United Arab Emirates investors interested in Malawi
United Arab Emirates investors have expressed interest to invest in various sectors in the country following high level talks government held in Lilongwe with a highly powered delegation from the Arabic country.
Leader of the UAE delegation, Assistant Foreign Affairs Minister responsible for economic affairs, Khalid Ghanim Al Ghaith said during the meeting that UAE investors would explore investment opportunities in Malawi, sign agreements before rolling out various businesses.
“Our coming to Malawi is to explore investment opportunities as part of strengthening International Corporation between the two countries.
“We are very pleased to note that there are a lot of investment opportunities here and we would like to assure Malawi Government that we will make sure that we explore such opportunities,” said Al Ghaith.
Earlier during the talks which were chaired by Foreign Affairs Minister, Ephraim Mganda Chiume, Minister of Trade Sosten Gwengwe took the visiting team through the key sectors of the Economic Recovery Plan (ERP) where he said the Arabic investors could invest in.
Gwengwe said there were market opportunities in agriculture, mining and energy, tourism and other sectors of the ERP such that foreign investment in such areas would be beneficial to both the investors and local Malawians.
“Malawi boasts of investment policies that are liberal such that you are free to invest in any area of your interest provided that all the necessary procedure is followed,” said Gwengwe.
He said government had deliberately eased the bureaucracy involved in registration of foreign companies and that in three weeks a foreign investor would have his/her company registered and licensed.
Also present at the meeting were cabinet ministers from the following ministries: Finance; Justice and Constitutional Affairs; Labour; Industry and Trade; Energy; Economic Planning and Development and Transport and Infrastructure Development.
Other participants included Chief Executive Officers from Electricity Supply Corporation of Malawi; Malawi Energy Regulatory Authority; National Oil Company of Malawi and National Roads Authority.
The two sides later agreed that they would shortly conclude agreements and sign Memoranda of Understanding (MoUs) in various sectors.
The United Arab Emirates said it would submit to Malawi Agreement on Technical Cooperation; Economic Cooperation; Avoidance of Double Taxation; Protection and Promotion of Investment; Labour; and Bilateral Air Services.
The UAE leader of delegation urged continued contact and dialogue between the two sides to enhance the implementation of the agreements.
Pres. Joyce Banda hosted the visiting UAE delegation to dinner later Friday evening at Kamuzu Palace in Lilongwe. The UAE Team has since left the country on Saturday.--Malawi News Agency
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