India says it has invested more than $8b in Mozambique in recent years, a figure that represents about 25% of the Asian country’s investment on the African continent, the Indian High Commissioner in Mozambique, Pavan Kapoor, said, StarAfrica reported.
Kapoor noted that the Indian government wants to increase its investment in Mozambique, which has increased five-fold over the past five years. India has a particular interest in the extraction of natural gas and coal in Mozambique to meet the growing needs of its economy.
In August 2015, India’s state-run exploration company ONGC announced its inversion in a massive offshore Mozambique gas field with estimated reserves of more than 75tcf, an investment worth $24b. At the time, India and Mozambique signed a memorandum of understanding aimed at strengthening bilateral cooperation in new and renewable energy, according to MacauHub.
The agriculture, health, energy, infrastructure, and human resource development are other sectors where India can pass on its experience to Mozambique.