Investment centre project stalls
The Ministry of Industry and Trade will not facilitate the purchase of a One Stop Investment Centre building because the one initially identified is no longer available.
As a result, the allocation to the ministry has been reduced by around K400 million (US$888 889) from K3.1 billion (US$6.9 million) to K2.7 billion (US$6 million) in the just passed Mid-Year Budget Review.
Currently, the centre’s operations are being conducted in the building housing the Malawi Investment Trade Centre (Mitc) office divided into cubicles, an environment deemed not conducive to foreign and local investment operations.
The building was expected to house officials from Immigration Department to process permits and export promotion and investment promotion officials so that potential investors can process investment opportunities and find information under one roof.
Minister of Finance, Economic Planning and Development Goodall Gondwe said on Monday the project, which is under the Ministry of Industry and Trade, would not be possible this financial year.
About K330 million was allocated to the project, but it has since been withdrawn and allocated to other ministries and departments.
Members of Parliament (MPs) accused Gondwe of suffocating the ministry and reducing the efficiency of trade and investment growth in the country.
Mzimba South West MP KhumboKachali (People’s Party-PP) demanded an explanation from the responsible minister on the delayed project, saying the ministry would be grossly underfunded and fail to perform.
In response, Gondwe said: “If he [Kachali] finds a building and it is appropriate and His Excellency the President agrees with him, then we will see what we will do.”
Mitc public relations manager DelibyChimbalu told The Nation recently that the institution was planning to construct an eight-storey office building with modern facilities to help it serve its clients better.
The House yesterday passed a revised budget amounting to K769 billion. The initial budget passed in September was K748 billion.
During the supplementary budget, Gondwe sought approval of an extra K32 billion.
