The British Investment firm CDC says it is raising millions of dollars for investments in Malawi and is open to receive proposals to grow entrepreneurs especially in the agro-processing sectors with potential to produce products for export.
CDC Chairman Graham Wigley who was main speaker at the inaugural Malawi Investment reception hosted by the Malawi UK Business Group in London on Monday evening, said the group had been investing in Malawi since 1949.
The Group is the initiative of the Malawi High Commission in London but is run independently by businesspersons, academics and Malawian diaspora interested in doing businesses or offer services to Malawi.
“We were involved in Viphya plantations and now our focus is the agriculture sector and grow entrepreneurs. Those Malawian businesses that are viable, we will always be willing to support and help them to grow,” said Wigley.
CDC’s Director and Head of Food and Agriculture Jean Habay told the high-profile reception that the firm had invested US$50 million in Donnas Eggs to increase production from 20 million eggs to 40 million eggs, making it the largest egg supplier in Malawi eyeing the export market.
“We also gave Standard Bank of Malawi US$25million to boost their lending to entrepreneurs as part of helping small scale businesses grow. We have also invested in Africa’s largest irrigated Macadamia nuts projects in Mzuzu. We hope to raise millions of dollars for further investments in Malawi and welcome those that have ideas to come and approach us,” said Habay.
Patron of the Malawi UK Business Group Mohan Kaul said the group had proven to be one of best platforms to expose Malawi’s hidden opportunities and linking investors with potential financiers in the UK was one of the key goals.
“We are grateful to CDC for being among the first investors to support this group and Malawi. We hope the businesses here will find it helpful to know where they can get support. Malawi is a great country with enormous potential to become the processing centre for African exports, the business climate has improved, it time to do business in Malawi,” said Dr. Kaul.
Malawi Investment and Trade Centre (MITC) Director of Investment Promotion Joshua Nthakomwa told the business, academic and British and Scottish Government officials at the event that Agriculture and Agro-processing are among the key investment opportunities businesses can immediately start in Malawi.
Nthakomwa floated fish farming at Lake Malawi,spinning of Cotton into Yarn through a US$17 million venture, fertiliser manufacturing plant,the 43,000 hectreShire Valley Transformation Project and the 275 hectreKasinthula Fish Industrial Park in Chikwawa and horticultureproject equity offered by the Airport Development Limited which all provide export opportunities for investors.