Shepherd Bushiri Investments (Pty) Limited (SBI) is set to start its operations in the country, a move that is expected to create jobs.
In an interview on the sidelines of the launch of the first phase of SB Hotels, Sparkling Waters and Spa, in Rustenburg, South Africa on Tuesday, SBI founder Shepherd Bushiri said already, the company has bought seven plots in Lilongwe and is working on a hotel project along the Lilongwe-Mchinji Road, estimated to cost $21 million (about K15 billion).
“We have bought a building [in Lilongwe] and we are working on it so that it becomes one of the worldclass hotels in Malawi and we believe that it will boost the tourism sector in the country.
“We would also want to put one of the biggest conferencing area to accommodate over 3 000 people,” he said.
SBI expected investments in the country will end speculation that he has been shunning to invest in the country due to alleged strained relationship with the Malawi Government.
SBI has footprints in a number of countries.
Speaking on behalf of President Peter Mutharika, presidential adviser on civil society and non-governmental organisations Mavuto Bamusi said the SBI investments are in line with the President’s vision of promoting foreign direct investment (FDI).
“I am saying this because there have been some people, especially on social media who deliberately create stories that government does not like Bushiri or President Mutharika is not in good terms with Bushiri. We would like to confirm here that all those stories are false.
“ The economy is improving. These are all indications that Malawi is ready for inveatments which Bushiri is also doing in other countries; hence, our call to him to come and invest in various sectors of the economy,” he said.
In his reaction, Bushiri said it is the performance of the economy and political situation that drive investments.
“Without political support, it becomes difficult to invest in any country,” he said.
SBI bought Sparkling Waters and Spa in 2016 and has since invested $100 million (K73 billion) in renovations, creating over 1 000 jobs in Rustenburg.
Since then, it is going through a number renovations and after, it will have 2 000 rooms with different recreational facilities.
SBI is an investment company registered under company laws of South Africa, United States of America and United Kingdom, among others, according its founder. n