Mutharika calls for value addition to benefit from TFTA
Malawi needs to add value to exports if the country is to fully benefit from the recently signed Tripartite Free Trade Area (TFTA) agreement, President Peter Mutharika has said.
Briefing journalists in Sharma el Sheikh, Egypt last Thursday, Mutharika, who signed the TFTA pact, which enables free movement of goods and services in 26 African countries, said: “We must take advantage of the signing of the pact to produce goods that can sell on the bigger market. If we do not have such goods, then there is no point having such a market.’’
He said infrastructure development and physical security is key for investment in Malawi.
“We cannot have a country with political instability. We also need to be careful on how we market Malawi to the outside world and we need to avoid demonising the country to the outside world,” said Mutharika.
The President also said there was need to increase the country’s power generating capacity to ensure enough power.
“At the moment, we only have 351 megawatts and we need 100 megawatts more. The plan is to add 400 megawatts by 2020,” he said.
Mutharika also said bad information about Malawi scares investors, which he said is not good for the country.
He said investors are interested in rule of law and he was excited that Malawi has never persecuted anyone and that there are no political prisoners.
Mutharika said since his government came into power, it has created an enabling environment which has led to two companies, from China and Egypt, planning to invest in Malawi.
