Malawian Vice President, Everton Chimulirenji has urged Japanese investors to come and invest in Malawi saying reforms implemented in various areas in the country offer favourable environment for investment.
The Vice President made the remarks when he took his turn to speak at the TICAD7 in Yokohama, Japan, during the second plenary session themed: “Accelerating economic transformation and improving the business environment through innovation and private sector engagement”.
He said as an agro-based economy like many African countries, Malawi had endeavored to put in place legislations and policies that support existing and new investments, hence the need for investors to consider exploring investment opportunities in the countries.
“We’re implementing reforms in energy, land and taxes aimed at easing doing business in Malawi and in this regard, the Japanese investors are invited to explore the opportunities available in the country,” said Chimulirenji.
He added tha special attention had been given to improving competitiveness of the country’s key sectors, especially the small and medium enterprises as they play a crucial role in fighting poverty.
“The ultimate goal of Malawi government is to see these SMEs graduate into large scale industries and eventually heavy industries as their capitals grow,” the Veep said.
On the direction Africa should take to achieve vibrant economy, Chimulirenji said the continent’s transformation required structural change focusing on economic diversification and industrialization.
He said there was need to turn around the situation whereby the continent’s economies had for long depended on a few primary products exported in their raw form leading to retarded industrialization and exportation of potential jobs.
“African countries need to undertake serious reforms that build on economic growth achievements and address binding constraints on exploring its natural resources and specialize in production of related products,” said Chimulirenji.
He continued that given the constraints in African countries’ economies, partnerships with Japanese companies, research institutions and financiers could be ideal.