Malawi investors forum put on hold, says Mussa: UK based CDC Group ready to bankroll bankable projects
Minister of Industry, Trade and Tourism Henry Mussa has disclosed that the country will not hold the Malawi Investment Forum this year because government wants assess the progress it has made on investment following similar events in the past two years.
“We want to have an opportunity to make a follow through all trade and investment agreements that we have been making since 2015,” said Mussa.
Mussa said most of the proposed deals were yet to be concluded.
Said Mussa: “In view of the outstanding issues from the previous forums, we have asked for nine months from now to tie up all loose ends to avoid duplication of efforts. We want to package the projects well and the forum will be back next year.”
Seven companies signed MoUs during the 2016 MIF while the one held in 2015 yielded deals and MoUs worth $1 billion (about K734 billion).
Mussa has since urged all Malawians to work hand in hand so that they should rebrand their country which would in turn have a good impact to the development of the country.
The Minister was speaking in Lilongwe on Monday during a news conference organized by the Malawi Investment and Trade Centre (MITC) to inform the media of his trip to the United Kingdom (UK) were he interacted with potential investors in a series of 15 meetings his deleagtioion attended.
Mussa said during the trip the delegation held 15 meetings with different stakeholders and business captains on different sectors such as infrastructure development, energy, manufacturing, agro-processing, hospitality industry as well as issues to do with health that include pharmaceuticals and education among others.
“Our main agenda for the meeting with CDC Group was to seek financing of various investment projects that we already have. You may wish to know that CDC Group has already financed seven investment projects in Malawi to the tune of USD30 Million in the last 12 months. And am happy that the institution is willing to work with us for the possible financing. What they want are just good bankable projects,” said Mussa.
“One area that took centre stage was the tourism sector, Malawi being a tourist destination has all that it takes for people to have interest in visiting the country through access to visit game reserves, fresh waters of Lake Malawi, Mulanje mountain, Zomba and Nyika plateau,” he said.
The Minister said the government has been challenged to invest in the pigeon peas market and that currently they are discussing the pricing and the logistics with the buyers, encouraging all those that have surplus pigeon peas the market is available.
“We met two companies who have expressed interest in importing huge quantities of pigeon peas and sugar to accomplish this our country has to be visible and have a good logistical route which is why there are a lot of projects taking place such as the maintenance of Chileka airport, Kamuzu International Airport as well as plans to construct new airports in Mangochi, Likoma and Mzuzu,” he explained
The Minister met with energy producing companies including the Green Energy International company which expressed interested in setting up a 100 megawatt solar farm in the country on a 400 acre piece of land with a tariff of US$0.11.
“We are now just arriving at our destination as far as power generation is concerned and beyond that we have deals that have been assigned for the production of energy, although these kinds of projects do take time to be complete but we are almost there. For the next twelve months will be saying goodbye to power shortage problems as some projects have already started in solar energy production in Golomoti and Salima farms where energy is being produced” Mussa added.
The Minister met with Asians of Malawian origin and other potential investors plus partners in the city of Leicester where they discussed a lot of investment opportunities and identified export markets.Follow and Subscribe Nyasa TV :
To be fair, the minister analysed the purpose of the trip and understood that good water supply and sufficient energy generation are key to FDI, hence the suspension of this year’s investment Forum. I give him credit for this. Malawi can have a million investment forums, but if there is not enough electricity supply and water, no investor will show commitment. In fact, there should have been at least two investment forums specifically for energy and water supply whose aim was to woo investors to put up electricity generation through hydro, coal, wind, nuclear, and fossil fuels. After achieving more… Read more »
Mr mussa, I guess you live in your own bubble.
How are these people going to be running their businesses in Malawi? Production requires electricity not koloboyis.
Work with the energy Minister and fix this electricity issue before wasting tax payers money and allowances talking to investors.
These investors they listen and do their own research. Malawi is in reverse gear.We are still in stone age.
Fix Malawi first before running to 1st World making are getting fool of Malawi.
Learn from Rwanda, Ethiopia etc.