Limak Holding begins work on cement factory in Mozambique

Limak Holding has opened up to Africa by seeking business opportunities in Mozambique, a southeastern African country with a population of 24 million. With an investment worth of $40 million, the company has laid the foundations of a cement plant that will have an annual capacity of 2 million tons in Maputo, the country's capital, which has recently attracted intense attention from Turkish construction and infrastructure companies. The plant is scheduled to come into operation in the first quarter of 2016.

Serdar Bacaksız, a Limak Holding board member, said the company has been closely monitoring the African market for a long time and might increase its investment by up to $150 million if needed. Underlining that Mozambique falls short of satisfying the rapidly increasing demand for cement, Bacaksız said the country offers major incentives to foreign investors, as 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 such kinds of different opportunities in the region.

Meanwhile, Limak Kosovo International Airport JSC, a consortium company owned by Limak Group, has ranked first in the corporate social responsibility category of the International Public Relations Association (IPRA), adding another award to the 13 awards it has already received. Haldun Fırat Köktürk, the CEO and board member of Limak Kosovo International Airport JSC, said the holding company supported many projects in all fields in Kosovo.

Limak Holding aims to achieve a turnover of $3 billion by the end of the year, Bacaksız said, adding that this objective might slightly change because of exchange differences. Apart from the budget it has dedicated itself to the construction of Istanbul's third airport and the company aims to invest around $500 million both at home and abroad in 2016. It might undertake new investments in Africa and Russia as well.

Aylin Taşhan, Turkey's ambassador to Mozambique, said the trade volume between the two countries soared to $111 million in 2014 from $5 million in 2003. Touching on the business opportunities Mozambique offers to foreign investors, Taşhan said the country is on the verge of a major leap in all fields, with energy, construction, infrastructure, agriculture, fishing and tourism taking the lead and she invited Turkish investors to seize this opportunity in the country.