Minister of Finance, Economic Planning and Development Goodall Gondwe said on Monday that Malawi “badly” needs investors—both local and foreign—to succeed.
Gondwe made the down to earth statement in his presentation of an overview of the Malawi economy at the Malawi Investment Forum (MIF) that opened in Lilongwe on Monday and is scheduled to close later today.
Said the minister: “Without investors, there is no way most of our goals will be achieved.”
Malawi has been grappling to attract more foreign direct investment (FDI) and economic experts generally cite the country’s hostile macroeconomic situation, erratic supply of key utilities such as water and electricity as well as infrastructure as some critical factors repelling high levels of FDI.
Gondwe said it is the responsibility of government to create a favourable environment in which investors should succeed.
The minister boasted that, already, government has managed to stabilise the exchange rate which was volatile towards the end of last year as manifested by the steep fall of the kwacha against major convertibles, especially the US dollar.
He told the delegates: “In the short term, we want to stabilise the economy, we want to reduce both inflation and interest rates.”
Gondwe also claimed that Malawi’s tax regime is one of the best in the world as it carries numerous investment incentives.
On his part, Minister of Industry and Trade Joseph Mwanamvekha said MIF presents an opportunity for Malawi Government to demonstrate its commitment to private sector development.
He said Malawi has streamlined investment procedures to reduce the delays and the cost of doing business in Malawi.
(Find more coverage on the Malawi Investment Forum in our Business News section)