Limak Holding begins work on cement factory in Mozambique

05 October 2015

Limak Holding is seeking business opportunities in Mozambique, an African country with a population of 24 million.

With an investment of $40 million, the company has laid the foundations of a cement plant with a 2-million ton annual capacity in Maputo, which has recently attracted intense attention from Turkish construction and infrastructure companies. The plant is scheduled to start operation in Q1 2016.

Serdar Bacaksız, a Limak Holding board member, said the company has been closely monitoring the African market and might increase its investment by up to $150 million if needed.

As Mozambique cannot satisfy the rapidly increasing demand for cement, Bacaksız said the country offers major incentives to attract foreign investors, because it needs new investments in all fields.

Limak Holding is also set to lay the foundations of a cement plant on the Ivory Coast in November with an investment of $55 million. “We plan to open it in 2016,” Bacaksız said, adding that the company will continue to seize opportunities in the region.

Aylin Taşhan, Turkey’s ambassador to Mozambique, said trade volumes between the two countries soared to $111 million in 2014 from $5 million in 2003. Taşhan said the country is on the verge of a major leap in all fields and invited Turkish investors to seize opportunities in the country.

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