KARACHI, March 4: Pakistani business community has been urged to explore Mozambique where vast avenues for investment were available and a big market awaited their goods.

Khalid Tawab, Honorary Consul General of Mozambique and a leading Pakistani businessman in a statement on Saturday, said that businessmen from various countries had shown their interest to invest in Mozambique which was very rich in natural resources especially, in minerals.

The profit margin in Mozambique is very high in comparison to other African countries due to huge trade opportunities there, he said.

He said that the Mozambique government had focussed on tourism industry which had grown rapidly during the last couple of years. Due to the increased number of foreign tourists, attracted by Mozambique’s vast coastline and beautiful forests, the local hotel industry had registered 500 per cent growth over last three years.

The law and order situation there has greatly improved, the honorary consul general said adding that the government had taken special security measures for the safety of the people.

He said that the Mozambique government had offered incentives for attracting more investment in the hotel industry which included provision of land at low rates , soft-term loans, and other necessary facilities.

Khalid Tawab said that the service industry, especially the banking sector had great potential for investment as it offered a high rate of interest. He invited Pakistani banks to open their branches in Mozambique. He said new initiatives were being taken to promote trade and investment between Pakistan and Mozambique which included the increased exchange of business delegations.

“One high level delegation from Mozambique is scheduled to visit Pakistan soon. We have also planned a delegation representing wide range of business sectors”, he added. —APP