Mutharika upbeat Malawi to attract more investors, hails Africa trade deal
Malawi President Peter Mutharika on Thursday held briefing reporters on his delegation to Egypt and hailed the deal that combine the Common Market for Eastern and Southern Africa (COMESA), the South African Development Community (SADC), and the East African Community (EAC) into a free-trade zone.
“This Summit was one of the most important meetings that my government has attended so far,” said Mutharika.
Mutharika said the trade deal is an important milestone for the economic future for the continent and that explained that for Malawi to fully tap into the benefits of the TFTA it has to be able to produce more goods that can be sold to the extra market.
“The TFTA agreement itself is vital in that the market for our goods in Africa has grown by 25 more countries,” Mutharika said.
Commenting on what Malawi government is doing to provide favourable conditions that will attract Foreign Direct Investors, Mutharika said it now takes only five days to complete registration processes instead of the 95 days before the Malawi Investment Trade Centre was established.
“There are four key areas that we have prioritized in order to attract Foreign Direct Investments and also benefit from the TFTA. That is production of goods targeting the new market; value addition; exports and infrastructure development.
“On infrastructure development we are addressing the need for enough power for investments. Currently our electricity generation capacity is at 351 Megawatts and we need at least an additional 100 Megawatts to start attracting investors in the mining sector,” he said.
Nonetheless, the investment security profile for Malawi is very competitive. A recent survey has rated Malawi second in Africa after Botswana for upholding the rule of law and 62 in the world.
Mutharika also appealed on the media to “explain” to the masses on the benefits of the trade deal.
He expressed optimism that the country will attract more investors to concentrate on trade as opposed to aide and also achieve economic independence at the end of his first term in 2019.
Peter do you think that foreign investors are dumb like you driving sleeping Malawians? With endemic corruption spearheaded by your leadership,fragile infrastructure and confused political trend,what kind of investors will want reap nothing from their sweat? Peter,put your house in order and then expect good returns.Anyway,keep on trying,but remember you are dealing with bright peaple who value their hard earned finances
Peter do you think that foreign investors are dumb like you driving sleeping Malawians? With endemic corruption spearheaded by your leadership,fragile infrastructure and confused political trend,what kind of investors will want reap nothing from their sweat? Peter,put your house in order and then expect good returns.Anyway,keep on trying,but remember you are dealing with bright peaple who value their hard earned finances.
We are relying on bank ya mmudzi for small loans otherwise bank charges are untouchable.
Wishful thinking. Banana republics
The ‘investment security profile for Malawi is very competitive’ ? Malawi may have come second in Africa for upholding the rule of law, which is commendable. Investors can be secure that their assets will not be abruptly seized, and so on. However, that hardly translates to a ‘competitive’ environment for doing business. For that, better take a look at the World Bank Doing Business Index – where Malawi comes a miserable 164th globally (down 1 place from last year). It takes a mind-bogglingly ridiculous 38 days to register a business – and that’s just on the ‘official’ measure! Transparency International’s… Read more »
While Malawi is all smiles with the TFTA, neighbor Mozambique is not buying it…yet. I am quoting from APA: Mozambican Primer Minister Carlos Agostinho do Rosario has refused to sign on behalf of his country the agreement setting up a tripartite free trade area (TFTA) involving three African economic blocks, saying the government still needed to check the impact which the agreement could have on the economy. “There are questions that have to be studied and about the origin of imported products, and their selection, about which areas should be liberalized, and where liberalization could be gradual. This entire exercise… Read more »
I dont see any foreign investors investing in Malawi with these blackouts, water shortages, insecurity, MRA robing the investors in the name of taxes; if i ask for a loan at my workplace, you mean MRA should get 38% of that loan and me being deducted the same? Infringed benefits and the like, Mr President, you are joking if not day dreaming
100 MW or 1000 MW? The one who advises the President on energy should be fireed. He is misleading the Professor. 100 MW is only enough for 2 and half industries. We need industries that can manufacture goods 24/7. If we are mining we should also turn the minerals into finished products and the projected energy demand for the mining and manufacturing sectors is well beyond 1900 MW.
Bravo APM I Wishing All The Best Mr President.
We heard that investors were coming after the president visited New York. Have any come? Will it be any different after the Egypt trip?