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Mozambique Private Investments to Exceed $3.2 Billion in 2013

Jan. 16 (Bloomberg) -- Mozambique expects more than $3.2 billion in investment to flow into roads, rail and other parts of the economy this year as it plans to become a gateway for goods and services to and from other African nations.

“Our natural resources have led to big investments in infrastructure that will help turn Mozambique into a transit point for goods and services to other countries such as Zambia, Zimbabwe and Malawi,” Godinho Alves, deputy director of the state-run Investment Promotion Center, said by phone yesterday. Investors are also interested in farming, fishing and the financial industry, he said.

Located on the southeast coast of Africa, Mozambique is the site of the world’s largest discovery of natural gas in the past decade. Vale SA, the world’s biggest iron-ore producer, is building a railway line to transport coal from a mine in Mozambique’s Tete province through Malawi to the port of Nacala.

Private investment approved by the Investment Promotion Center, including foreign and local investments, rose 11 percent in 2012 to $3.2 billion from the previous year, according to the agency.

The agency didn’t take into account some mining and gas exploration projects that were approved last year, according to Alves.

“Investments this year should exceed those approved in 2012,” Alves said. The fact that Mozambique’s economy has been “performing well” also helps attract investors, he said.

Mozambique’s economy is forecast to have grown 7.5 percent last year, the International Monetary Fund said in a statement on Dec. 21, citing a robust performance in the services sector and a “stronger-than-expected” contribution from the nascent coal industry.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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