Malawi remains an economic rising promise, President Peter Mutharika has said, stressing that poverty is an investment opportunity as the southern African nation has a lot of resources and opportunities.
President Mutharika was speaking at the UK-Malawi Investment Forum hosted by Hogan and Lovells Africa in London which was attended by over 50 businesses from the UK, Europe, Dubai and Malawi.
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.
Mutharika said Malawi has a very good macro-economic environment which every investor needs.
He said: “Many positive-minded Malawians are busy pursuing the opportunities we have created and changing their lives.”
Mutharika told investors: “If you come to Malawi today, you will find young men and women selling cars like bananas along the roads in every town. More Malawians can now afford a car more than ever.”
He continued: “In rural communities and remote villages, young Malawians are buying motorcycles everywhere. As a result, you will find mushrooming filling stations everywhere because we are consuming more fuel than ever.”
The Malawi leader said these are visible signs of a changing economy transforming the lives of Malawian people.
Mutharika said Malawi is an African destination that can benefit investors to have quick returns and contribute to wealth creation.
In stressing “ a matter of fact” that poverty is an investment opportunity, Mutharika narrated a story to the investors that: “ Two men went to an island to find out if they could open a new factory for making shoes. They went sent by one master but to bring home independent reports.
“When they came to the island, they found that nobody was wearing shoes. In fact, the people of the island had never heard of anything called shoes.
“The two men came back to their boss with two different reports, two different perspectives. The first man said it would be a waste of time and money to build a shoe factory on the island because the people were poor, barefoot and did not even know what shoes are.
“The second man said he had found a great shoe market because nobody was wearing shoes. The master listened to the second man and opened up a very successful shoe business on the island,” said Mutharika
The President said the story also reminds that money is there to be created.
“The challenge is that most people do not know the art of creating wealth,” he said.
But Mutharika said his job jin leading government is to create conditions that enable the private sector to grow and create new wealth.
Malawi High Commission in the UK jointly organised the forum with Invest Africa, leading business and investment platform.
In 2017 Invest Africa and the Business Council for Africa (BCA) announced a strategic partnership and advised their respective memberships of the intention to merge their operations. Malawian James Woods-Nkhutabasa has been serving as a Malawi Country Director and Advisor for the organisation since 2013 and is called upon for works regarding the continent.Follow and Subscribe Nyasa TV :