The Indigenous Businesspersons Association of Malawi (IBAM) says the country needs more investors to foster its economic stability and has since urged Japanese Investors to include Malawi in their $30 billion Africa Investment package.
IBAM President Mike Mlombwa, who attended the 6th Tokyo International Conference on African Development (TICAD VI) Summit in Kenya, observed that Malawi has numerous business opportunities, but local entrepreneurs do not explore them as they don’t have better financial muscle.
TICAD VI was held in Kenya where a $30 million Africa Investment package was announced and Africa will benefit from this investment package by 2018 including a $10 billion investment in infrastructural development.
“People out there, think African countries are poor with no trade and investment opportunities. African countries including Malawi have numerous business opportunities and I did highlight to the prospect investors to consider coming to Malawi to explore trade and investment opportunities.
“We could be poor as people, but Malawi was largely blessed with various natural resources and trade and investment opportunities,” said Mlombwa.
Mlombwa further challenged Japanese investors to spread their $30 billion Africa investments equally to make their Africa –intervention meaningful and effective.
He claimed that Malawi’s transition from aid to trade require massive industrialization drive and therefore urged government to create an enabling environment by building capacity among local investors and wooing more foreign investors into the country.
“Government should create a conducive business environment through economic, administrative, legislative and regulatory reforms that would attract more investors Domestic and foreign investment is the engine of economic growth,” said Mlombwa, also Managing Director of Country Wide Group.
The decision to host TICAD VI Summit in Africa was reached during the TICAD V Summit in 2013 when it was agreed that the venue of subsequent TICAD Summits be alternated between Japan and Africa.
TICAD has been an evolving element in Japan’s long-term commitment to fostering peace and stability in Africa through collaborative partnerships .
Japan stress the importance of “Africa’s ownership” of its development as well as of the “partnership” between Africa and the international community.
The exchange of views amongst the conference delegates serves to underscore the case for more, not less assistance from the major world economies.
“When combined with the investment from the private sector, I expect the total real amount to be $30 billion. This is an investment that has faith in Africa’s future,” said Japanese Prime Minister Shinzo Abe at the Summit.
About 35 African heads of state and government attended the Summit including members of the African Union Commission and 10,000 delegates from the economic community.Follow and Subscribe Nyasa TV :