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South Africa continues investment in Mozambique’s gas market

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Nomalungelo Gina has said that South Africa will continue to invest in Mozambique’s booming gas market, where one of Pretoria’s major banks has allocated funds to boost gas production.

Deputy Minister of Trade, Industry and Competition, Nomalungelo Gina said this on Tuesday, 29 September 2020, during a South Africa-Mozambique trade and investment webinar, The webinar was themed “Developing Afrocentric Solutions and Forging Partnership in Response to COVID-19.”

During the discussions, the deputy minister said that the country’s Development Bank of Southern Africa (DBSA) had ramped up 120 million dollars to invest in the energy infrastructure project in Mozambique’s northern Cabo Delgado province.

“As we all know, Mozambique’s new growth opportunity is anchored on the large natural gas reserves and the associate liquefied natural gas project in the Cabo Delgado Province,” Gina said.

In this regard, the South African public and private sectors are actively involved in this “very important venture” through the multi-million-dollar investment by DBSA, Gina told delegates during the virtual meeting. The deputy minister noted that South Africa “is one of Mozambique’s great and major trading partners, and is also a major investor in that country.”

“Mozambique is among South Africa’s top five trading partners in Africa, and our political and economic relations have remained strong and vibrant over the years,” she added.

Gina explained that several local companies and state-owned enterprises have invested in Mozambique across a broad spectrum of sectors since the advent of democracy in Pretoria. She gave the example of South 32, a South African aluminium mining firm, which she said had created thousands of jobs for Mozambicans as one of those investments in the neighbouring state.

-APA

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