India, Mozambique ink MoU to boost ties in New and Renewable Energy sector

India and Mozambique agreed to deepen cooperation in New and Renewable Energy.

In this regard both sides inked Memorandum of understanding (MoU) on expanding cooperation in energy sector.

It was signed after delegation level talks between Indian Prime Minister Narendra Modi and his counterpart Filipe Nyusi, President of Mozambique who is on official 5 day visit to India.

Apart from this, both nations also agreed ways to intensify cooperation in maritime security and ocean economy as both have large coastlines and are linked by Indian Ocean.

India and Mozambique Relations

India and Mozambique share a history of profitable trade relations and there bilateral trade in 2014-15 valued at US 2.4 billion dollars. In last 5 years trade between the two countries has multiplied five times.

India’s strong relation with this south eastern African nation will play important larger role in its foreign policy in Africa and the Indian Ocean region. Mozambique also can important role to meet India’s energy security as it is a proximate source of natural gas, coal and other minerals.

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Categories: Business & Economy Current Affairs 2017International Current Affairs 2017

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