A group of South African business people representing 35 companies is expected to travel to Mozambique in search of investment and trade opportunities, the trade and industry department said.

The group will be participating in an Outward Trade and Investment Mission to Pemba and Maputo organised by the trade and industry department from 24 – 29 November

The trip’s objective is to increase bilateral trade and investment between South Africa and Mozambique by exposing South African companies to available opportunities in Mozambique. Nomalungelo Gina Trade and Industry Deputy Minister will lead the mission.

According to the department, the specific focus of the mission will be on designated industrial and infrastructure projects as stated in the memorandum of understanding (MoU) on economic cooperation between the two countries.

Keitumetse Moumakoe, the executive director of the Steel Tube Export Association of South Africa, said his main objective for travelling to Mozambique is to …

Barclays Bank in Mozambique is to rebrand as Absa Bank from November 11, Rui Barros the Deputy Director announced yesterday.

Speaking at a press conference in Maputo, he said they have introduced the new logo at ATMs and counters in Mozambique to ensure a gradual and natural change.

The bank is in 49 locations in Mozambique with two-thirds of the brand change already underway and operations expected to be concluded in the next two months.

Mr Barro assured that cards, accounts, access keys and cheques in Mozambique would remain active and functional during the rebranding period. He added that the Barclays branded cards and checks would not be restricted after November 11th and will gradually replace them over the coming months.

“The bank is about to enter a new stage, with great opportunities that will allow us to realize our ambition for growth as an independent African bank,” Mr Barros …

United Arab Emirates (UAE) has been strengthening its presence in Mozambique with it becoming the third-largest exporter of diverse products to Maputo in 2018.

The UAE investment level approved by the Agency of Investment and Export Promotion (APIEX) reached over $1 billion between 2014 and 2018, with 20 companies from the UAE investing in Mozambique market.

Abdulla Momade, representative of the Dubai Chamber of Commerce in Maputo said that their investments in Mozambique have focused on energy, logistics and real estate.

Looking at commercial transactions, the volume of trade between Mozambique and the United Arab Emirates is reported to be around US$700 million. In 2018 alone, trade between the two countries was US$500 million.

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The Persian Gulf country exports to Mozambique products such as lubricants, various machinery and motor vehicles while it buys from Mozambique ores, tobacco, aluminium, precious stones …

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One of the fastest growing economies in Africa

Mozambique is one of the poorest countries in the world but it will see large-scale …

I won’t go into details (you will have to seduce me first) but the country has genuinely a special place in my heart. And trust me, I’ve been around, so that means a great deal to me.

I don’t usually get this personal – in fact I don’t think I ever did – but last week as I visited Maputo I came across a truly remarkable initiative whilst getting involved with a special economic zone. Let’s be honest, Corporate Social Responsibility is often seen by corporations as just another item on their checklist as they make their way to approving projects. Particularly if their operations have a significant impact on the surrounding communities – think natural resources and infrastructure. I am always surprised by the number of senior executives I come across who “talk the talk” regarding social impact but care very little whenever marketing and compliance are not at …

The French are coming!

Last Friday Anadarko’s takeover bid by the Occidental Petroleum (Oxy) was officially approved by 99% of its shareholders at an extraordinary general meeting resulting in the combination of two of the largest oil producers in the Houston area. Although this was the largest deal in recent years, it placed Oxy in a challenging position.

The company took some $40 billion in debt to make the deal a reality, including Anadarko’s existing debts.
In addition, early this week the market reacted nervously as Evercore ratings downgraded their stock saying that Anadarko’s acquisition makes the company “larger but less valuable”.

Nevertheless, Anadarko’s Mozambican assets are now on Oxy’s balance sheet and with the recent FID, it is poised to become a reference for African LNG for years to come. Oxy never made secret that the focus of this acquisition was Anadarko’s Permian Basin assets, which are now being …