Mutharika upbeat Malawi to attract more investors, hails Africa trade deal

Malawi President Peter Mutharika on Thursday held briefing reporters on his delegation to Egypt and hailed the deal that combine the Common Market for Eastern and Southern Africa (COMESA), the South African Development Community (SADC), and the East African Community (EAC) into a free-trade zone.

Mutharika says summit was extremely important

Mutharika says summit was extremely important

Mutharika in Egypt

Mutharika in Egypt

“This Summit was one of the most important meetings that my government has attended so far,” said Mutharika.

Mutharika said the trade deal is an important milestone for the economic future for the continent and that explained that for Malawi to fully tap into the benefits of the TFTA it has to be able to produce more goods that can be sold to the extra market.

“The TFTA agreement itself is vital in that the market for our goods in Africa has grown by 25 more countries,” Mutharika said.

Commenting on what Malawi government is doing to provide favourable conditions that will attract Foreign Direct Investors, Mutharika said it now takes only five days to complete registration processes instead of the 95 days before the Malawi Investment Trade Centre was established.

“There are four key areas that we have prioritized in order to attract Foreign Direct Investments and also benefit from the TFTA. That is production of goods targeting the new market; value addition; exports and infrastructure development.

“On infrastructure development we are addressing the need for enough power for investments. Currently our electricity generation capacity is at 351 Megawatts and we need at least an additional 100 Megawatts to start attracting investors in the mining sector,” he said.

Nonetheless, the investment security profile for Malawi is very competitive. A recent survey has rated Malawi second in Africa after Botswana for upholding the rule of law and 62 in the world.

Mutharika also appealed on the media to “explain” to the masses on the benefits of the trade deal.

He expressed optimism that the country will attract more investors to concentrate on trade as opposed to aide and also achieve economic independence at the end of his first term in 2019.

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17 thoughts on “Mutharika upbeat Malawi to attract more investors, hails Africa trade deal”

  1. Winston Msowoya says:

    Peter do you think that foreign investors are dumb like you driving sleeping Malawians? With endemic corruption spearheaded by your leadership,fragile infrastructure and confused political trend,what kind of investors will want reap nothing from their sweat? Peter,put your house in order and then expect good returns.Anyway,keep on trying,but remember you are dealing with bright peaple who value their hard earned finances

  2. Winston Msowoya says:

    Peter do you think that foreign investors are dumb like you driving sleeping Malawians? With endemic corruption spearheaded by your leadership,fragile infrastructure and confused political trend,what kind of investors will want reap nothing from their sweat? Peter,put your house in order and then expect good returns.Anyway,keep on trying,but remember you are dealing with bright peaple who value their hard earned finances.

  3. mbuyuni says:

    We are relying on bank ya mmudzi for small loans otherwise bank charges are untouchable.

  4. A Cuthbert says:

    Wishful thinking. Banana republics

  5. Alex says:

    The ‘investment security profile for Malawi is very competitive’ ?

    Malawi may have come second in Africa for upholding the rule of law, which is commendable. Investors can be secure that their assets will not be abruptly seized, and so on.

    However, that hardly translates to a ‘competitive’ environment for doing business.

    For that, better take a look at the World Bank Doing Business Index – where Malawi comes a miserable 164th globally (down 1 place from last year). It takes a mind-bogglingly ridiculous 38 days to register a business – and that’s just on the ‘official’ measure!

    Transparency International’s Corruption Perception Index – we come 110th.

  6. John says:

    While Malawi is all smiles with the TFTA, neighbor Mozambique is not buying it…yet. I am quoting from APA:
    Mozambican Primer Minister Carlos Agostinho do Rosario has refused to sign on behalf of his country the agreement setting up a tripartite free trade area (TFTA) involving three African economic blocks, saying the government still needed to check the impact which the agreement could have on the economy.
    “There are questions that have to be studied and about the origin of imported products, and their selection, about which areas should be liberalized, and where liberalization could be gradual. This entire exercise has to be done in such a way that the growth of our industry is not damaged by membership of the TFTA.”
    “Mozambique ha a Five-Year Government Program, which concerns the creation of better living standards for Mozambicans, and this means creating more jobs, more income, and getting industry to work, so it is important to check whether or not the agreement benefits Mozambique’s exports to the region, and whether imports under the agreement will not create difficulties for the rebirth of national industry.”

  7. Julie says:

    I dont see any foreign investors investing in Malawi with these blackouts, water shortages, insecurity, MRA robing the investors in the name of taxes; if i ask for a loan at my workplace, you mean MRA should get 38% of that loan and me being deducted the same? Infringed benefits and the like, Mr President, you are joking if not day dreaming

  8. Blessed Banda says:

    100 MW or 1000 MW? The one who advises the President on energy should be fireed. He is misleading the Professor. 100 MW is only enough for 2 and half industries. We need industries that can manufacture goods 24/7. If we are mining we should also turn the minerals into finished products and the projected energy demand for the mining and manufacturing sectors is well beyond 1900 MW.

  9. NYAU says:

    Bravo APM I Wishing All The Best Mr President.

  10. Funso says:

    We heard that investors were coming after the president visited New York. Have any come? Will it be any different after the Egypt trip?

  11. ujeni says:

    He has signed an agreement that other countries should flood their products in Malawi

  12. Mafuta says:

    There is not a plan to attract back Malawians in the diaspora. You also need these people as they have acquired the experience of working overseas and can help rebuilding the country. Think of ways of woeing them back. It should not be business as usual. Stop paying lip service and drive into action mode. 50 years of independence and having nothing to show of it is no good.

  13. ujeni says:

    Mutharika stop making yourself look foolish. SADC is a big market already yet we fail to sell enough. Signing agreements like that is not knew to Malawi, we have no roads to major arras of potential investment, blackouts will still be there, armed robberies will still be there, water shortage will still be there, unemployment will still be very high. Come home sit in your office and give Malawi peace before you start cheating investors who in any case will base their companies in countries surrounding us.

  14. Sapitwa says:

    FDI is mostly on projects which the locals have no expertise and financial muscle thus: power generation, rail, road construction etc.
    Malawi has a lot to offer indeed but I think to benefit locals,there should be a ring fencing strategy for the local businesses too.

  15. Yahudah says:

    This Nation need to be wipe from these parasites the politician who are just hand pick house slave for the uncivilized muzungu who is pulling the strings and exploiting and oppressing the people for their selfish greedy gain spreading death democracy (demonic rule) and turning man away from the knowledge of YAH the truth which if a man/woman does they live. It is time to remove these murderers, thieves, whores, sodomite, drunk, idolators, and his jezibel wife and these filthy religion islam, Christianity, judaism, and send these beast tobthe cemetery

  16. Lending Rates 50% says:

    Mr Peter Mutharika do you have any deliberate policy for the local Malawian invwstors who are now looking for opportunities in Mozamboque? You talk about foreign investors everyday what is there for the local? The 50% bank interest? What will happen to locals of the country has full of foreign investors?

    Think bwana.

    90% of the illegal immigrants in RSA were Malawians, are you not ashamed sir? One day cal for a meeting with local business and hear them out.

  17. The Truthful One from the West says:

    Let us be realistic here. What is it that Malawi can export to this expanded market that we are not already exporting? Is it maize? The answer is not much. My prayer is that the proposed National Planning Commission will be truly independent for it to come up with hard hitting non-partisan practical proposals. What the President has said is largely political. Investors only go where they are going to earn a good return on their investment.

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