Mutharika lures OPIC to invest in Malawi

Malawi President Peter Mutharika has said his administration remains committed to creating the most conducive investment environment in Malawi as private capital is key to the development agenda of the country.

Mutharika with OPIC members

Mutharika with OPIC members

OPIC members briefing President Mutharika

OPIC members briefing President Mutharika

“Since taking office in May, 2014, my government has embarked on several legislative and administrative reforms to make Malawi attractive to private capital,” said Mutharika at a meeting with Elizabeth Littlefield of Overseas Private Investment Corporation (OPIC) in Washington DC.

The Malawi leader informed OPIC that his government in September, 2014 established the One Stop Service Centre at the Malawi Investment and Trade Centre (MITC) thereby involving institutions that are key to the investment process such as the Department of Immigration, Ministry of Lands, Malawi Revenue Authority, Registrar of Companies for fast decision making.

“Senior officials at MITC were given a timeline of five (5) days to receive and process investor applications or permits as opposed to the 60 days it used to take, with the exception of business land which we are still working on presently,” said the president.

Mutharika recalled that during his first meeting with OPIC in August 2014 there was an expression of concern that MITC lacked teeth and capacity to deliver.  In response he said among other efforts his government is implementing to strengthen MITC to ensure that investors are assisted most efficiently.

“Government, realizing that investment opportunities were scattered all over the Ministries and the private sector decided to produce a Malawi Projects Handbook, which has consolidated most investment, projects for easy accessibility by investors,” he added.

Mutharika also stated in a quest to ease access to business land, his administration has allocated pieces of land to MITC, in the cities of Blantyre, Lilongwe, and Mzuzu, to develop industrial parks and turn some into special economic zones.

He therefore emphasized that it was his desire to see OPIC play a more proactive role in Malawi as his government is committed to ensuring that any impediments to doing business in Malawi, by American companies, are addressed with speed.

“I have met with several American investors, during my recent visits and I know that all these companies qualify for investment financing from your organization, as such, I firmly believe they will not fail to invest in Malawi. During our last meeting, I learnt with envy the massive capital inflows that your company has invested in Africa where it was made clear that your investment in Malawi is almost negligible,” stated Mutharika.

On this note President Mutharika said he wants the situation to change with speed, hence the many reforms and initiatives his administration was implementing.

Mutharika also announced that his government will organize the first ever Malawi Investment Forum on 29th and 30th June, 2015 to showcase bankable investment projects in Malawi.

He then requested OPIC to be among the key speakers at the forum and further requested OPIC to assist Malawi in publicizing the event to American investors.

In her remarks President and Chief Executive Officer of Oversees Private Investment Corporation (OPIC) Elizabeth Littlefield said she was excited with the developments and initiatives taking place in Malawi saying that her organization is convinced and ready to support investment in Malawi.

“Let me applaud President Mutharika for coming up with a compendium and making strides in as far as wooing investors is concerned. Our role as OPIC is to stimulate investment by providing loans and finance in areas of agro-processing, power sector, infrastructures, transport and tele-communication, and risk mitigating among others,” said Littlefield.

She said OPIC observed that Malawi has little investment which needs enhanced Foreign Direct Investment (FDI) to stimulate local investment as such OPIC as a demand driven agency will do everything possible to support potential investors in Malawi.

The Overseas Private Investment Corporation (OPIC) was established in 1969 and began operations in 1971 to promote and assist U.S. business investment in developing nations. OPIC is a U.S. government agency that provides project financing, investment insurance and other services for U.S. businesses in 154 developing nations and emerging economies.

The activities of OPIC are grouped into three categories which include finance, insurance, and investment development. OPIC’s finance program operates like an investment bank, customizing and structuring a complete package for each project. To obtain OPIC financing, the venture must be commercially and financially sound and be wholly owned by U.S.

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Peter wa Peter
Guest

APM, uku ndiko kubwera. Matambulawo blue, blue, blue. Wina alira 2019. Ine wanga ndi APM, APM, APM> DPP woyeeeeee. Wina afune asafune, 2019 Peter ndi boma!

Dr Titoh
Guest

Biq up mr p we are pround of u sir

Edison Banda
Guest

Agood Move But Need To Be Focused On

ujeni
Guest

All these pictures are just publicity stunt. We have been there before. The last time this president of ours went to New York and slept in the most expensive hotel, he came back saying he has lured billions of dollars of investment. We are yet to see even a tambala of that

Bauleni
Guest

If Malawi will develop it has to start by our attitude towards each other and towards the development itself. Do we need to develop??? If the answer is yes, then let us all be positive and work hard to achieve the development. Pat the back of those that are putting their efforts in achieving the goal. People like Chigawenga can not even at personal level develop

ziko
Guest

Kodi GALA ija ichitika liti? Bwana mwakhala kumeneko two weeks tsopano.

Winston msowoya
Guest

Peter,OPIC knows very well that Malawi is one of the corrupt countries in the world under your leadership,therefore it is not astonishing that the American based establishment,wants to capitalize the venture for its own benefit.Remember,Opic is a sophisticated international money making entity that leaves no stone unturned and in the final outcome,Malawi will find itself entangled in its own web.May be try your own self- reliance doctrine which you recently parroted to your fellow Malawians and indicated strongly that you will sidelined the country’s traditional donor partners.Good luck Peter.

Blunt Truth
Guest

The plain truth is that Peter Mutharika and his DPP govt have scanty understanding of the Malawi economy. The majority of Malawians lack sufficient purchasing power to support an investment. Investors want to make profits by selling enough what they produce. Govt ministries do not have epertise to come up with profitable business ventures. What the compendium cointains is just a list of infrastructure projects.

Apostle chris mchanda Banda.
Guest

True that, becouse, acountry cant, progress without, security. But to my surprise, most Journalist, dont regard police, as one of vital organs for acountry to develop. Apolice officer is like The Almighty
God. God, provide security, and so is apolice officer. God rules, governs this this country, and so is apolice officer. God forces laws, and so is apolice officer. Lets join hands, to respect, to give
royalty, ability, and or punctuality. Therefore, we have, to include, police officers in our dairly endeavours.

john
Guest

Kodi ma officials ngati ADC and those security guys akutanimo meetingmo?it reflects badly as they create fear for those investors.they are not supposed to appear in meetings atangoima choncho.protocol guys from foreign affairs tawaphunziseni amenewo nanga ndine ndemwe munthu wamba I am able to see

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