Indigenous Businessmen Association of Malawi officials say foireign investors are scared to put their US dollars in the country because of junk investment rating which puts Malawi as a risk country for investment.
Mike Mlombwa, chairman of the association said investors are scared because of the unpredictable shaky and dwindling economy, the unstability of the kwacha and the high inflation rate, among others.
“I attended the Japan/Africa summit in Kenya recently. Most investors said they cannot come to Malawi because the country is a risk country in investment. I urged and pleaded with them to come because their coming would improve the situation,” he said.
Malawi Investment and Trade Centre spokesperson Delby Chimbalu said the country has attracted 12 foreign investors who are bringing US$300m.