China plans to increase investments in Mozambique

The representative in Mozambique of the Industrial and Commercial Bank of China (ICBC), Sun Gang Pep, told the ‘Mozambique-China’ workshop that China is interested in increasing investments in the areas of natural resources, namely oil and gas.

“The Chinese investments may amount to more than US$100 million,” he said at the meeting promoted by Standard Bank in Maputo

The head of ICBC also recalled that trade between Mozambique and China increased significantly in 2018, reaching approximately US$168 million, an increase of 2.24% compared to the same period of 2017.

“Chinese investment in Mozambique is increasing with each passing year. Trade between the two countries is at a satisfactory pace and in the coming years will be further enhanced by the increase in investment in several areas,” he said.

“According to the data we have, about 70 percent of foreign direct investment in Mozambique goes to natural resources, mainly for oil and gas, and we, as a commercial and industrial bank, are going to finance projects in these areas as well,” he noted.

Sun Gang Pep also said that, “Through its strategic partnership with Standard Bank, ICBC will explore opportunities to expand cooperation to new business areas and to assist the Chinese business community in Mozambique.”

The head of the Chinese bank also said that Mozambique needs to continue with ongoing efforts to improve the business environment and pointed to bureaucracy as the main obstacle to the process.

Source: Macauhub