By Our Correspondent
Tanzanian billionaire Mohammed Dewji’s MeTL Group plans to invest US$250 million in Mozambique as the conglomerate expands its operations across eastern and southern Africa, with the proposed investment expected to create up to 20,000 jobs.
The investment commitment was announced by Dewji, MeTL’s president and chief executive, following a meeting with Mozambican President Daniel Chapo in Maputo on Tuesday.
According to Business Insider Africa, Dewji said the discussions with Chapo had been “very fruitful” and resulted in a commitment by MeTL to invest $250 million in Mozambique and seek to employ 20,000 Mozambicans.
Mozambique’s presidency said the meeting identified potential investment opportunities that could support the development of new production, distribution and service chains in the country.
However, details of the proposed projects have not yet been disclosed.
Business Insider Africa reported that MeTL and the Mozambican presidency have yet to announce where the investment will be deployed, the timetable for implementation, the financing structure or how the projected 20,000 jobs would be distributed.
The announcement represents an investment commitment rather than capital already deployed, with the scale and timing of the expansion still to be clarified.
Expanding regional footprint
MeTL Group is a privately owned Tanzanian conglomerate led by Dewji, one of Africa’s prominent billionaire businessmen. The group has interests spanning manufacturing, agriculture, trading, logistics, financial services and other sectors, with operations extending beyond Tanzania.
The planned Mozambique investment forms part of the group’s broader expansion across eastern and southern Africa.
For Mozambique, the proposed $250 million investment could provide a significant boost to industrial activity, supply chains and employment at a time when the government is seeking to attract more private-sector investment and expand domestic production.
The announcement follows a series of major investment initiatives across Africa as companies seek to take advantage of the continent’s growing consumer markets, natural resources and regional trade opportunities.