6 November 2018

Malawi Could Receive a Boost At African Investment Forum in SA - Minister Mussa

Photo: AfDB Group/Flickr
Day 1 of the Africa Investment Forum at the Sandton Convention Centre in Johannesburg.

Malawi could receive a surge of invement boost at the African Development Bank's Africa Investment Forum this week wh which will take place from Wednesday to Friday at the Sandton Convention Centre in South Africa, Minister of Industry, Trade and Tourism Henry Mussa has said.

Mussa said the country is being represented by Malawi Investment and Trade Centre (Mitc) chief executive officer Clement Kumbemba and his delegation and that the High Commissioner in Pretoria will also be part of the delegates.

He said the three-day forum, which will kick off on Wednesday, is key for Malawi to attract foreign direct investors at a time the economy is stable and projected to grow.

"The Malawi team is well prepared and we expect more tangible progress," Mussa said in an interview with Nyasa Times.

MITC has complied 20 bankable projects to present in various sectors, including energy, mining, agriculture, manufacturing, media and communications and infrastructure development.

The forum will be 100% transaction-based, according to the African Development Bank.

"The focus is on structuring deals, screening and enhancing projects, attracting co-investors and facilitating transactions to unlock Africa's multibillion-dollar investment opportunities."

This also comes after African countries signed the Africa Union's continental free trade agreement in March, with the goals of creating a single market and customs union on the continent.

According to the 2017 Malawi Economic Report, Malawi remains one of the countries in Africa with the lowest levels of Foreign Direct Investment (FDI).

"This can be explained by several challenges the country is facing which can be discouraging foreign investors notably, high transportation costs, unreliable supply of water and electricity, high import duties, high corruption and unpredictable factors and product prices".

According to Mitc figures, between 2011 and mid 2016, Malawi attracted foreign and domestic investments worth $6.5 billion (about K4.7 trillion).

A strategic plan by Mitc project the country's investments to rise to $15 billion and increased export earnings to $4.9 billion by 2019 as well as the creation of 650 000 direct and indirect jobs.

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