A new economic partnership is being forged between Mozambique and the United Arab Emirates. The Emirates' Embassy in Maputo confirmed this week that negotiations are under way to establish a comprehensive economic partnership agreement. The main aim of this agreement is to create a free trade area between the two countries, covering markets in goods, services and investment.
The two countries are concentrating efforts on overcoming any trade and investment barriers that may exist. This will apply to a wide variety of goods and services, with the aim of fostering bilateral trade beyond oil products.
Economic integration between Mozambique and the United Arab Emirates promises to generate new business opportunities. This development will be beneficial for importers and exporters in both nations, given the strategic, geographical and logistical position of the United Arab Emirates and the wealth of natural and human resources, particularly in agriculture, in Mozambique.
By signing this joint declaration, the United Arab Emirates express their commitment to solidifying the long-term economic partnership with Mozambique. Strategic cooperation will be intensified, giving a boost to innovation, economic growth and job creation in both countries.
Embassy data indicate that between 2010 and 2021, trade between the United Arab Emirates and Mozambique reached 3.7 billion dollars (3.295 billion euros). Of this amount, 1.5 billion dollars (1.335 billion euros) was direct investment. This economic partnership agreement has the potential to further increase trade and investment between Africa and the Middle East.
The opportunities for closer economic integration are many, particularly in the areas of agriculture, tourism, infrastructure, technology and renewable energy. Many Mozambican businesspeople are showing growing interest in setting up businesses in Dubai and can count on the support of consultancy services.
In 2021, the United Arab Emirates were among the top 20 recipients of foreign direct investment, with an annual increase of 4%, totalling 20.7 billion dollars (18.4 billion euros). Mozambique is among the eight countries with which the UAE wish to strengthen trade relations, regarding it as a strategic market.
The United Arab Emirates' intention to establish an economic partnership with Mozambique is a demonstration of their commitment to achieving economic progress through trade and investment.
