A high-level trade and investment delegation from Mozambique is currently touring the kingdom and holding a series of meetings with Chamber of Commerce and Industry officials and local businessmen in Dammam, Riyadh and Jeddah.
The delegation represents 20 top business and government officials whose aim is to showcase the varied opportunities and receptive investment environment for Saudi businesses in Mozambique.
Governor of Mozambique’s Cabo-Delgado Province, Jose Pacheco underlined the friendly investment climate of the nation stressing the low five percent rate of income tax for imported goods and cited numerous examples of successful foreign investments already in place. He added that in addition to agricultural food production, sectors such as timber and red wood processing, sport and commercial fishing and agro-industrial businesses also offer fertile investment possibilities in Mozambique.
He also highlighted the example of Aujan Industries, a Saudi investor in Mozambique, which has currently invested over $30 million in the last few years – and now owns and operates the five-star Pemba Beach and Indigo Bay Hotels with a third hotel, the Motenio Island Resort, nearing completion.
Saudi Arabia is currently the leading Middle Eastern investor in Mozambique followed by the United Arab Emirates (UAE). According to Governor Pacheco however, the amount of bilateral trade between the two countries has yet to begin expanding to anything like its full potential. He added that Saudi businessmen who wish to visit Mozambique may obtain their visa for 20 days from any of the bordering countries and that the minimum capital investment for foreign investors is $50,000. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
