Malawi investors to explore Dubai market, Ibam surprised

Indigenous Businesses Association of Malawi (Ibam) has expressed surprise at the composition of the delegation to Dubai in United Arab Emirates (UAE), saying indigenous business operators were not included.

Ibam president Mike Mlombwa said this on Saturday as the 43-member delegation of Malawi investors left for Dubai on Saturday where they will explore investment opportunities.

The business trip, which has included both private and public companies has been organised by the Malawi Investment and Trade Council (Mitc)—the one-stop investment centre, but will be led by Minister of Information, Tourism and Culture Kondwani Nankhumwa. The meetings will take place on November 24 and 25 2014.

“We are surprised that indigenous businesses have not been included in the delegation. We, however, commend Mitc for the business trip, but we feel the inclusion of indigenous businesses could have made a huge difference,” he said.

Mlombwa said trips of this nature are beneficial to woo investors into Malawi.

Mitc chief executive officer Clement Kumbemba said UAE is one of the major players in the investment and trade arena.

“It [UAE] offers an international platform for commodity globally. We are going to UEA to find market for goods and services manufactured in Malawi.  Our visit basically is to identify prospective investors in the investment area,” he said.

Kumbemba said the trip, which includes 26 private firms as well as 16 public companies, is a result of research, which Mitc carried out revealing that Dubai is a big player in the export trading.

“UAE imports virtually all food products. It is the source of investment capital. Companies from Dubai have invested heavily in Mozambique, Kenya and Tanzania. This trip offers an opportunity for us to market our products to UEA so that we can have a share of the market,” he said.

The delegation, he said, comprises investors from the financial service, agro-industries,agriculture, mining and tourism.