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Mozambique TANZANIA MALAWI ZAMBIA SWAZILAND ZIMBABWE SOUTH AFRICA Tete Niassa Gaza Sofala Zambezia Manica Nampula Inhambane Cabo Delgado Maputo.

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Presentation on theme: "Mozambique TANZANIA MALAWI ZAMBIA SWAZILAND ZIMBABWE SOUTH AFRICA Tete Niassa Gaza Sofala Zambezia Manica Nampula Inhambane Cabo Delgado Maputo."— Presentation transcript:

1 Mozambique TANZANIA MALAWI ZAMBIA SWAZILAND ZIMBABWE SOUTH AFRICA Tete Niassa Gaza Sofala Zambezia Manica Nampula Inhambane Cabo Delgado Maputo

2 2 Agenda Why Invest in Agriculture in Mozambique Agribusiness Strategy and Corridor Attractiveness Agribusiness Opportunities in Mozambique

3 3 Mozambique at a Glance Source: IMF World Economic Outlook Database, September 2011; World Bank Tete Niassa Gaza Sofala Zambezia Manica Nampula Inhambane Cabo Delgado Maputo Mozambique is a stable, high economic growth country with substantial agricultural potential Demographics (2011) Population: 23.9 million Population Growth (5 Year CAGR): 2.4% Capital: Maputo National Language: Portuguese Business Languages: Portuguese & English Population: 23.9 million Population Growth (5 Year CAGR): 2.4% Capital: Maputo National Language: Portuguese Business Languages: Portuguese & English Land and Climate Area: 800,000 km 2 (~80 million ha) Arable Land: 36 million hectares Climate: Tropical to Sub-Tropical Area: 800,000 km 2 (~80 million ha) Arable Land: 36 million hectares Climate: Tropical to Sub-Tropical Key Economic Indicators (2011) Currency: Metical, Abbreviation: MZN GDP: USD 12.8B GDP per Capita: USD 535 Projected Annual GDP Growth: almost 8% per year average until 2015 Agriculture Contribution to GDP: 32% Currency: Metical, Abbreviation: MZN GDP: USD 12.8B GDP per Capita: USD 535 Projected Annual GDP Growth: almost 8% per year average until 2015 Agriculture Contribution to GDP: 32%

4 4 Mozambique: A Nation of Potential Significant private sector investments Major infrastructure investments Numerous innovative public- private partnerships Agricultural development seen as critical to country’s development, with activities across sectors focused on 6 agriculturally attractive corridors Government business incentive programs Specific organizations set up to organize and assist investors 36 million ha of arable land, mostly unutilized Tropical to sub-tropical climate with fertile soil and ample rainfall Tremendous irrigation potential from major rivers Strong and growing economy Reliance on imports: Large import substitution opportunity Coastal position: Access to international and regional markets The country’s potential can be captured in four key areas Enabling Environment for Investments Government Commitment to Market- Driven Growth Strong Market Dynamics Excellent Agro- Ecological Conditions

5 5 Excellent Conditions for Agriculture High Agricultural Potential EXTENSIVE WATERWAYS YEAR-ROUND PRODUCTION POTENTIAL 10 DISTINCT AGRO-CLIMATIC ZONES VAST UNUTILIZED ARABLE LAND % 15.0% UnutilizedUtilized 30.6 Arable Land Land Suitability Hectares Suitable for rainfall agriculture Moderately suitable for rainfall agriculture Utilization of Arable Land Major rivers such as Zambezi, Limpopo, Save, and other tertiary rivers offer tremendous irrigation potential Tropical climates offer potential for year-round, high yield crop production Mozambique boasts ideal growing conditions – plentiful water supply combined with diverse micro-climates support a broad range of agricultural commodities Source: Ministry of Agriculture; World Bank

6 6 Diverse Agro-Ecological Zones There are 10 distinct agro-ecological zones in Mozambique offering potential for a wide variety of crops to be grown Main Agro-Ecological Regions in Mozambique Source: Ministry of Agriculture; World Bank, IFAD RegionPart of MozambiqueAg. Commodities Produced R1 Inland Maputo and south Gaza Maize, cowpea, groundnut, cassava, sweet potato, banana R2 Coastal region south of the Sabi (Save) River Maize, sugar, cowpea, sweet potato, groundnut, cassava R3 Center and north of Gaza, and west Inhambane Cattle, goats, rice R4 Medium altitudes of central Maputo Maize, sorghum, cassava, cowpea R5 Low altitudes of Sofala and Zambezia Rice, cotton, cashew R6 Semi-arid region of Zambezi Valley and Southern Tete Sorghum, millet, sugar, rice R7 Medium altitudes of Zambezia, Nampula, Tete, Niassa, and Cabo Delgado Maize, soybean, sorghum, cassava, cowpeas, groundnuts, rice, sesame R8 Coastal litoral of Zambezia, Niassa, and Manica Banana, cassava, millet, rice, cashew R9 North interior of Cabo Delgado Maize, sorghum, cowpeas, cassava, sesame R10 High altitudes of Zambezia, Niassa, and Manica Soybean, maize, common beans, potatoes, rice R8 R7 R10 R9 R6 R4 R5 R10 R1 R2R3

7 7 Strong and Growing Economy Note: 1) Growth rates are based on nominal prices Source: IMF World Economic Outlook Database, September 2011; World Bank; The Economist Intelligence Unit; National Institute of Statistics The Mozambican economy has displayed strong growth and is expected to continue growing at one of the fastest rates in the world USD B GDP Trend (2000 to 2015 est.) est % 32% 23% % 27% 25% % 24% 25% CAGR Estimated CAGR 7.7% Ethiopia 8.1% India 8.2% China 9.5% Mozambique Year over Year Growth World's Fastest Growing Economies (2011 to 2015 est.) +8% Services Agriculture Industry

8 8 Location with Optimal Market Access Mozambique: Proximity to High Opportunity Markets Natural gateway to the Middle East, Mediterranean, and Asia Bordering regional markets like South Africa, Zimbabwe, and Malawi Port upgrades at Nacala and Beira will further trade opportunities Natural gateway to the Middle East, Mediterranean, and Asia Bordering regional markets like South Africa, Zimbabwe, and Malawi Port upgrades at Nacala and Beira will further trade opportunities Mozambique has an advantageous geographic positioning, providing an ideal gateway to both international and regional markets

9 9 Southern African Development Community Members Zimbabwe Namibia South Africa Tanzania Democratic Republic of the Congo Angola Madagascar Botswana Zambia Swaziland Lesotho Malawi Mozambique Mauritius Seychelles SADC Trade Agreements The SADC trade agreements aim to: Eliminate barriers to intra-SADC trade Eliminate import duties based on a phased approach Eliminate all export duties Eliminate non-tariff barriers Apply no new quantitative import restrictions Eliminate quantitative export restrictions The SADC trade agreements aim to: Eliminate barriers to intra-SADC trade Eliminate import duties based on a phased approach Eliminate all export duties Eliminate non-tariff barriers Apply no new quantitative import restrictions Eliminate quantitative export restrictions Under SADC trade agreements, Mozambique aims to have access to barrier-free trade with other member states Note: 1) Southern African Development Community; 2) Trade balance calculated as total value of imports less total value of exports Source: SADC; International Trade Center Trade Opportunity Within SADC USD B Balance of Trade Value for Agricultural Products in SADC Region 1 Trade Potential as a SADC 1 Member As a member of the Southern African Development Community, Mozambique has access to an agricultural market worth over USD 3B

10 10 Government Support Agricultural transformation is a priority within the highest levels of government and investors are offered attractive incentives and support FOCUS ON AGRICULTURE FOCUS ON AGRICULTURE INVESTMENT INCENTIVES INVESTMENT INCENTIVES INSTITUTIONAL SUPPORT INSTITUTIONAL SUPPORT President Guebuza is a co- founder and champion of Grow Africa 1 Agricultural growth is a high priority for the government to: –Enhance employment and income potential –Enhance food security 10-Year Strategic Plan (PEDSA) for agricultural sector development in place –Focused on six growth corridors Exemptions on equipment importation duties Real property transfer tax reductions Reduction in corporate income taxes: –Agriculture corporate income tax generally 10% –Effective tax rate can be 2% until 2015 and 5% until 2025 Low cost land –50 year lease with 49 year potential extension of land for ~USD 1/ year/ hectare Agencies dedicated to facilitating investment –The Investment Promotion Agency (CPI) and Centre for Promotion of Agriculture (CEPAGRI) promote and support agricultural investment opportunities –GAZEDA dedicated to the Nacala Economic Zone Some corridors also have organizations focused on developing and coordinating investments Note: 1) Grow Africa is a series of conferences and interactions that connect the private sector and governments, focusing on accelerating investments Source: Investment Promotion Agency Website

11 11 Growing Foreign Direct Investment Mozambique has recently attracted many large private sector investments, ranging from the mining and natural gas sectors to agriculture , USD M Foreign direct investment (FDI) in Mozambique grew nearly fivefold from 2007 to 2011 Aggregate FDI from 2007 to 2011 amounts to USD 4.8B FDI is largely led by the expanding mining and natural gas sectors Source: World Bank; Investment Promotion Agency; IMF Sample of Large, Recent Projects Vale: USD 6B coal mine Anadarko: Estimated USD 30B+ by 2017 Mozal JV: USD 2.5B aluminum project Green Resources: USD 2.2B eucalyptus plantation and industrial infrastructure Matanuska: USD 60M invested to date focused on bananas Olam: USD 50M+ investment in rice Vale: USD 6B coal mine Anadarko: Estimated USD 30B+ by 2017 Mozal JV: USD 2.5B aluminum project Green Resources: USD 2.2B eucalyptus plantation and industrial infrastructure Matanuska: USD 60M invested to date focused on bananas Olam: USD 50M+ investment in rice FDI Inflows (2007 to 2011) Other Sectors 2% Transport and CommunicationTransport and CommunicationTransport and CommunicationTransport and Communication 2% Agriculture 3% Financial ActivitiesFinancial ActivitiesFinancial ActivitiesFinancial Activities 6% Extractive IndustriesExtractive IndustriesExtractive IndustriesExtractive Industries 87% FDI by Sector (2011) Priority is being given to agriculture when attracting foreign investors in the hope of improving productivity, reducing dependency on imports, and helping cut food prices

12 12 Ongoing and Planned Infrastructure Projects Project Capacity (MW) Investment (USD M) Date of Completion HYDRO- ELECTRIC POWER 13Lupata Boroma Cahora Bassa North1,2001, Mphanda Nkuwa1,5002, Moamba Major Project Capacity (MW) Investment (USD M) Type Date of Completion THERMO- ELECTRIC POWER 10 Gigawatt — RG Natural gas Moazite — Phase ,500CoalUnknown 12Benga6001,300CoalUnknown Project Investment (USD M) Date of Completion TRANSPORT INFRASTRUCTURE 1Deepening of Beira Port Beira Coal Terminal Beira Coal Terminal Nacala Airport Rehabilitation of Beira railway (570km, 5–8MT/Y) Nacala Corridor (24MT/Y)2, Tete Bridge Nacala Port (20–25MT/Y)295 (phase 1)2015 7Public Transport Network980Unknown 8 Catembe Bridge and Ponto do Ouro Roads 750Unknown 9Maputo Public Transport310Unknown Infrastructure – including road, rail, ports, airports, and electricity generation – is under development; providing better capacity for linking agricultural products to markets Source: Banco Nacional de Investimento, Ministry of Energy, Ministry of Public Works

13 13 Innovative Agricultural Partnerships Beira Agr. Growth Corridor (BAGC) Partnership –Catalytic Fund of USD 20M in publicly-backed investment for startup agribusinesses –First African country with a dedicated catalytic fund for agriculture AGRA + Standard Bank –USD 25M loan guarantee facility GoM + World Bank –USD 70M irrigation program (“Proirri”) USAID Agrifuturo –Program to promote agribusiness Pro Savana –Partnership between GOM, Japan and Brazil to develop agribusiness Examples of Successful Public-Private Partnerships Underway Innovative public-private partnerships to transform Mozambique’s agriculture are being implemented

14 14 Agenda Why Invest in Agriculture in Mozambique Agribusiness Strategy and Corridor Attractiveness Agribusiness Opportunities in Mozambique

15 15 Patient capital Skills and training Community support & engagement Human capital and capacity Expertise Markets Commercial Financing Enabling environment Infrastructure Research Public Sector Private Sector Development Partners Mozambican People Aligning Efforts Across Stakeholders The four stakeholder groups of the Public and Private sectors along with People and development Partners are key to developing Mozambique’s agriculture potential

16 16 Importance of Agriculture in Mozambique’s Strategy Summary of the Strategic Plan for Agricultural Development (PEDSA), 2011 to 2020 Agriculture is a key priority for the Mozambican government for poverty reduction and attaining food security, as is detailed in the country’s ten-year strategy plan Source: Ministry of Agriculture Vision: An integrated, prosperous, competitive and sustainable agriculture sector 6 corridors targeted to align efforts across public, private, and development sectors through: –Agricultural potential –Support services (research centers, educational institutions) –Connection to market (infrastructure) Agricultural production and productivity to increase ability to compete 1 Infrastructure and services for markets and improved marketing 2 Land, water, forest, and wildlife resources used sustainably 3 Agricultural institutions strengthened 4 Four Discrete Pillars in Progress to Achieve Agricultural Vision Mozambique plans to allocate 10 percent of its budget to agriculture by 2015, as resolved in the Maputo Declaration of 2003 by the African Union

17 17 Agriculture Growth Corridors Of Mozambique’s six agricultural corridors, Nacala, Zambezi Valley, and Beira corridors are being highlighted due to their high agricultural potential Provinces within Beira, Nacala, and Zambezi Valley Corridors 1 Nacala Beira Zambezi Valley Pemba Lichinga Maputo Limpopo Note: 1) Color coding represents approximate positioning of corridors; 2) Zambezi Valley Development Authority and Beira Agricultural Growth Corridor; 3) ProSAVANA in Nacala Corridor; 4) Nacala Economic Zone exists now with Beira Economic Zone planned Source: PEDSA, Government and Expert Interviews Six Corridors in Agricultural Strategy Of the six corridors identified in Mozambique’s strategy… …this action plan will focus on the following three corridors Niassa Gaza Sofala Zambezia Manica Nampula Inhambane Cabo Delgado Maputo Tete Why These Three Corridors Have Significant Potential Agricultural opportunity due to soil and climate, while most of country’s water is here Level of existing or planned infrastructure, including ports Existing framework to attract / manage investments 2 Alignment with other efforts 3 Economic zones 4

18 18 Nacala Agricultural Growth Corridor Source: Ministry of Agriculture The government has focused significant resources and business-friendly investment programs on the Nacala Corridor Investments Made Attractiveness of Nacala Nacala Special Economic Zone Nacala Special Economic Zone provides 500 ha industrial free zone with no VAT and customs duties, as well as technical assistance Nacala Port Potential Upgrade of the deepest port on East African coast at Nacala Mining USD 4.4B upgrade to rail by Vale Demand from Mining The mining sector is increasing demand for agricultural products; currently imported from South Africa at high cost Bananas Matanuska: USD 60M invested to date focused on bananas Forestry Green Resources: USD 2.2B eucalyptus plantation and industrial infrastructure Soybeans Rei do Agro: Mozambican company investing USD 5M for soy and maize production Land Mapping The Pro Savannah project is mapping land potential

19 19 Zambezi Valley Corridor Zambezi Valley has the greatest agricultural potential, with the highest concentration of the country’s water resources Note:1) PROIRRI project is part of both the Beira and Nacala Corridors Source: Zambezi Valley Development Agency Investments Made Attractiveness of Zambezi Valley Vast Water Reserves 80% of the country’s water reserves are found in the Zambezi Valley corridor Agro- Processing Chinese government USD 50M investment for cotton, maize, and rice processing facilities Irrigation 1 USD 70M World Bank PROIRRI irrigation project, mainly aimed at irrigation for rice Port Infrastructure Estimated USD 1B port investments by Rio Tinto Rice Olam is investing USD 50M over the next 4 years Broad Crop Variety Diverse topography and good rainfall during cropping season provides perfect climate for a variety of crops Large Local Demand Local market potential as one of the most densely populated provinces

20 20 Beira Agricultural Growth Corridor Investments Made Attractiveness of Beira Infrastructure and Connectivity to Region Well-developed infrastructure with road and rail network linking Zambia, Malawi, Zimbabwe and Mozambique to the port of Beira Demand from Mining Activities A number of multi-billion dollar mining investments are going ahead, which will improve access to infrastructure in the region and boost local demand Catalytic Fund USD 20M for the BAGC Catalytic Fund First catalytic fund dedicated to agriculture in Africa, which is already leading to a number of investments Irrigation 1 USD 70M World Bank PROIRRI irrigation project, mainly aimed at irrigation for rice Beira Port USD 67M from JICA and EU for upgrades to the Port of Beira Beira currently has the most developed infrastructure and linkages to neighboring countries Note: 1) PROIRRI project is part of both the Beira and Nacala Corridors Source: BAGC

21 21 Additional Growth Corridors Pemba-Lichinga The other corridors – Pemba-Lichinga, Limpopo, and Maputo – also present potential and additional value chains Source: Ministry of Agriculture, Expert interviews Limpopo Maputo Attractiveness Crop Potential Higher altitudes inland are very well suited to crops such as soybeans Significant investment underway to complete a road connecting Lichinga to Malema by 2014 Large tracts of available land provide easier expansion opportunities Soybeans, maize, potatoes, wheat, beans, cotton, tobacco, poultry, and aquaculture Attractiveness Crop Potential Well established irrigation infrastructure in Chókwè can facilitate production Features technological support from the South Investigation Center based in Chókwè Quality road infrastructure connects to Maputo Rice, sugar, vegetables, livestock, and poultry Attractiveness Crop Potential Proximity to Mozambique’s largest city and South Africa provide strong market potential Most extensive infrastructure in both roads and port availability further facilitate market access Rice, vegetables, fruits, livestock, and poultry

22 22 Agenda Why Invest in Agriculture in Mozambique Agribusiness Strategy and Corridor Attractiveness Agribusiness Opportunities in Mozambique

23 23 Highlights of Opportunities III SoybeansBanana For the sixteen prioritized commodities, additional information is included in differing levels of detail to supplement the investment cases distributed during the Forum I Rationale for Investment Described Sugar Cane Poultry II Commodities Analyzed Rice Cashew Cassava Sesame MaizeCottonGroundnutsVegetables Fruit PulsesAquacultureForestryLivestock Tea

24 24 Highlights of Opportunities III For the sixteen prioritized commodities, additional information is included in differing levels of detail to supplement the investment cases distributed during the Forum Rationale for Investment Described Sugar Cane Poultry II Commodities Analyzed Cashew Cassava MaizeCottonGroundnutsVegetables Fruit PulsesAquacultureForestryLivestock Tea SoybeansBanana I RiceSesame

25 25 There are business opportunities in several parts of the value chain as well as for an integrated producer One of those opportunities is a medium-size milling facility, which requires investment of ~USD 5M Would be supported by 3,000-5,000 smallholder farmers There are business opportunities in several parts of the value chain as well as for an integrated producer One of those opportunities is a medium-size milling facility, which requires investment of ~USD 5M Would be supported by 3,000-5,000 smallholder farmers Major gap exists between domestic production and demand Climate and soil are very well-suited to rice, with opportunities for year-round production Significant investment is underway, which may dramatically improve current infrastructure and raise rice yields Major gap exists between domestic production and demand Climate and soil are very well-suited to rice, with opportunities for year-round production Significant investment is underway, which may dramatically improve current infrastructure and raise rice yields Market Investment Opportunities Executive Summary Rice

26 26 Production growth has not been able to overcome demand growth – keeping imports high Source: IRRI, FAOSTATS, USDA Growth Potential Market Mozambique has the 3 rd highest rice consumption in SADC, but is mostly dependent on imported rice –Unlike neighbor countries, the share of imports has not reduced over time and instead remains around ~60% –Despite the significant growth potential for rice (Mozambique’s climate and soil are considered very well-suited to rice), domestic production has only grown at the same rate as imports Without increased local production, this gap will only grow due to a projected 7% domestic demand increase per year +90% % % 60% 40% 20% % 9% Consumption of Rice (in ‘000 tonnes) Share of Imported Rice on Local Consumption MalawiZambiaMozambique Gap: Neighbor countries reduced imports to ~10% Rice consumption has doubled over the past decade, but without significant reductions in rice importations Rice – Market Analysis (1/2)

27 27 Note: 1) Areas non identified; 2) IRRI has three research and development regions in Mozambique: Maputo and Xai-Xai for irrigated conditions and Quelimane for rain fed condition. Source: Interviews, Africa Agriculture News, World Bank, OLAM, IRRI, Monitor Analysis Ubunto: Rice production and processing facility in Matutuine Partnership with the Libyan Investment Fund Processes 600 ton/ day and sells ~27,000 ton/ year USD 50 M ~USD 33 M N/A Large, Recent Investments Market NON-EXHAUSTIVE OLAM: Rice production and processing facility in Zambezia, expanded over the next 5 years Partnership with local producers, also used for cotton World Bank 1 : Investments plan to improve agriculture infrastructure of over the next five years, specifically with irrigation development ~USD 70 M International Rice Research Institute 2 : Present in Mozambique since 2006, focusing on rice breeding, socio economic studies, crop production, productivity and private sector-village programs Investment Expected Niassa Gaza Sofala Zambezia Manica Nampula Inhambane Cabo Delgado Maputo Tete Key Geographies >20% >10% >1% ~0% > 30% % National Production Significant investment is underway by the government, private sector, and development partners to grow rice production Rice – Market Analysis (2/2)

28 28 Note: 1) Inputs offered by the mill includes irrigation, selected seeds, fertilizers and chemicals; they are offered as a way to obtain a more homogeneous and high quality supply of paddies; 2) In South Africa, this percentage is ~9%. Source: Interviews, Agrifood (2005), Monitor Analysis Investment Opportunity Value Chain Analysis Infrastructure InputsMillingProduction Seed Importer Research Center No specific names Current Situation Potential Opportunities Players Leasing of machines Irrigated farms Typically integrated if larger player Independent mills Integrated mills OLAM Inácio de Souza Moçfer Only 3% of small and medium-size rice farmers use improved seeds Lower yields as farmers frequently are not leveraging optimal farming technique, including irrigation practices ~15% grains lost after harvest because of old machinery 1 Capacity incompatible with expected raise of production Several entry opportunities exist throughout the rice value chain Rice – Investment Opportunities (1/3)

29 29 Note: 1) Potential irrigation to assist farmers not modeled Source: Interviews, Agrifood (2005), Monitor Analysis Investment Opportunity Rice Mill Facility Infrastructure InputsMillingProduction ILUSTRATIVE Smallholder Farm Mills Market RiceTraining 1 High-Quality Paddy “Invest ~USD 5 M in a Rice Mill to process rice in partnership with smallholders farmers” Sourcing Model: 100% small/ medium size farmers (training, seeds, credit) 1 1 Processing: more than 30,000 tonnes/ year 2 2 Targets: Domestic consumers 3 3 Own Company Partner/ Consumers Legend: (Color of Pictures) Seed Seller Money Selected Seeds In the proposed investment, the mill assumes a central role in the rice value chain, including supporting famers to improve quality and yields Rice – Investment Opportunities (2/3)

30 30 + Irrigation, Training, Seeds Rice Mill Facility PRELIMINARY Expected Margins by Share of High-Quality Grain (in %, 2012) Key-Financial Indicators Investment Opportunity Farmers’ Yields: may vary from 2 ton/ ha (rain fed farm) to 4 ton/ ha (irrigated farm) Number of smallholders supported: between 3,000 and 5,000 farms 1 Price per kg: USD 1/ kg (whole grain), USD 0.75/ kg (broken) and USD 0.3/ kg (bran) Expected margin: typically vary from 20% to 22%, but with potential to raise up to 25% Investment estimated: acquisition of small mill may require investment of ~USD 5M 2 Return expected: similar investments has reported IRR between 13% and 15% Note: 1) Dependent of the extend of irrigation used; 2) Potential irrigation to assist farmers not modeled Source: Interviews, Monitor Analysis 40% Average Practices 25% 22% 45% 30% 24% 20% 25% 35% Improved PracticesImproved PracticesImproved PracticesImproved Practices 30% 35% 20% Margin (Post-tax) Broken Grain (%) Whole Grain (%) Improved farming techniques can help achieve greater rice quality, helping push margins towards 25% Investing in a rice mill in Mozambique is an attractive opportunity for investment, with significant margins and meaningful social impacts Rice – Investment Opportunities (3/3)

31 31 There are business opportunities throughout much of the value chain, as well as for an integrated producer A ~USD 4.5 M soy extraction & refining center was selected as an example, utilizing 3,500-4,000 hectares of soybean fields as inputs ~1,400 smallholder farmers included into the supply chain There are business opportunities throughout much of the value chain, as well as for an integrated producer A ~USD 4.5 M soy extraction & refining center was selected as an example, utilizing 3,500-4,000 hectares of soybean fields as inputs ~1,400 smallholder farmers included into the supply chain Demand for soybeans is increasing due to the development of poultry and soy oil sectors Downstream markets are highly dependent on imported inputs High availability of natural resources may benefit expansion of soybeans crop Demand for soybeans is increasing due to the development of poultry and soy oil sectors Downstream markets are highly dependent on imported inputs High availability of natural resources may benefit expansion of soybeans crop Market Investment Opportunities Executive Summary Soybeans

32 32 Poultry industry: Though soy is a small share of feed by volume, it represent almost half of costs Market Others CostsOthers CostsOthers CostsOthers Costs 26% Feed 74% Costs for Chicken Producers in Mozambique (2005) 37% of total costs (50% of feed costs) corresponds to soy cake expenses Composition of Poultry Feed, Volume (2005) Soy Cake 20% Others 20% Non-Maize 40% Maize 60% Feed 100% 1 kg Poultry Feed = Source: TechnoServe Soy Cake: Strategic Segment Poultry’s consumption is growing throughout Southern Africa and is projected to continue expanding in Mozambique at 13% per year over the next decade Government is actively encouraging growth of domestic soybean industry to substitute imported soy cake, which is a critical and expensive feed component for poultry Importation of high-priced soy cake is driving up prices for domestic poultry, making competition with imported chicken difficult –Leading component of domestic poultry cost is feed (~74%) –Local production of soy cake should reduce costs, improving competitiveness of the poultry industry Soy cake is a considerable cost for the poultry industry and could be a key driver of domestic production substitution of imported chicken Soybeans – Market Analysis (1/2)

33 33 Geography: Historically, crude soy oil is imported and then processed in refineries for further sale Market Domestic soy oil market is nascent and lacks constant input supply, relying almost entirely on imports However, interest is increasing as soy oil can attract a higher price point (18%) than vegetable oil blends, mainly made from palm oil (an inferior substitute) When soy cake is separated for soy oil domestically, much of byproduct oil is not utilized, providing a market opportunity This opportunity will only continue to expand as poultry demand, and consequently soy cake production, increases Source: TechnoServe Soy Oil: Potential to Grow Soy Oil Market in Mozambique (2011) North: feed manufactures frequently waste soy oil by-product after processing soy cake North & Center: limited soy oil processing, but growing interest South: more mature and largest soy oil market, refineries import crude oil and refine oil for sale North & Center: limited soy oil processing, but growing interest Niassa Gaza Sofala Zambezia Manica Nampula Inhambane Cabo Delgado Maputo Tete Opportunity to refine “waste” byproduct oil from processing soy cake in North will continue to grow with expansion of soy industry Soybeans – Market Analysis (2/2)

34 34 Investment Opportunity Source: Interviews, TechnoServe Analysis, Monitor Analysis Value Chain Analysis Infrastructure Inputs Demand Processing & Refining Production Soybean Input Supplier: Lack of availability of seed and inoculants Soybean Farming: Insufficient soybean production exists within country to meet demand Poultry: Opportunity to compete with imports to meet growing need of livestock farmers Soybean Processing: Additional capacity required for expected growth in demand Oil Refining: Current waste of oil byproduct by soy cake manufacturers Soybean Storage: Insufficient warehouses and silos for storage of locally produced grains SegmentCurrent SituationOpportunityPlayers Seed Importer Fertilizer Factory Farm Processing & Refining Facility Feed Manufacturing Silos Warehouses Rei do Agro Pannar N/A Mafuia Oil Sanoil JAM Novos Horizontes Abilios Atunes N/A There are opportunities in numerous parts of the value chain, as well as for an integrated producer Soybeans – Investment Opportunities (1/3)

35 35 Soy Extraction & Refining Center Source: Interviews, TechnoServe, Monitor Analysis Investment Opportunity PRELIMINARY Infrastructure Inputs ProductionProcess & RefiningDemand Soybeans Soy Cake Crude Soy Oil Refined Soy Oil Smallholder Farm Medium-Size Farm Processing Oil Refining Livestock Feed Development Market Sourcing Model: 20% from own farm and 80% from smallholders (assistance for training, seed selection, credit) 1 1 Targets: Domestic consumers 4 4 Feed Own Company Partner/ Consumers Legend: (Color of Pictures) Invest ~USD 4.5 M in a Soy Extraction & Refining Center, with inputs and training to get new smallholder farmers into the supply chain to enhance supply Processing Facility: Capacity to process more than 9 M ton/ year of soybeans 2 2 Products: Refined Soy Oil & Soy Cake 3 3 Soybeans – Investment Opportunities (2/3)

36 36 Soy Extraction & Refining Center Note: 1) Dependent of the number of smallholders added by year; 2) Potential irrigation to assist farmers not modeled Source: Interviews, TechnoServe, Monitor Analysis Investment Opportunity PRELIMINARY Year 5 27% Year 4 29% Year 3 22% Year 2 10% Year % EBITDA Margin Revenue Revenue & EBITDA Margin Expected (in ‘000 USD and %, ) Famers’ Yields: between 1.0 ton/ ha (rain fed farm) and 3.0 ton/ ha (irrigated farm) Crop Sales Price: USD 0.39/ kg Number of smallholders: increase from 500 up to 1,600, with average land of 2 ha/ farm Cost per hectare: between USD 320/ ha and USD 1,100/ ha 1 Investment estimated: total CapEx of ~USD 4.5 M 2, ~90% invested on the first two years Return expected: similar investments has reported IRR up to 19% Key-Financial Indicators Invest in a soy extraction & refining center in Mozambique to achieve attractive margins and returns, with strong social impact Soybeans – Investment Opportunities (3/3)

37 37 Value chain integration is the basis for an attractive investment prospect Opportunity for an investment of $5–6M in a 300 hectares commercial banana plantation leveraging nearby producers to achieve scale at lower investment levels Value chain integration is the basis for an attractive investment prospect Opportunity for an investment of $5–6M in a 300 hectares commercial banana plantation leveraging nearby producers to achieve scale at lower investment levels Opportunity to meaningfully increase Mozambique’s banana exports –Demand imbalances exist in the Middle East, the Mediterranean, and to a lesser extent Southern Africa –Year-round, high-yield crop potential within Mozambique provides additional export opportunities and improved margins Potential for lower farm costs than other competitors Opportunity to meaningfully increase Mozambique’s banana exports –Demand imbalances exist in the Middle East, the Mediterranean, and to a lesser extent Southern Africa –Year-round, high-yield crop potential within Mozambique provides additional export opportunities and improved margins Potential for lower farm costs than other competitors Market Investment Opportunities Executive Summary Banana

38 38 Note: 1) Assuming direct shipping Source: FAOSTAT; Interviews with experts; TechnoServe, Abt, Monitor Analysis Mozambique Competitive Advantage Market +15% +3% +6% Southern Asia 25 8 Middle East Mediterranean 1, Ability to feed large demand imbalances in the Middle East, the Mediterranean, and to a lesser extent Southern Africa –Demand imbalances have increased at different paces in these regions over the last years, with greatest growth in Europe –Europe: Has competitive export tariff advantage for African countries over most of Latin America, (value of USD 3 per box) –Middle East: Mozambique has 8 to 10 days 1 vs. 20 days shipping transit time to Middle East when compared to Latin America and Philippines –Mozambique’s lower farm to port costs than Philippines, coupled with Philippines production being diverted to China, has heightened opportunity in the Middle East Banana Trade Balance (in ‘000 tonnes, 2001 – 2009) +8% PhilippinesMozambique Mozambique’s banana industry is well situated to benefit from both its geographical position as well as potential cost advantage Farm to Port Costs (in USD) CAGR Banana – Market Analysis (1/2)

39 39 Market Note: 1) Libombos Macadamia, Frutas Libombos, AAA Enterprises, Tropical Fruit and Rio Verde Source: CEPAGRI; Interviews with experts; TechnoServe, Abt, Monitor Analysis While companies in the South focus on internal markets and neighbor countries, companies in North focus on overseas markets Matanuska: invested $60M to date to develop a 3,000 ha plantation in Nampula province –At full production, Matanuska plans to ship 100 containers per week Bananalândia: exports 40,000 tonnes (80% of total production) mainly for South Africa, Swaziland and Botswana Conglomerate of 5 companies 1 : exported 35,000 tonnes per year and created 2,500 direct jobs North: exporting bananas to mainly Middle East from Nacala port South: responsible to supply Maputo metropolitan area and neighbor countries Niassa Gaza Sofala Zambezia Manica Nampula Inhambane Cabo Delgado Maputo Tete Banana Market in Mozambique Main Companies NON EXHAUSTIVE Banana – Market Analysis (2/2)

40 40 Cleaning & PackagingCleaning & PackagingCleaning & PackagingCleaning & Packaging Agent Fees Transport Ripening 19% 30% 38% 13% Note: 1) Percent of value added in the value chain Source: GDS; Monitor Analysis Investment Opportunity Farming Post-Harvest Handling Transport & Marketing Value chain integration is the basis for an attractive investment prospect, with involvement from farm production through delivery 36% 1 3% 1 61% 1 Transportation and Marketing Value Chain (% of total value added) Transport cost is one of the main drivers of costs –It constitutes almost 20% of the total farm-to- market value chain, thus being a key competitiveness driver for exports Another important part of the value chain is the cleaning, packaging and ripening of bananas –Usually small producers do not capture much of the potential value of their investments because they lack these facilities Banana – Investment Opportunities (1/2)

41 41 Mid-Size Banana Plantation in Nampula Source: Interviews with experts; TechnoServe, Monitor Analysis PRELIMINARY Potential Margin per Yield Investment: $5-6M in a 300 hectares commercial plantation Yields: typical yields range from 36 tonnes/ha – 40 tonnes/ha, with more possible Revenue: about $5.0M with potential to increase with higher yield Net Income: about $1M per year with potential to increase with yield increase Expected IRR: may vary from 15% - 17% with up to potentially 20% Key-Financial Indicators Investment Opportunity With yields above 40 tonnes / hectare, variable costs become much lower, leading to even more attractive margins 44 tonnes / hectare44 tonnes / hectare44 tonnes / hectare44 tonnes / hectare40 tonnes / hectare40 tonnes / hectare40 tonnes / hectare40 tonnes / hectare36 tonnes / hectare36 tonnes / hectare36 tonnes / hectare36 tonnes / hectare A mid-size commercial banana plantation could generate about ~$1 M in net income per year with potential margin increase as yields rise Potential Margin Increase Banana – Investment Opportunities (2/2)

42 42 Note: 1) Highest recorded prices Source: TechnoServe; SNV; Expert Interviews; Monitor Analysis Mozambique has ideal growing conditions for sesame, especially in the tropical and sub-tropical climates along the coast Mozambique could export sesame to markets in the Middle East, Asia and Europe –More immediate opportunities are in export of sesame seed, while with increased production processing in to sesame oil may become viable –Sesame is currently mostly exported to Asia and the Middle East with no processing –Opportunity for export of cleaned and de-hulled sesame seed to premium confectionary market in Europe Sesame Prices by End Use 1 (USD/ metric ton, 2011) ConfectionaryOrganicOilTahini Mozambique has the opportunity to build origin identity to satisfy niche markets for organic and fair trade sesame –As an emerging grower, the current volumes grown could justify entering these niche markets for potentially higher margins Sesame provides high income for farmers, with farmers capturing ~50% of FOB value 3 3 Confectionary and organic markets provide the highest levels of income 4 4 Sesame is an emerging crop in Mozambique with high potential for higher valued exports such as the premium confectionary market,and organic/ fair trade sesame Sesame – Market Analysis Market

43 43 Highlights of Opportunities III SoybeansBanana For the sixteen prioritized commodities, additional information is included in differing levels of detail to supplement the investment cases distributed during the Forum I Commodities Analyzed RiceSesame Fruit PulsesAquacultureForestryLivestock Rationale for Investment Described Sugar Cane Poultry II Cashew Cassava MaizeCottonGroundnutsVegetables Tea

44 44 Note: 1) Agreement signed in 2011; SACU (Southern Africa Customs Union) is the group formed by Botswana, Lesotho, Namibia, South Africa and Swaziland. Source: Balanço Anual do Açucar (2011) More Competitive, Sugar Farmers Could Raise Production and Export More With higher yields, Mozambique has produced and exported more sugar over the past 5 years 2015e e Production (Mt) Yield (ton/ ha) Sugar Cane Production (real values and estimative) Sugar Exports (in ‘000 tonnes) +76% Sugar Cane – Market Analysis Domestic production has almost doubled over the last 5 years and is expected to keep growing in both yield and area 1 1 Commercial agreements in EU and SACU 1 allow for exporting with favorable financial conditions 3 3 Environment conditions and increased training favor the production of sugar cane, such as: –Optimal weather conditions and high- quality, available land benefit the sector’s expansion –Training of local farmers, including more than USD13 MM in transference of technologies to sugar farmers from Europe, has enhanced the quality and yield of sugar cane harvested 2 2 Growing exports for sugar highlight increased market potential in the future 4 4

45 45 Significant Potential for Import Substitution Makes Poultry a Strong Investment Demand for poultry has grown meaningfully across Africa –Poultry’s consumption has more than doubled in over 10 African countries over the last decade, with high dependence of imports from Brazil, Asia, and US –Opportunity for local players to supply this demand due to geographic advantages While domestic demand in Mozambique has grown slightly in past, future demand is expected to more than triple in the next 10 years –Impact of considerable growth in mining as well as oil and gas sectors on working population will help full domestic demand Feed costs correspond to ~75% of total costs – with growth in the domestic soy cake industry, potential for reduced input costs could further drive demand Poultry Consumption in Africa (in ‘000 tonnes) Zimbabwe Angola South Africa 1, %+164%+133% African countries has reported meaningful growth in demand for poultry meat Poultry Consumption in Mozambique (in ‘000 tonnes) 2020e e Poultry consumption has grown less in Mozambique, but future growth is expected +21% +226% Note: Djibouti, Comoros, Cape Verde, Ghana, Gabon, Gambia, Angola, Democratic Republic of the Congo, Zimbabwe, Congo, Sao Tome and Principe and Guinea. Source: FAO, USAID, TechnoServe, Monitor Analysis Poultry – Market Analysis

46 46 One of country’s larger export crops, with opportunity to recapture past success Tea – Market Analysis Source: Balanço Anual do Açucar; Expert Interviews; Monitor Analysis Despite much higher yields than before the civil war, total production is lower due to unused land –Signifies opportunity for potential investors who wants to capture unused potential Yield (tonnes/ha) Total Production (tonnes) Production is increasing rapidly +17% Production (tonnes) Mozambique’s tea industry is undergoing impressive growth with a 16% production increase in the last year There is still available, unutilized land with high tea growing potential –Zambezia province alone has 39,000 hectares in Gurue, Ille, and Milange districts –Of 22,400 hectares specifically allocated for tea, only 18% are in use Great potential exist to utilize available land to increase production

47 47 Opportunity to Regain Position as One of World’s Top Exporters Cashew – Market Analysis Source: FAOSTAT; TechnoServe; African Cashew Initiative; INCAJU; Expert Interviews; Monitor Analysis Prior to independence in 1975, Mozambique was one of the leading producers / exporters of cashew nuts, evidencing the country’s suitable climatic conditions and knowledge –Production was once as high as 200,000 metric tons (versus 65,000 today) A significant limiting factor on Mozambique’s success (diseased trees), can be relatively cost effectively prevented –Spraying the trees against disease greatly improves productivity Cashews can be grown throughout much of the country, but are particularly successful in the Nacala corridor Significant government and donor efforts are underway to revitalize the industry. For example: –INCAJU (Government Cashew Initiative) plans to grow 3.3 million cashew saplings in 2012 to be planted as new trees –TechnoServe now supports 16 cashew processing plants with ~36,000 metric tons processing capacity 3 3 Niassa Gaza- 8% Sofala Zambezia- 9% Manica Nampula- 41% Inhambane- 23% Cabo Delgado- 13% Maputo Tete According to INCAJU, ~40% of cashew nut production occurs in Nampula. Most efforts in the cashew industry are focused in this province Main Cashew Producing Regions Sprayed TreeYield GapCurrent Yield Spraying trees greatly increases productivity Cashew nut yields (kg/tree) 4 4

48 48 New Processing Technology Expands Market Opportunities for Cassava Cassava – Market Analysis Cassava significantly outpaces other staple crops in Mozambique Average Quantity Consumed per Year (kg/person) Cassava Cost (as % of other commodities) Potential for Wheat Substitution in Bread (in ‘000 tonnes, 2009) Lower cassava costs create opportunities for wheat substitution in bread production Up to 25% of wheat in bread can be substituted by cassava Note: 1) Wheat has the highest production deficit in Mozambique Source: FAOSTAT; MSU; Promar; Monitor Analysis Cassava does and will continue to have a strong demand advantage versus other staple crops in Mozambique, particularly in the north –Cassava is an easy-to-produce and drought- resistant crop with food security importance Substitution opportunities exist for cassava within Mozambique, given strong cost advantages over other commodities –Cost for cassava is roughly half of some related commodities –Example: Up to 25% of wheat 1 used in bread can be substituted by cassava at 55% of cost Potentially significant market opportunities have been created by a mobile cassava processing unit created by DADTCO –This allows for additional uses of cassava in livestock feed, industrial raw materials, alcohol brewing, and ethanol –For example: SABMiller will invest an additional $124 M over the next two years to continue to develop its cassava beer (Impala), made possible by the mobile processing units Maize 60% Wheat 55% Potential for Cassava SubstitutionPotential for Cassava SubstitutionPotential for Cassava Substitution 86 Wheat Used in Bread Industry 343 OthersRiceWheatMaizeCassava

49 49 Opportunity to Substitute Imports, Meet Poultry Demand Growth and Boost Rural Income Maize – Market Analysis Source: FAO; USAID; Monitor Analysis Maize is one of the most consumed staple crops in southern African, with high relevance in terms of food security Though 71% of all farms in Mozambique produce some maize, most rural households are net buyers, and the country need to import ~99,000 MT yearly Additionally, increasing demand for feed will parallel poultry industry growth in domestic and foreign market, including meaningful exports to Malawi and Zimbabwe Several key investments – particularly in the high potential Northwest of Zambezia, West of Nampula, or Central and South of Niassa – could help transform the country into a regional breadbasket –E.g.: Invest in silos and adequate storage processes to reduce post-harvest waste and aflatoxin contamination Area Harvested, ‘000 ha (2010) FOOD SECURITY & NUTRITIONAL IMPORTANCE Legumes Cassava Maize #01 #02 #03 Food Consumption, in % of total consumed (2004) Cassava Sorghum6% 27%Maize 35% #01 #02 #03 Pulses 14% 36% Cassava 13% Maize #01 #02 #03 CALORIES PROTEINS LAND

50 50 Opportunity to Substitute Imports and Export Additional Crops to Nearby Countries Vegetables in Mozambique are an important income earner with high growth forecasted –Despite occupying only 6.6% of cultivated land, they accounted for USD 15M and 3,500 jobs in 2009 –World Bank projects the total formal domestic vegetable market will be USD 100M by 2021 from USD 65M in 2006 Vegetables present a significant opportunity for import substitution within Mozambique –The three largest vegetable crops are tomato 1, potato, and onion. Combined they represent a local supply deficit of 310,000 metric tons Consumption of Vegetable Crops (metric tons, 2011) 44% 56% % 31% % 60% PotatoOnionTomato Import Production Export of vegetables is also an option for Mozambique –Most of Southern Africa cannot produce frost- sensitive export crops like baby-corn, beans, and chilies during winter months but Mozambique can, particularly in the tropical coastal climates found in the Beira corridor 3 3 –Recent entrance of supermarkets such as Shoprite and Game, as well as mining operations, provide potentially large buyers of locally grown vegetables Note: 1) Actually a fruit, but grouped with other key value chains of potatoes and onions Source: TechnoServe; Ministry of Agriculture; World Bank; Monitor Analysis Vegetables – Market Analysis

51 51 A long, successful history of export, with significant productivity improvement potential Cotton – Market Analysis Source: TechnoServe; GDS; Interview with experts; Monitor Analysis Low yield provides opportunity for productivity increase in the country Cotton Yield by Country (kg/ha) World Average High potential for increased productivity –Current productivity is one of the lowest in the world (380 kg/ha) Opportunities for ginning of cotton for export of high quality cotton lint and processing of cotton seed into oil and cake Mozambique’s cotton lint has a long history in accessing important international markets, traditionally in Europe as well as more recently in Asia KenyaMozambiqueIndia USAChinaIsrael Possibilities for Cotton Production Cotton Lint Cotton Oil Cotton Cotton Seed Cotton Seed Cake

52 52 Production has been increasing rapidly to meet food and oil demand growth Significant production growth in Mozambique Peanut Production (MM tonnes) CAGR Note: 1) Does not include production from palm trees Source: TechnoServe; Minister of Agriculture and Fisheries (Nampula Province); Nutrition Data; Interview with experts; Monitor Analysis High potential in domestic market as well as import substitution for vegetable oil from seeds –Oil yield can reach up to 45-50%, against 20% of soy and cotton –There is interest by ICRISAT and other research institutions to develop new higher oil variations – further increasing productivity High energy and protein food that has multiple food uses, particularly in comparison to most common crops in Mozambique –Can be consumed in its raw form, boiled or even roasted –Groundnuts can also be used to produce processed food, such as peanut butter Already, widely grown in Mozambique, groundnut production has been increasingly rapidly to meet growing demand –30% CAGR since % 2009E2004/05 MaizeCassavaGroundnuts Proteins (per 10 grams)Proteins (per 10 grams)Proteins (per 10 grams)Proteins (per 10 grams) Calories (per gram)Calories (per gram)Calories (per gram)Calories (per gram) Nutrition Facts Comparison 1 1 Groundnuts is an important crop that can be used for oil production Oilseed Production 1 (ha, 2007) Oil Imports (000’s tons, 2009) OthersCottonGroundnutsTotal Groundnuts – Market Analysis

53 53 SoybeansBanana For the sixteen prioritized commodities, additional information is included in differing levels of detail to supplement the investment cases distributed during the Forum I Rationale for Investment Described Sugar Cane Poultry II Commodities Analyzed Rice Cashew Cassava Sesame MaizeCottonGroundnutsVegetables Tea Highlights of Opportunities III Fruit PulsesAquacultureForestryLivestock

54 54 Increased aquaculture is required for sufficient domestic supply, as natural capture supply declines High production potential of shrimp for both the domestic market and export –New technologies launched for shrimp which have created sustainable farming Increased aquaculture is required for sufficient domestic supply, as natural capture supply declines High production potential of shrimp for both the domestic market and export –New technologies launched for shrimp which have created sustainable farming AQUACULTURE A growing middle class places a higher demand on meat products within Mozambique Currently high imports of beef, mainly from South Africa, provide opportunity for import substitution Potential for production of pig, cattle, and goat for local consumption with significant export opportunities for goat meat to the Middle East A growing middle class places a higher demand on meat products within Mozambique Currently high imports of beef, mainly from South Africa, provide opportunity for import substitution Potential for production of pig, cattle, and goat for local consumption with significant export opportunities for goat meat to the Middle East LIVESTOCK Large commercial plantations are already being developed in the northern and central regions –Green Resources: USD 2.2B eucalyptus plantation and industrial infrastructure in Nampula Potential for export of timber products to Asia Low cost access to abundant land –26 million hectares potentially suitable for forestry Large commercial plantations are already being developed in the northern and central regions –Green Resources: USD 2.2B eucalyptus plantation and industrial infrastructure in Nampula Potential for export of timber products to Asia Low cost access to abundant land –26 million hectares potentially suitable for forestry FORESTRY Commodity Attractiveness (1/2)

55 55 Commodity Attractiveness (2/2) Tropical and sub-tropical fruits such as citrus, pineapples and mangoes have high production potential in Mozambique Counter-seasonal demand with Middle East, India and European markets Potential for year-round production of pineapple in Manica province Value added fruit products such as dried fruit, jams and juice could be produced from fruit not meeting export quality grades Tropical and sub-tropical fruits such as citrus, pineapples and mangoes have high production potential in Mozambique Counter-seasonal demand with Middle East, India and European markets Potential for year-round production of pineapple in Manica province Value added fruit products such as dried fruit, jams and juice could be produced from fruit not meeting export quality grades FRUIT PULSES Major food crop with a wide range of varieties grown Counter-seasonality with India, which is a leading consumer of pulses Potential to export pulses such as pigeon pea to Asia Major food crop with a wide range of varieties grown Counter-seasonality with India, which is a leading consumer of pulses Potential to export pulses such as pigeon pea to Asia

56 56 Mozambique: Vast Potential Across Commodities A strong and increasingly attractive investment climate......with viable opportunities across numerous value chains......provides a unique window to invest TODAY Tete Niassa Gaza Sofala Zambezia Manica Nampula Inhambane Cabo Delgado Maputo Abdul Cesar Agricultural Promotion Centre Lourenço Sambo Investment Promotion Centre Contact Information:


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