The delegation, headed by Jose Pacheco, Governor of Cabo-Delgado Province, Mozambique, represent 20 top business and government officials whose aim is to showcase the varied opportunities and receptive investment environment for Saudi businesses in Mozambique.
“There are wide ranges of agricultural business opportunities open to Saudi investors that will provide a long-term source of food supplies to consumers in the Kingdom.” stated Governor Pacheco. “Among other sectors, we also welcome the participation of Saudi investors in the development of Mozambique’s booming tourism industry,”
Governor Pacheco went on to underline the friendly investment climate of Mozambique stressing the low five percent rate of income tax for imported goods and cited numerous examples of successful foreign investments already in place. He added that in addition to agricultural food production, sectors such as timber and red wood processing, sport and commercial fishing and agro-industrial businesses also offer fertile investment possibilities in Mozambique.
He also highlighted the example of Aujan Industries, a pioneer Saudi investor in Mozambique, which has currently invested over $30 million in the last few years – and now owns and operates the five-star Pemba Beach and Indigo Bay Hotels with a third hotel, the Motenio Island Resort, nearing completion.
Sheikh Adel Aujan, chairman of leading Saudi beverage producer, Aujan Industries Co., is accompanying the delegation and promoting the country to Saudi businessmen, highlights that “Mozambique offers unique and highly attractive bi-lateral opportunities for Saudi investors in tourism, agriculture and agro-industries that are not being fully exploited.
“Potential investors can reap the benefits from the country’s highly attractive investment laws that allow up to 100 percent foreign ownership and low income tax for all imported goods,” he added.
Saudi Arabia is currently the leading Middle Eastern investor in Mozambique followed by the UAE. According to Governor Pacheco however, the amount of bilateral trade between the two countries has yet to begin expanding to anything like its full potential. He added that Saudi businessmen who wish to visit Mozambique may obtain their visa for 20 days from any of the bordering countries and that the minimum capital investment for foreign investors is $50,000.
Tuesday, December 17- 2002 @ 9:33 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.