India, Mozambique Bilateral Trade to Reach USD 3 Billion by 2016

India, Mozambique Bilateral Trade to Reach USD 3 Billion by 2016

Ovl, Oil to Deepen their Engagement in Mozambique

The Union Minister of Commerce & Industry Shri Anand Sharma visited Mozambique on a two-day visit from September 27-28, 2013. On September 27, Shri Sharma met the Prime Minister of Mozambique, Mr. Alberto Vaquina and discussed the bilateral historical relations between the two countries.

Later, Shri Sharma met Mr. Armando Inroga, Minister of Industry and Trade of Mozambique, where they discussed bilateral cooperation and agreed on the need for further diversifying trade and investments. Shri Sharma said that owing to the the impressive growth in trade between the two countries, the bilateral trade could reach USD 3 billion by 2016 from the current level of USD 1.28 billion.

India has been assisting Mozambique in its developmental efforts and has provided Lines of Credit of USD640 million for various projects, apart from providing other assistance, grants and technical training, university scholarships, etc. Large quantities of coal and natural gas have recently been discovered in Mozambique. There are various Indian companies which have acquired stakes in these coal and gas fields, particularly the recent acquisition by ONGC Videsh and Oil India Limited in the Rovuma Basin in the North of Mozambique at cost of approximately USD5 billion for the natural gas consortium led by Anadarko of the United States and planned investment of USD4 billion for setting up of integrated fertiliser plans in Mozambique.

Shri Sharma also invited Mr. Inroga to visit India for participating in the Partnership Summit scheduled to be held in Bengaluru in January, 2014. Shri Sharma also addressed a "Session on Enhancing Economic Partnership between India and Mozambique" along with Mr. Inroga which was attended by industry leaders from India and Mozambique.