50 African investors meet Chakwera

President Lazarus Chakwera has said his administration is aggressively working on attracting investors into the country to break market monopolies and make goods and services affordable.

He said this at Kamuzu Palace in Lilongwe yesterday when he met a delegation of about 50 investors from the African continent are visiting the country courtesy of the PLO Lumumba Foundation led by its chairperson Professor Patrick Lumumba.

The President said for a long time, some enterprises in the country have enjoyed monopolies over entire sectors, with little to no competition, leading to high prices in production which translate to higher costs for consumers and further concentrates wealth in the hands of a few while consumers sink deeper into poverty.

Said Chakwera: “To address this, my administration has been aggressive in attracting investors that can compete fairly in all sectors, especially in the sectors of agriculture, tourism and mining. This is because competition that strengthens the supply chain capacity of any industry in any sector reduces production costs over time and makes goods and services affordable.”

Lumumba said the visit was a result of Chakwera’s concept of turning Malawi into a largely producing and exporting country.

He described the delegation as comprising “seasoned investors” who can help turn Malawi into a food basket for the African continent.

Said Lumumba: “Earlier on, President Chakwera shared with me his vision of making Malawi great in the context of Africans doing things themselves. That is what we intend to achieve if these investors are allowed to invest in this country.”

One of the investors Komani Rugendo, who is managing director for Kevian Kenya Ltd, said he is willing to invest in the country, and would be keen to find local businesspeople to collaborate with in the venture.

Kevian Kenya Ltd is a beverage company that produces fruit juices and is present in African countries such as the Democratic Republic of the Congo, South Sudan, Kenya, Rwanda, Tanzania, Uganda and Zambia.

Another investor, Wallace Williams of the TLOG Trinidad Ltd, which has interests in gas and gas-related ventures, said he is excited to invest in the country, adding they also train people and institutions in the areas of gas transportation, among others.

In an interview, Minister of Trade and Industry Simplex Chithyola said the meeting at Kamuzu Palace was  just the beginning, adding they were going to engage in a series of additional meetings that will be area specific.

Malawi Investment and Trade Centre chief executive officer Paul Kwengwere, in a separate interview, expressed excitement with the coming in of these investors.

He said that after meeting the President, the investors had a meeting with representatives of government ministries, departments and agencies as well as some private sector representatives from about 11 different sectors to furnish them with more information and accord them an opportunity to enquire where they needed more information.

Said Kwengwere: “As much as these investors are yet to invest, based on experience we know that there are chances of between 30 percent and 60 percent of them investing.”

Among the group of the investors was a youthful investor, Wodemaya, who is an influencer with 1.4 million followers on YouTube.

Wodemaya said he believes he can use his influence to market Malawi as a tourist destination and achieve the most of visitors for the country.