Foreign Direct Investment (FDI) in Mozambique grew by 48% in the first half of 2024, totaling $1.841 billion, primarily driven by the extractive industry.
Foreign Direct Investment (FDI) in Mozambique registered a 48% growth in the first half of 2024, compared to the same period in 2023, reaching approximately $1.841 billion, according to data from the Bank of Mozambique.
This increase, compared to the $1.244 billion recorded in the first six months of 2023, is mainly explained by the 35.6% growth in FDI in Major Projects, with a particular emphasis on the extractive industry, which accounts for 83.9% of total investments.
According to Lusa, the extractive industry remained the primary sector receiving FDI, with $1.544 billion (€1.465 billion), of which 72% was absorbed by the oil and gas sector, which saw a 34% year-on-year growth. The extraction of coal also registered a 5.1% increase, totaling $373.2 million.
Geographically, South Africa led the origin of investments, accounting for over 28% of FDI, followed by the Netherlands (27.5%) and Mauritius (26.4%).
After a 2% growth in 2023, which totaled $2.509 billion, the Mozambican government expects FDI to continue growing in 2024, with a forecasted doubling of investments, particularly driven by natural gas exploration ventures, to reach $4.778 billion. The government also predicts a 5.5% growth in the Gross Domestic Product (GDP) in 2024.
