New Delhi: Mozambique has invited Indian investment in small industries, technology, agri-business, commercial farming, mining, oil and gas, infrastructure, tourism, and construction sectors.

At a Confederation of Indian Industry (CII)-FICCI (Federation of Indian Chmabers of Commerce and Industry) meet on May 12, the visiting Mozambique President, Joaquim Alberto Chissano, said his country enjoys continued political peace and offers excellent investment opportunities.

The Mozambique government is committed to provide a favourable business climate and most sectors of industry are open for Indian investment, he said.

Chissano said he asked Prime Minister Atal Behari Vajpayee, during their meeting, to convert Mozambique's debt into an investment fund. Talks are also on to end the double taxation regime, he added.

Mozambique's trade agreements with other African countries, the US, the EU, and Latin America would provide easier and greater market access to Indian investors, he said.

The country is rich in mineral resources, has vast land area with low density of population and laws and rules have been framed to protect the interests of the investors, he said.

The country needs large investments in roads, bridges, schools, railways, and gas pipelines. Most of the country is rural and over 60 per cent of the population lives below the poverty line.

The average per capita income per day is less than one USD.

PTI