Population (2018): 27.2 million
GDP (2017): US$12.7 billion (S$17.1 billion)
World Bank “Ease of Doing Business” Rank (2018): 135
Bilateral Trade with Singapore (2017): S$38.6 million
Mozambique enjoys a strategic location in Southern Africa, near major global routes for coal, oil, and other major minerals. It offers sea access to landlocked members of the Southern African Development Community (SADC) such as Botswana, Zambia and Zimbabwe.
The Port of Maputo is of huge economic importance to the country and receives rapidly growing volumes of trade from around the world, especially South Africa, Botswana, Swaziland and Zimbabwe. The port is expected to handle 40 million tonnes of goods annually by 2020. It is Southern Africa's nearest port to the emerging markets of Asia and the closest deep water port to South Africa’s capital Johannesburg and its provinces Mpumalanga and Limpopo.
Mozambique’s economy has been one of the most dynamic on the continent, with GDP growth ranging between 6-8% in the decade leading up to 2015, though slowing to 3.8% in 2016 and 4.7% in 20171.
Growth has been driven by increasing amounts of public expenditure and FDI that has been funding massive infrastructure projects. Sectors benefitting from this include construction, communications, transportation and extractive industries.
The recent discovery of gas just off the country’s coast has the potential to further boost growth in the longer-term, with the government predicting multi-billion-dollar annual revenues after 2022.
1: CIA World Factbook, 2017
Mozambique has a wealth of natural resources including estimated proven natural gas reserves of 2.832 trillion m3,2 the 13th largest in the world. Its key mineral exports include iron ore, gold, bauxite, graphite coal and gemstones such as rubies.
2: CIA World Factbook, 2017
Mozambique offers a range of investment opportunities in key industries including agriculture, tourism and education. The oil and gas industry is another key sector with immense potential, as newly-discovered natural gas reserves have yet to be tapped.
To attract foreign investors and develop the private sector, Mozambique has been pursuing reforms to improve its operating environment. Important business areas such as taxation, tariffs and investor rights are now aligned with international practices.