President Lazarus Chakwera has asked European Union (EU) industry captains and investors to finance business ventures in Malawi’s agriculture, mining and tourism sectors to stimulate economic growth.
In his opening remarks at the inaugural Malawi-EU Investment Forum in Lilongwe on Tuesday held under the theme ‘Creating sustainable investment opportunities: Strengthening EU-Malawi economic ties’, the President said Malawi’s long-standing political stability and high potential for growth makes it an ideal destination of investment.
He highlighted the reforms the Tonse Alliance-led administration has implemented to improve the regulatory frameworks, including launch of the Electronic Tax Administration System, modernised business Information system and One-stop Border Control System.
Said the President: “We are open for business in mining, where we welcome investments to unleash the full potential of our country in the commercialisation and monetisation of our large rutile, bauxite, gemstone, and gold deposits, just to name a few.”
Chakwera courted investment in energy as Malawi seeks to “supercharge the ATM strategy with investments in clean and green energy power plants and mini-grids that will electrify the country”.
I n h i s r e m a r k s , EU Ambassador Rune S k i n n e b a c h n o t e d that investment in the agriculture sector would be key to reducing poverty and promoting inclusive growth in Malawi.
The agriculture sector directly or indirectly employs more than 80 percent of the population and provides nine out of the country’s top 10 forex earners, including tobacco, which accounts for between 55 and 70 percent.
However, Economics Association of Malawi (Ecama) acting president Bertha Bangara-Chikadza said Malawi will have to leverage the mapping and feasibility studies conducted in critical economic sectors to ensure that investors have directions when they are ready to invest.
The Malawi – EU investment forum has brought together officials from the government, members of the diplomatic corps and business captains from the energy, tourism as well as agriculture sectors.
