Come and create wealth in Malawi, President Mutharika beckons UK investors
Malawi is an African destination that can benefit investors to have quick returns and contribute to wealth creation, President Peter Mutharika has told United Kingdom business gurus.
President Mutharika was speaking at the UK-Malawi Investment Forum organized by the Malawi High Commission in the UK and the Invest Africa which was funded by firm Hogan and Lovells Africa. The forum was attended by over 50 businesses from the UK, Europe, Dubai and Malawi.
The President, who was in jovial mood, chaired a question and answer session which he challenged officials from state agencies to give answers on various topics including energy, incentives for investors and improving business climate.
“Malawi is a country where you can come to create wealth,” he said, adding “this story also reminds us that money is there to be created. The challenge is that most people do not know the art of creating wealth.
“My job in leading this Government is to create conditions that enable the private sector to grow and create new wealth. Our policy is to create a bigger private sector and remain with a smaller public sector,” said Mutharika.
He said his administration is undertaking belligerent measures to create growth of the private sector by doing a number of things including improving the economy, launch of foreign direct investment program, public sector reforms which had led to Malawi improve on the World Bank index of doing business and infrastructure development including expanding energy access and roads network.
“Our goal is to reduce cost of production. We are upgrading local Malawians to be able to commercialise and also create a skilled labour through community technical colleges,” said Mutharika.
During the question time, Mutharika tasked Dr. Collins Magalasi, Chief Executive Officer of the Malawi Energy Regulatory Authority to explain the energy sectors plans, opportunities and incentives for the prospective investors.
“The target is to expand access to electricity from the current 11% to 50%. This represents a huge investment opportunity for all types of energy such as hydro, gas, solar, wind or even coal. We regulate all players and an investor can operate as long as they have an agreement with ESCOM. The tariffs are negotiable ranging from 9 cents to 15 cents,” said Magalasi.
On incentives, the MERA CEO told the investors that government does not charge duty on energy related equipment and individual incentives could be negotiated to suit all businesses.
Mutharika then turned the heat on Malawi Investment and Trade Centre CEO Clement Kumbemba asking him when will Malawi improve on business index, incentives and opportunities for businesses.
Kumbemba said Malawi had at one time moved over 30 steps up the index and the current environment had greatly improved the chances of being among the top 100 ladder for the first time this year.
He said opportunities exists in Tourism sector, energy, infrastructure, agriculture and manufacturing including pharmaceuticals.
Business leaders from Malawi present during the meeting included Press Corporations boss George Patridge, Mr Jakhura of Nyama World, Roseberry Farms, King Tins, Galaxy Pharmaceuticals, Mkango Resources, Cape Maclear Enonomic Zone Project and many others who later on went into business to business meetings with the UK investors.
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Not to creat wealthy in Malawi, but to rob us. Look at the Chinese are doing now in the North, they are taking our resources away. Is that creating wealthy? Mbava iwe with your Dpp
FOOLISH INVESTORS!
come and waste your monies here
to you THE SO CALLED PROSPECTIVE INVESTORS, you better think twice before you invest in MALAWI, malawi is a sinking ship as i am writing.
dont waste your precious resources in MALAWI
When will the colonialism end?!?!? It was never about politics or rule, it was and is about economy! Since the arabs, then europeans, then indians, now chinese. And all of them rule the economies in Africa! Why invite them even more? “Come and get rich?” Wake up!
a so called president of a grandpa who seem not to know whats happening in his own country!!!
Your Judicial system is laughable
No Englishman would want to invest in that corrupt country.
The health system is nonexistent.
There’s no rule of law.
The infrastructure is in a sorry state.
And finally, there’s a daft president who is on autopilot, doesn’t know what’s happening around him.
Come to Malawi with your money so that I and my DPP can steal it, says Mutharika. I am an 87 year old thief… all I do is embezzle and steal
kkkkkkkk
We welcome the move but deal with this corruption Mr President.
Your govt is so corrupt.
One law for DPP another law for the rest.
DPP cadets can steal, kill terrorise others, thats ok. Ana a dad.
Others are labelled terrorist.
How can investors come to such a corrupt place.
They will promise yes. But their Ambassadors knows and feeds them with information on the ground.
Ambuya trying to justify the trip. Kodi abale summit imatha masiku angati? You mean it has not ended up to now.
Ended ages ago and I believe all but Malawi delegation left the country. Anyway, almost no one in the UK is aware this old mans presence.
Couldn’t express himself intelligently about “priorities in unlocking trade in Malawi”
He’s not intelligent.
The President should work on corruption first, and investors will definitely flow. After that meeting, they read Transparency International reports on corruption and get investment advice from technocrats, who would advise them to go to Rwanda instead. Basically, this a waste of time and resources
Ma Embassy alephera ntchito.
Kulota chani?mukulephera kuthetsa corruption ndiye mwati angabwere ndani?mwina okubatu kuti nawo adzakawe zawo nanga sizaphweka pa Malawi kkkkk😴😴😴😴😴😴😴😴tippex anakoza ndithu kkkkkkkkmaloto😴😴😴😴ukuwauzao dziko lawo silisekelera khani za corruption kkkkk
it looks promising lets pray for our country to have alot of investors coming in, so the youth can get jobs.
Kodi sanapitebe kumudzi agogo? Just wasting both time and tax payers/donor money.
Another question and answer? Oh my God. Was there anymore accidents (agogo not understanding questions?)
Mr President, how will they create wealth here when ESCOM is failing to clear customer faults making them to wait 3 to 4 days. Even ntchito za manja zimene zikuphunzitsidwa ma community colleges zilibe tsogolo chifukwa kupanga katundu ndi kovuta. Many small scale business are being killed by ESCOM within days because of being idle without electricity and they can’t manage generators plus fuel.
It’s as if the President is not in the loop of what is happening in Malawi, just imagine!!
If most of the investors are foreign based a local economy is doomed. In Malawi most heavy capital investments are foreign based and this is neo-colonisation; perhaps endo-colonolization where a few politicians benefit with colonial masters. Foreign Direct Investment is good but most Malawians are not empowered to operate in these FDI based org. hence we are trapped in Poverty. Before we go to Uk-Africa, India-Africa, Russia-Africa, Us-Africa etc summits we need to re-think what we need. The people in Malawi walk on gold without knowing it and those guys far away see our gold shinning hence wooing us into trade deals. Let us think global but act local.
People can not come to the nation where there is no rule of law…….azabese ndalama zawo ndi corruption ali ku Malawi wogula ma Judge wa…