India’s High Commissioner to Mozambique, Rudra Gaurav Shresth said on Monday that his country is targeting its investment in the southern African country to reach US$13 billion over the next 10 years.
Shresth told APA India’s cumulative investment in Mozambique currently stands at US$7 billion, and the figure is expected to nearly double by 2028.
“The investment is expected to reach about US$13 billion over the next 10 years, with the expansion of natural gas in the coming years,” he said.
He revealed that Mozambique is currently the largest recipient of Indian investment in Africa, accounting for about 25 percent of all the Asian country’s capital outflows.
Most of the investment is concentrated in natural gas and coal mining.
India enjoys warm and substantive ties with Mozambique, with trade ties dating back several centuries.
India imports huge quantities of coal from Mozambique and the Asian country will soon be investing in infrastructure to import natural gas.
He said India has an energy deficit because it lacks abundant natural resources to meet its needs.
“For this reason, Mozambique will be vitally important for maintaining India’s current levels of economic growth,” the diplomat said.
India’s support for infrastructural and social development in Mozambique has been an important part of the political relationship.
Most of the assistance has been provided through concessional lines of credit from India.
Source: Club of Mozambique