The Bank of Mozambique has signed a new co-operation agreement with the People’s Bank of China that seeks to establish a mechanism to manage reserves and a monetary policy, in order to entice more Chinese investors, the Mozambican central bank said, according to news website Macauhub.

The Governor of the Bank of Mozambique Eduardo Gove signed the agreement during a visit to Beijing, between November 10 and 17.

During the visit, Mr Gove also outlined to local investors the business and investment environment of Mozambique.

With regard to international co-operation, Mr Gove said Mozambique is now attracting investments in almost all sectors of the economy, and particularly for exploration of non-renewable natural resources, Macauhub reports.

The Governor of the Bank of Mozambique noted that trade between Mozambique and China currently totals about US$1 billion, which could double by the end of the year, the online media outlet added. Mr Gove also highlighted that Chinese companies are very much involved in Mozambique’s development.