The Malawi Government describes its first ever Malawi Investment Forum (MIF) a 'success' having signed so many deals with foreign investors.
Minister of Industry and Trade, Joseph Mwanamvekha whose ministry has been coordinating to host the forum has since described the forum as huge success and promised ready to release full detailed and comprehensive report on the deals made in the Forum by Friday this week.
"Deals have been done, some of them (Investors) have just indicated their interest" said Mwanamvekha before the Communiqué was read out.
Mwanamvekha who was accompanied by three other ministers at Bingu International Conference Centre to deliver the Communiqué said close to US$ 1.5 million deals have been realized. He also said other deals will be made in the near future and at the time of issuing the Communiqué more discussions with investors were taking place and that some more will be happening in week's time.
He said other projects that investors have expressed interest require feasibility studies.
The Trade Minister boasts "From our perspective and from comments received, this forum was success because we managed to market Malawi"
He said investors managed to identify the opportunities and most of them were interested in Energy and mining sector, Infrastructure and Agriculture sectors.
Minister of Transport and Public Works, Francis Kasaila said he was impressed with number of interested investors in the transport sector including; Japanese Investment Institution Hitoch Corporation which is interested in number of projects; Elactra from Uganda interested Airport City in Lumbadzi, rail rehabilitation, marine and power projects among other number of investments and the company has promised to be back for more discussions in two weeks time.
"But the most important thing in the infrastructure sector is that we have been able to expose our local investors to financing institutions and in this regard the meetings we had with Economic Bank of Africa is one of them which has given the opportunities to local investors that they can send proposals and get financing and they have made it clear that they are ready to finance projects that are past with feasibility studies and we have number of projects that have gone past that." Said Kasaila
Taking his turn, Minister of Agriculture, Irrigation and Water Development, Allan Chiyembekeza said there is a investor interested in production of ethanol as well as production of glucose and starch from maize and that they are looking for huge quantities for maize.
The minister said discussions are underway and that once the deal is on, Malawian farmer will benefit much as the company is looking for quantities in excess of 350 thousand metric tonnes per year used to produce ethanol.
He said another company is interested in producing fertilizer and that another company from Zimbabwe, is interested to invest in chicken farming especially dealing with youth.
Unfortunately he said there was no investor interested in irrigation agriculture, "With the climate change problems we are facing in this country, I think we will be moving towards the intensification of irrigation agriculture." he then invited those with resources and interest to come forth and invest in this area.
Minister of Natural Resources, Energy and Mining, Bright Msaka said in Energy sector numerous investors have expressed interest as well. He said "I can say here and without hesitation that if we were to consolidate anything that we have received we will be fully satisfied to our energy need"
He indicated that some investors have expressed interest in providing financing in energy sector while others are interested in providing technical services in the sector.
Msaka confidently said "We created enough curiosity" by people interested in mining industry to come and explore more
"For many years Malawi has not been known as the mining nation, but we are the mining nation in view of amount of deposits that we have." Said Msaka who further assured the gathering and asked to spread the word that "there is enough minerals in Malawi to last us many years to come"
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