India, Mozambique to scale up economic cooperation

India Saturday reviewed all aspects of its bilateral cooperation with resource-rich Mozambique and both sides agreed there was greater scope for bilateral economic cooperation, including enhancing Indian investments in the southeast African country.

External Affairs Minister Sushma Swaraj met visiting Mozambique Minister of Foreign Affairs and International Cooperation Oldemiro Baloi here.

Bilateral trade between India and Mozambique is $1.5 billion and India is amongst Mozambique's top five trade partners.

Mozambique is amongst the largest recipients of Indian Lines of Credit in Africa of more than $600 million, said official sources.

There are prospects of enhanced cooperation in the areas of upstream and downstream in the oil and gas sector in Mozambique, it was conveyed.

India's investment in Mozambique through FDI as well as concessional Lines of Credit has had a transformational impact.

The two ministers also decided to work together on issues relating to tackling the Ebola Virus and gain through each other's experience in this regard, the sources said.