India, Mozambique signed MoU to boost ties in Renewable Energy Sector

Aug 6, 2015 09:49 IST

India and Mozambique on 5 August 2015 signed Memorandum of understanding (MoU) to deepen cooperation in New and Renewable Energy Sector. The agreement was signed during the official visit of Filipe Nyusi, President of Mozambique to India.

Moreover, both nations also agreed to intensify cooperation in maritime security and ocean economy as both the countries have large coastlines and are linked by Indian Ocean.

India’s strong relation with this south eastern African nation will play important larger role in its foreign policy in Africa and the Indian Ocean region. Mozambique will also play prominent role to meet India’s energy security as it is a proximate source of natural gas, coal and other minerals.

India and Mozambique

India and Mozambique share a history of profitable trade relations and their bilateral trade in 2014-15 was valued at 2.4 billion US dollars. The trade between the two countries has multiplied five times in the last five years.

Indian investments in Mozambique are presently valued at over 7 billion US dollars primarily in the hydrocarbon and coal sectors. India is also an important destination for Mozambicans for higher education and high quality health care facilities.

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