaction with the visit, stressing that it had been possible to present to South Korea a “country and Africa full of opportunities for investment and with a young human capital.”

Speaking at the summit on Tuesday, the head of state appealed for South Korean investment in the country, highlighting Mozambique’s potential in areas such as agriculture, mining, gas and energy, among others.

Nyusikoreaaf.fb_

“Our affirmation is underpinned by the fact that Mozambique is one of the African countries with significant economic potential and abundant resources, such as arable land, a favourable climate for diverse food crops, marine mineral resources in addition to natural gas and other renewable energies,” said Nyusi. “In this journey towards economic development, the private and business sectors play a crucial role through initiatives in various areas of the economy.

“For Mozambique, the areas of agriculture, manufacturing, mining, energy, tourism, the service sector such as logistics, banking and insurance, digital and information and communication technologies and others stand out,” he added.

In the same speech, at a summit in the South Korean capital that was attended by dozens of heads of state and government of African countries, Nyusi emphasised “the challenge” of “understanding and embracing economic growth, sustainability and solidarity as essential to forging a viable and prosperous path for future generations.”

He added that the “economic growth” desired by Mozambique “involves balanced development practices and policies that protect the environment and favour energy efficiency, reduce waste and encourage the responsible use of natural resources in our development cooperation.

“We recognise the comparative advantages of the Republic of Korea [South Korea’s official name] due to its financial capacity, industrial and business technology, which could help accelerate growth,” he said. “The message we want to leave at this summit is the need to promote investments and mutually beneficial partnerships in which we all win.”

He noted that South Korea “has been part of Mozambique’s group of strategic partner countries in accelerating sustainable economic and social development since 2013.”

Source: Lusa