Breaking: Bank of Mozambique sacks the liquidation commission of Nosso Banco
The United Arab Emirates (UAE) has announced a wide range of investments in Mozambique to be developed in the framework of social and economic cooperation between the two countries. Areas include agriculture, mineral resources and transport and communications.
The information was released yesterday by UAE ambassador Asim Al Rahmah during the official opening of the UAE embassy in Mozambique, which marks the beginning of a new era of economic cooperation between the two countries.
Both countries have recently signed agreements allowing investments to flow easily while ensuring fruitful ongoing trade.
“We have entered into agreements on the promotion and reciprocal protection of investments and on avoiding double taxation on income and tax evasion,” Ambassador Al Rahmah said.
The ambassador did not specify the amounts to be invested in the coming years, but among them is the construction of a training centre in the southern province of Inhambane, which will provide vocational courses to people in need. The project is budgeted at about US$2.5 million, and its first graduates will emerge from 2018 on.
Cooperation negotiations are also taking place between the Dubai Ports and the Mozambican government, focussing on the port of Nacala in the northern province of Nampula.
Bilateral talks to boost agriculture in Mozambique are also at an advanced stage, with a Mozambican delegation currently in the UAE completing procedures for the signing.
“Another project in Maputo has been the subject of discussions with Her Excellency the First Lady, Isaura Nyusi, in which a technical and professional centre will be built. We are awaiting the granting of space to train young people,” the ambassador said.
He also said that UAE airlines would start direct flights to Mozambique as a transportation and logistics component, boosting trade and investment to the mutual advantage of both countries.
There were other investment projects under consideration, too.
The UAE has invested US$3.3 billion in 52 projects. Of this amount, US$1.3 billion was direct investment and enabled the generation of more than 17,000 jobs. Thirty-three
UAE companies currently operate in Mozambique, against seven Mozambican companies operating there.
Asim Al Rahmah has been the ambassador for the UAE in Mozambique since April 2016. Since then, the Embassy has developed several programmes, including offering food kits in various parts of the country and supporting the maternity ward of Mavalane General Hospital in Maputo.
With an estimated 8.6 million inhabitants covering an area of about 83,600 square kilometres, the UAE is located in South-West Asia. Its gross domestic product is over US$402 billion.
UAE is also one of the largest oil producers and exporters in the Middle East, an area of interest to Mozambique in light of the recent discovery of energy resources, particularly gas and oil.Source: AIM Moçambique