Dangote no show at Malawi Investment Forum: Mutharika assures security to investors

Africa’s richest man, Aliko Dangote, who is worth an estimated $18.4billion, has failed to attend the high profile Malawi Investment Forum (MIF) which President Peter Mutharika opened in Lilongwe Monday.

Mutharika at the Malawi Investment Forum

Mutharika at the Malawi Investment Forum

President Mutharika, vice president Saulos Chilima and top govrnment officials arrive for the investment forum

President Mutharika, vice president Saulos Chilima and top govrnment officials arrive for the investment forum

The Nigerian industrialist who has investments in cement, sugar and flour, was expected in Lilongwe, the country’s capital, to hold private talks with President Peter Mutharika to discuss avenues for a potential investment.

But organisers confirmed Dangote’s no show when Mutharika opened the trade meeting, citing the billionaire businessman’s “security concerns.”

Dangote is aggressively expanding his business empire across several African countries. He recently launched a $500 million cement plant in Ethiopia, and is building other plants in Kenya, Niger and Congo, among other places.

In his address after opening the forum, President Mutharika said investment, both foreign and domestic, is the engine that will develop the economy of Malawi from a predominantly importing and consuming to a predominantly exporting and producing one.

“We believe that the private sector will bring the prosperity that our people earnestly deserve,” said Mutharika.

Mutharika said the country has initiated and implemented various reforms that will make the journey towards investment in Malawi easier.

“My Government will also provide security for foreign direct investments including flexibility in repatriation of profits,” pledged the Malawi leader.

Mutharika said the country has established a One-Stop-Service-Centre at the Malawi Investment and Trade Centre to assist investors with the registration of a company, the identification of land, the processing of employment permits and other required licenses, and advise on available incentives.

The President made a case for Malawi being conducive for investment, saying the country has liberalised the exchange rate and will uphold the policy.

“As a result, the Malawi Kwacha has been stable over the last year and the government expects that this trend will continue for the foreseeable future,” he assured.

He said Malawi has upgraded the electricity generation capacity and introduced demand side management measures.

“Malawi’s electricity supply has become increasingly reliable as generation capacity exceeds demand during off-peak hours,” said Mutharika.

He dislosed that as part of the upgrading of the transportation corridors, a rail line from Tete to the deep sea port of Nacala has been constructed, which Mutharika said will provide “fast access” to the Indian Ocean and cut transportation costs for the import and export of products.

Mutharika also told investors that Malawi has in this month of June, 2015 become a signatory of the Tripartite Free Trade Agreement bringing together twenty six (26) countries from the Common Market for Eastern and Southern Africa (COMESA), Eastern African Community (EAC) and the Southern African Development Community (SADC).

The treaty will boost regional trade and open up investment opportunities that seemed impossible a couple of years ago.

Mutharika nonetheless said there is “much more to be done” to improve the competitiveness of Malawi as an investment destination.

Malawi investment is intended to be national and annual event in Malawi that will bring foreign investors, local investors, heads of public institutions and development partners together to collectively discuss the business environment in Malawi and to identify prospective investment areas of interest.

Follow and Subscribe Nyasa TV :

Please share this Article if you like Email This Post Email This Post

More From the World

Sort by:   newest | oldest | most voted
Rommel
Guest
I taught you Malawians said Dangote will bring Boko haram and fraud to your country.You should be happy now that he has not come. By the way is Dangote the only investor in the world? You keep blowing hot and cold with no movement. Look the way forward is to develop investment and the culture of enterprise which is clearly lacking in your country. That is how the chinese indians and now Nigerians are doing it and that is what the black man needs – innovation zeal and enterprise otherwise we will continue to be the world underdogs. Some of… Read more »
SN
Guest
This is rather disappointing. Dangote decides to stand-up a whole president and its people and the best us Malawians do is poke fun at our own people in the pictures. What Dangote elected to do was very unprofessional. He accepted the invitation but then decides not to show up. It doesn’t matter how many millions one has, everyone’s dignity is defined and preserved by one’s public conduct. I commend Mutharika for this progressive step of initiating a platform that will promote future investment in Malawi and have not seen any (better) alternative propositions on this blog. Rather, just the typical… Read more »
Chimulhakho cha
Guest

A khokhola pa town tsopano kkkkkkkk. Akhakha

koma
Guest

Mrs first lady Getrude that suit color is for party…wedding etc not there u look silly.

Enougjh
Guest

Achimidzimidzi, well said and the list is long don’t forget:
_poor infrastructure
_ unreliable electricity supply
– Poor governance
_ in-availability of forex
_exhorbitant transportation costs

finally Mathanyula has to convince these ” inverstors” why they should invest in Malawi and not Zambia, Mocambique or Tanzania?? what does Mathanyula have to offer that can attract these investors???? Tell me one thing otherwise this is another good for nothing publicity stunt

JJ
Guest

That’s why I am immigrant in SA.

chatonda
Guest

Akazi a Muntharika ngati Giraffee kapena kuti Nswala. Mukuona bwanji?

mangochi Kabwafu
Guest

Dangote wangowona kuti kulibe phindu ku Malawi. Leaderless, corrupt with ZERO INFRASTRUCTURE, poor communication, power, etc. Zopusa basi.

Howard Kachipanda
Guest

Dangote angabwerere zopusazi zoti sipakhalanso follow up after kukambirana, bola aliyense wadya allowance yake.

Zowona Zake
Guest
Malawians lets face the truth, we are at it again, SILENT when it matters most. We all know this has nothing for poor Malawians but some cash-hungry few, mostly in “government”. I have no affiliation nor inclination to any political party but a concerned Malawian with Qs that have no answers yet: When will we ever have a leader that will encourage local Investments? When will our government recognise the talents / skills / abilities that Malawians have and come up with strategies for development? When will Malawians start “doing” and stop “dreaming”? When will Malawians ever stop tolerating nonsense… Read more »

More From Nyasatimes