April 26, 2008, 19:30
Mozambique's president promised today to turn the underdeveloped northern Nampula province into a foreign investment success.
In a six-day tour designed to show he has his finger on the pulse of the country, Armando Guebuza said his government would tap the impoverished province's natural resources, including energy, minerals and timber.
"Nampula has an impressive capacity to attract foreign investments as compared to other parts of the country", he said ahead of the arrival of a high-profile delegation including foreign diplomats. "We are encouraging investments in the sectors of agriculture, tourism and industry as part of our drive to reduce poverty and create jobs."
Mozambique's growth is largely driven by foreign aid, while the local economy has been slow to develop, especially small and medium-sized firms that struggle to secure financing.
Fast growing economy
Mozambique was one of the world's poorest nations at the end of a 17-year civil war in 1992, but has had one of the fastest growing economies in southern Africa over the past decade.
Nampula, home to 20% of the country's 20 million people, is the largest voting constituency. The ruling Frelimo party has lost to the main opposition group, Renamo, in three consecutive polls there since democracy was introduced in 1994.
Last year, the government approved construction of a $5 billion refinery project in Nacala-a-Velha in Nampula.
The refinery, which will be about 70% owned by Ayr Logistics, a firm registered in Texas, could help ease an energy crunch in Mozambique, a former Portuguese colony with limited energy supplies that is reliant on foreign oil and gas. The refinery's expected output capacity will be 300 000 barrels per day when operational in 2015. – Reuters
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