Malawi nets $1bln in prospective investments at Lilongwe forum

Malawi’s first ever investment forum netted more than $1 billion in prospective investments, the trade minister said on Wednesday, as officials hoped the amount would rise to $10 billion once all proposed deals were concluded.

President Mutharika visits Huawei Electronics Pavilion at Malawi Investment Forum in Lilongwe -Govati Nyirenda-MANA-

President Mutharika visits Huawei Electronics Pavilion at Malawi Investment Forum in Lilongwe -Govati Nyirenda-MANA-

Malawi nets $1bln in prospective investments at Lilongwe forum

Malawi nets $1bln in prospective investments at Lilongwe forum

Malawi, which is trying to move away from dependence on Western donors who are withholding budget support, following revelations of corruption in 2012 demanding that the government investigate and prosecute those involved in stealing state funds. Over $20 million is believed to have been plundered.

The forum, which attracted 150 international investors from the United States, Asia and Europe.

“By close of business yesterday (Tuesday) we had closed in on three deals worth $1.1 billion in prospective investments but we are confident that the we will reach the $10 billion mark … with a lot of interest in energy, mining and the agriculture sector,” Minister of Trade Joseph Mwanavekha told Reuters.

He said all pending deals would be sealed within two weeks.

The southern African nation is dependent on tobacco as its main foreign exchange earner but the global anti-smoking lobby is hurting its earnings and crippling the fragile economy.-Reurters

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6 thoughts on “Malawi nets $1bln in prospective investments at Lilongwe forum”

  1. Achimidzimidzi says:

    Wishful thinking. Our “Trained dog.”

    Will the mining investors use solar energy or electricity?

    mining is not viable in Malawi.

  2. Samarakunjuta says:

    I have said it before and I will say it again.The only answer to all these rubbish is federal government.

  3. Samarakunjuta says:

    Whatever!!

  4. Leviticus says:

    How do you ‘seal’ a deal on a ‘prospective’ investment?

    Surely it’s not yet ‘sealed’ if it is still prospective.

    $10 billion?

    Okay Mr. Mwanavekha, we expect to hear back from you within two weeks on the pending or ‘prospective’ deals.

    I’m sure you will detail the deals, give us a time-frame for when they will be realised, what kind of industries will be invested in, how many jobs they will create.

    After all, you are a very efficient, ‘business-friendly’ government.

    Rubbish.

    We all know these ‘investments’ will disappear in the wind.

    In another 6 months or year or two, you will yet again announce more billions in investments from unspecified ‘investors’.

    Meanwhile, no investments will be made. Factories won’t open, mines will remain dead, power will remain scarce and agriculture will continue to languish.

    The investors will look at the inefficiency and corruption in Malawi and decided their ‘prospective’ investments weren’t so ‘sealed’ after all.

    The problem is the ministers will want a big cut for their own pockets.

    Shame.

  5. half trillion says:

    kkkkk! you don’t ‘net’ a prospective deal, you net an agreed deal that’s been signed and sealed. until the ink is on paper then it’s just a prospect that hasn’t been ‘netted’ yet. rather say ‘some prospective investors have shown interest in doing business.’

    chimodzimodzi kububyulila nkazi okongola ndikumawona ngati ukumumunyenga.

  6. freedom says:

    It is within my opinion of interest to lobby for interested investors in the country and my profound dream is that of other sources of energy sector and this government duly elected by loving Malawians should be the front line.the cheapest and reliable sources of energy will make all this dream come true.we had local investors in Namwera who tried wheat and legume farming but luck of reasonable source of energy,made the whole pirot project a flop due to high cost of diesel at the time and this is a serious threat to our agenda in all directions for investors.please reduce taxes on all energy as this is an every day usage.escom has been one of west contribute to down falls of investors in Malawi as they take ages to give you the quotation and it comes with no intention to understand the concept of the cash that the government will benefit from the investment.let the ministry responsible for energy efficiently and effectively look into this and am totally believe we can all benefit from this initiative.we need to promote industrial production along lake Malawi and perennial rivers so that our cities have enough water supplies.with this small remarks I support this investment forum.and I wish I could have been in attendance.

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