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Korea Helps Mozambique Design Economy

The Ministry of Trade, Industry and Energy (MOTIE) dispatched a public-private delegation of 50 representatives to Mozambique to discuss cooperative measures last week.

The delegation was organized to develop practical measures for the enhancement of economic cooperation between Korea and Mozambique, which was discussed at a summit meeting last month and prime ministerial talks last July.

Representatives delivered a development cooperation strategy that was established by MOTIE and the Korea Plant Industries Association throughout last year based on negotiations with the Mozambique government.

The strategy included building an oil plant that produces 100,000 barrels daily to propose an alternative to Mozambique, which depends on imports for gasoline.

It also considered Mozambique’s oil product exports to interior countries including Zimbabwe, Zambia and Malawi.

As Mozambique has plentiful natural gas resources, Korea also suggested building gas-to-liquid production facilities that produce diesel fuel from natural gas and a natural gas plant of 600MW.

The Mozambique government showed high interest in the plan, according to MOTIE.

If the Mozambique government accepts the plan, the Korean companies will have a chance to win a large-scale industry development project of more than USD 5 billion.

A MOTIE official noted that the Korean government will enhance cooperation at the government and private levels to actualize the cooperation strategy, adding that it plans to open a Korea Business Center of the Korea Trade-Investment Promotion Agency in Maputo, Mozambique in October.

Source Text

Source: Yonhap News (July 9, 2013)

** This article was translated from the Korean.

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