Mutharika meets Egyptian investors to open 2 tobacco factories
Malawian President Peter Mutharika on Thursday received in audience of New Valley Tobacco Manufacturing Company bosses Mr Yehia (Chairman) and Mr Ahmed Moneim (CEO) at the Maritim Jolie Ville Royal Peninsula Hotel in Egypt.
New Valley Company will support the establishment of a tobacco processing factory in Lilongwe co-run by Egypt’s Tobacco Company and Malawi Leaf Company.
In the near future, the Industry and Trade ministers from the two countries will meet to sign a memorandum of understanding that will allow for the setup processes of the tobacco processing factory by next tobacco season.
As the processing factory the will be operational, the deal is also expected to see Malawi have another local cigarette manufacturing factory funded by New Valley Company and improve her employment situation.
According to Egypt’s ambassador to Malawi, Maher El-Adawy, Egypt’s relations with Malawi have been growing impressively and to the good benefit of the two peoples.
Also in attendance were Malawi Foreign Affairs Minister. Dr George Chaponda, Joseph Mwanamveka, Presidential aide on economy Dr Collins Magalasi and Ambassador El-Adawy.
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You have not told us where these factories will be located. Please one factory should go in the north and another in the centre where tobacco is grown. This would also reduce transport costs.
When local companies don’t have international competition standards fall. Have competition so you can be on your toes
FDI welcome but ring fence local businesses in the process. It could be mergers, acquisitions, taking part there off and allocate to locals etc. we need these FDI to invest wealth and skills too.
The country’s leadership should be weary of some investment promises, Egypt will most likely just flood our country with troublesome traders. Take a leaf from what happened in Zambia before you starting giving these guys investment licenses.
How should the President support Nyasa Cigarettes? I thought the company is on the ground let it advertise it’s products
Alhomwe global trotting. Mwanavekha, Chaponda, Collins Magalasi, Mutharika: Shit. Misonkho timapereka tonse regardless of tribe. Pitara plz confine nepotism, tribalism and regionalism to archivws of history
My advice to the investors. Bring your own capital or borrow from your country not here.
Bwana Mutharika,please support Nyasa Cigarette company to expand its operations as Malawi’s indigenous company whose activities will benefit the country immensely in terms of export earnings.The coming in of Egyptian companies is welcome but this shouldn’t be at the expense of disregarding the interests of local companies.Remember, South Korea prospered because it promoted domestic industries to flourish,export,and compete against the best internationally while applying principles of protectionism. For an economy like Malawi’s,it needs foreign investment to learn the expertise of foreign companies but it also needs to safeguard the interests of local companies in order to balance the inflow and… Read more »