Malawi attracts $841m investments, tourism tops

Malawi attracted just above $841 million (about K1.5 trillion) in investments plegdes in 2023, with the tourism sector accounting for around $206 million (about K361 billion), according to Malawi Investment and Trade Centre (Mitc).

However, the investments were less than the targeted $1 billion (about K1.7 trillion),  a drop from the $2.3 billion (about K4 trillion)pledges reported in 2022.

In the 2024 outlook, Mitc said they are targeting investments worth $600 million while more efforts continue to be made to attract more.

Reads the Mitc statement in part: “We shall still continue to target domestic investors for diversification and new projects as was the case in 2023.”

Meanwhile, the number of jobs to be created through new investments and existing ones that are being diversified and expanded is 16 519 jobs, according to Mitc.

“Total new investment pledges $374.6 million [about K655.9 billion] with potentially 1 330 jobs pledged, of which $2.9 million [about K5,1 billion]are domestic,” reads the statement.

Apart from the tourism sector, the second highest investments are in manufacturing at $149 million (about K260.1 billion).

Other sectors with considerable investment plans are agriculture production and processing, real estate and health.

“Approximately 28 percent of investments pledged in the year have been implemented, while others are in the process of land acquisition, procurement of plant and machinery as well as securing financing. We should start to see more progress in the second year,” further reads  the statement.

Ministry of Tourism spokesperson Joseph Nkosi said in interview yesterday that the sector has some big projects which already started with others still in preparatory stages.

He cited one five-star hotel project called Garden City Hotel and Eco-Tourism Resort  located at Chimaliro in Mzuzu and another prospective project to be developed by the Public Service Pension Trust Fund in Blantyre.

Malawi is among the lowest recipients of investments among its peers, according to the World Bank, which estimates receipts of about 40 percent of what other countries in the same economic category receive.