The President of Mozambique, Armando Guebuza visited India from 29 September 2010 to 4 October 2010. During this visit, On 30 September 2010, India and Mozambique signed the following MoUs and Agreements:
• MoU on Cooperation in the field of Mineral Resources.
• MoU on Cooperation in the field of Micro, Small and Medium Enterprises.
• Agreement on Double Taxation Avoidance.
Besides, the above MoUs and the Agreement, India promised Mozambique a line of Credit of 500 million US dollars to support infrastructure projects, agriculture and energy. India also extended a grant of 4.5 million US dollars for capacity building of Mozambique’s Police forces.
Moreover, Mozambique decided to be a partner country at the CII-EXIM Bank India- Africa Conclave in 2011. It will be an event where India could highlight the opportunities of increasing Indian FDI in Mozambique.Mozambique reiterated its support to India’s candidature for the non-permanent seat in the United Nation’s Security Council for the term 2011-12 and Permanent Seat of the UNSC.
Bilateral Trade between India and Mozambique doubled since 2005-06. It grew from 178.15 million US dollars in 2005-06 to 427.13 million US dollars in 2009-10.
India is one of the five largest trading partners of Mozambique. India was Mozambique’s fourth largest importer and third largest exporter in 2009. Both nations have set a target of 1 billion US dollars by the year 2013. India ranked the fourth largest investor in Mozambique in 2009 with investments of 64.17 US dollars.
In May 2010, India had announced a Line of Credit of US$ 25 million to Mozambique for rural electrification. Mozambique is a country in southeastern Africa bordered by the Indian Ocean to the east.
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