News24

India to pump $1bn into Moz

2010-07-06 16:23

Maputo - Indian companies' investment in Mozambique could pass the $1bn mark in 2010, state media reported on Tuesday.

This will double the $500m that India invested in the country in 2009, director of investment promotion Rafik Jusob told Noticias newspaper.

Jusob made the announcement at a meeting between Indian business leaders and Mozambican authorities in capital Maputo.

"We have several packages in discussion, which I hope will materialise this year," said Jusob.

The Indian delegation led by Foreign Minister SM Krishna met with Mozambican President Armando Guebuza.

India is the fourth-largest investor to Mozambique, according to official figures.

Krishna announced a $25m rural electrification project to benefit remote northern and central provinces.

The southern African country is still rebuilding after a 16-year civil war which ended in 1992.