Dubai Expo to boost FDI inflows—Ministry
Ministry of Industry, Trade and Tourism says Malawi could generate $500 million (about K370 billion) worth of export orders and triple annual foreign direct investments (FDI) pledges by participating in the Dubai Expo 2020.
The ministry’s Principal Secretary Ken Ndala said this on Monday in Blantyre on the sidelines of a prize giving ceremony for Dubai Expo 2020 Creative Youth Programme.
He said using conservative estimates, Malawi can attract three times the current levels of annual FDI pledges currently averaging $800 million (about K600 billion) per year at the six-month long expo scheduled for October 20 2020 to April 10 2021 in Dubai.
Ndala said with 190 countries expected to attend and an estimated 25 million visitors, the country could double tourist numbers from the current annual growth of five percent.
“We hope to attract higher levels of foreign direct investments following our participation at the expo as well as a booming tourism industry as a result of raised awareness about Malawi’s unique tourist attractions,” he said.
Malawi Investment and Trade Centre (Mitc) executive director and commissioner general for the Dubai Expo 2020 Clement Kumbemba said they are engaging the private sector as it is the end user of technologies.
“Duba is also a hub and even the location itself is also perfect for trade. It has a strategic placement. Here in Malawi, we come up with good innovations but we don’t see these innovations on the ground,” he said.
Meanwhile, Dubai Expo 2020 has awarded cash prizes to three groups at the Polytechnic for their outstanding innovations in the Dubai Expo 2020 Creative Youth Programme.
They include Team Lync, Team Mzati and Team Lyga who have received $4 000 (about K2.9 million), $2 000 (about K1.4 million) and $1 000 (about K740 000), respectively.
The Polytechnic Principal Grant Kululanga said this proves that as a learning institution, it is able to offer solutions for various challenges.
The Dubai Expo is an international event where countries showcase their different services and establish international relations.
