Investment Announcement
Tanzania's Mohammed Enterprises Tanzania Limited (MeTL) has announced plans to invest US$250 million in Mozambique, with the potential to create 20,000 jobs, according to statements from the company’s CEO, Mohammed Dewji.
Speaking on Tuesday, 18 August, on the sidelines of a meeting with Mozambican President Daniel Chapo, Dewji said that the two sides had a "fruitful discussion" and identified concrete investment opportunities in Mozambique.
"I am an entrepreneur from Tanzania, and it was an honor to meet the President; we see the great vision he has for this beautiful country, Mozambique. We had a very fruitful discussion and have committed to investing USD 250 million in Mozambique and aiming to employ 20,000 Mozambicans," Dewji said, as reported by AllAfrica.
A separate report from CLUB OF MOZAMBIQUE paraphrased him as saying: "We had a very fruitful discussion and committed to investing US$250 million [€215.9 million] in Mozambique and trying to employ 20,000 Mozambicans."
Company Background and Activities
MeTL is one of Tanzania's largest private conglomerates, with a diversified profile that includes investments in agriculture, manufacturing, logistics, energy, trade, and financial services. Its key areas of operation include manufacturing, agriculture, energy and oil, trade and distribution, transport and logistics, financial services, real estate and infrastructure, and telecommunications and technology, according to AllAfrica.
The company currently employs around 37,000 workers and operates in more than a dozen markets across the continent, including Mozambique, the CLUB OF MOZAMBIQUE report added.
The Mozambican Presidency issued a statement highlighting that the commitment was consistent with the company’s diversified profile, opening up opportunities for investment in strategic areas and the establishment of new production, distribution and service-delivery chains in Mozambique.
Context and Expected Impact
The meeting took place against a backdrop of efforts to mobilize greater private investment to drive economic growth, industrialization, and job creation in Mozambique, as the country seeks to deepen economic cooperation with other states in the Southern African region.
The Presidency statement noted that the meeting "takes place in a context of seeking greater mobilisation of private investment to drive economic growth, industrialisation and job creation in Mozambique, while the country seeks to deepen economic cooperation with countries in the Southern African region."
AllAfrica's report described the investment as potentially bolstering prospects for expanded economic and business cooperation between Mozambique and Tanzania.
The announcement came at a time when Mozambique is seeking to attract foreign investment to diversify its economy, boost production, and create employment opportunities, areas in which MeTL has expertise.