Africa: Malawi to Seize Golden Chance As UK-Africa Investment Summit Gets Underway

UK Prime Minister Boris Johnson speaking at the opening of the UK-Africa Investment Summit, in London, January 20, 2020.
20 January 2020

President Peter Mutharika on Monday led a delegation of Malawian leaders and businesspeople to the UK-Africa Investment Summit in London open by British Prime Prime Minister Boris Johnson with Malawi eyeing investments, continued trade and multilateral deals with a post-Brexit UK and deepening of political ties.

President Mutharika arrives at the venue for the summit British Prime Minister Boris Johnson bringing together the business community, governments and international institutions to showcase and promote investment opportunities across Africa Mutharika among leaders at UK-Africa summit: It is time to open Malawi for business President Mutharika with UK Prime Minister Borris Johnstone as Malawi is among 21 African countries invited to attend the summit.

Johnson called for the UK to be the "investment partner of choice" for Africa, saying that he hopes the gathering will "generate new opportunities in Africa for businesses across the UK".

The UK-Africa Investment Summit brings together 21 African countries with UK and African companies.

Mutharika is busy in the business-focused forum to lure investors to Malawi, one of the peaceful destinations on the continent.

Accompanied by Malawi's High Commissioner Kenna Mphonda, Minister of Foreign Affairs and International Cooperation Francis Kasaila, Minister of Trade, Industry and Tourism Salim Bagus, Minister of Local Government and Rural Development Ben Phiri, the business community and senior government officials, President Mutharika is selling Malawi to the summit as the new centre of the development in the continent.

The Malawi leader is upbeat to secure successful investment deals, especially through the Malawi Investment Forum set for January 22 which should mark the turning point in the country's desire to attract investors.

Mutharika said he is taking the summit seriously as the platform for creating new partnerships to deliver more investment, jobs and growth to benefit people.

Malawi Investment and Trade Centre (Mitc) has prepared 18 bankable projects for marketing at the summit.

Mitc chief executive officer Clement Kumbemba said the summit presents a greater opportunity for Malawi to showcase its available investment projects.

He said: "We have 10 private sector companies, including Press Corporation, Nico Holdings plc, CDH Investment Bank and six public sector companies with projects, among them, Egenco and Lilongwe Water Board, all these with bankable projects to market at the summit.

"In total, we are marketing about 18 projects at the summit. Besides, we will have a Malawi Investment Forum on 22 January, a platform dedicated to Malawi".

According to information from Mitc, some of the projects to be marketed include the Kholombidzo Hydro Power Project worth $515 million (about K380 billion), Cable Car Poject on Mount Mulanje worth $200 million (about K148 billion), Diamphwe Bulkwater Project valued at $300 million (about K222 billion).

The Cape Maclear Resort Project worth $4 billion (about K3 billion), Small-scale Farming Project by Green Belt Authority worth $25million (about K18.4 billion), the Mwananjobvu Project in Chikwawa by Green Belt Initiative worth $30million (about K22 billion), and the Raw Material Project for Ethanol worth $50 million (K37 billion).

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