Prevailing Economic Hardships Opportunity For Malawians

The Malawi Investment Trade Centre (MITC) says the prevailing economic downward spiral offer Malawians more opportunities and that if well utilized may result into growth of businesses and the whole economy.

Kumbemba 

Chief Executive Officer for MITC Clement Kumbemba observed that Malawians are failing to see opportunities the prevailing situation has and instead, the foreign investors are the ones making good use of it.

He emphasized that the country’s economy will grow and possibly end some of the problems if the local private sector take advantage of the weakening Kwacha and many other current hurdles through increased production, exports and investments.

“Well, let me say that this is a perfect time for Malawi to fiercely market its opportunities. Many countries in the world developed through private sector capital, and in Malawi most of what you see as gaps are in fact opportunities.” He said

“People talk about the sliding of kwacha and the best way to stabilize Kwacha is basically to pop up production in Malawi, let’s produce so that we are able to export. And the more we export taking advantage of the weakening Kwacha the economy will grow.” Said Kumbemba

In Energy for example, he said “We are seeing more expression of interest in energy by foreign investors because there is a gap and this country has many energy sites. So some of what we see as Malawians hurdles may in fact be what investors are coming here for.” 

Ten European Investors Coming To Malawi Looking For Invesment Opportunities

Ten European companies visiting Malawi to explore investment opportunities available in the country

The Malawi Investment Trade Centre (MITC) says the team of Seventeen delegates is in a reciprocal mission to verify investment opportunities that were discussed with Malawi delegation in London between 21t and 23rd of July this year.

Minister of Industry and Trade, Joseph Mwanamveka who led Malawi delegation to UK and held bilateral investment meetings with 25 European investors, asked them to come to Malawi. The visit was a pre-conference exercise ahead of Global African Investment Summit to be held in London on 1st and 2nd December 2015 where Malawi President is expected to attend.

Kumbemba

Chief Executive Officer for MITC Clement Kumbemba said the 10 companies who were among the 25 companies are keen to explore and to see for themselves of the enormous opportunities that the country told them while in UK.

Kumbemba said some of the companies to form part of the delegation are interested in energy, infrastructure, tourism, financial sector among others

“There is a construction company called Dawnus, which is interested in Finance and construct infrastructure projects, to a valued of US$80 million. There is also Aggreko Company that specializes in the provision of off-grid interim supply of electricity from either gas or diesel

Mott Macdonald a global management, engineering and development consultancy company that adds value for private and public clients. It mostly undertakes feasibility studies for both public and private projects leading to bankable feasibility studies” said Kumbemba

He also mentioned of PW Mining International a British owned company which has a lot of business interests including civil works, mining, property development and airport handling and that there is a company called Well and Able company interested in residential and property management.

He indicated that the delegation visiting Malawi from 31st August to the 4th of September 2015 will meet President Peter Mutharika before meeting sectoral line ministries and other key stakeholders.

“They have to interact with sector specialists so that they can firm their positions before December Summit” said Kumbemba

Kumbemba added that the remaining 15 companies could have come but opted other time and that some would come individually this year possibly at the end of September and October.

The Malawi Investment Trade Centre (MITC) CEO also asked Malawians and local companies to effectively take advantage of the the prevailing economic downward spiral by increasing production, investments and exports.

He noted that the weakening Kwacha and many other current hurdles offer Malawians more opportunities and that if well utilized may result into growth of businesses and the whole economy  and possibly end some of the problems the country is facing.

Africa’s Richest Man Fails to Attend MIF For Security Issuess

Aliko Dangote the Africa’s riches man has failed to show up at the Malawi Investment Forum (MIF) after enjoying the most publicity of his presence at the occasion.

It is feared that the Nigerian business man, Dangote has failed to show up for the forum due to security issues.

However the Malawi Investment Trade Centre (MITC) Chief Executive Officer Clement Kumbemba was not immediate for commenting on what happened.

Government might have been told or sensed of his absence at the event if remarks made by the Minister of Trade and Industry on Saturday evening at a press conference we are to go by. 

Hon Joseph Mwanamvekha said with doubt that Dangote will come. He stammer as he speak, “We are trying to contact him to…aaahh…but therrr… we don’t know when he is coming. Understand, for security reasons aaahh…, He could come between tonight and tomorrow morning. But in terms of accommodation it has been arranged. There were questions where am told he is doing Ramadan but the arrangements are being made to accommodate that. So, lets wait and see until may be tomorrow (Sunday) evening or even on the day, after all am told he can fly in, he has his own plane. May be they have their own arrangement”

Roger Martin; 2015 MIF event planner

When asked on Monday afternoon to confirm if Aliko Dangote will come after it was observed that he was not present during the opening session, the MIF event, Roger Martin Director for the Developing Markets Associates hired by MITC having successfully run similar event held two years ago in London also mentioned of security issues.

“He is not here and we are not quite sure why” he said, but “It is something to do with I believe security issues, he wanted to come but he is unable to, it is nothing to do with us here with Malawi or anything else because even as late as last night (Sunday) he was hoping he could come. So it’s just one of those things”

Mr. Martin further assumed that since Aliko Dangote a beacon for African entrepreneurs is an extraordinary busy man, it does mean his time is very limited and “it may well be busy schedules in the end, could not allow him to come”

“But I know that he wanted to” he added

However, speaking of the event, Roger said attendance has been extraordinary and positive given that it was a first time and it was organized at a “good quite speed” therefore having all expected delegates present both domestic and international communities that is also sending strong message that Malawi is open for business. He added that the event was extremely well done.

All Set For 'Malawi Investment Forum' All Prospective Investments Leads To Be Followed

Malawi confirm readiness to host the first ever Malawi Investment Forum, all delegates confirm participation says the Minister of Industry and Trade.

Malawi is expected this Monday to host a two day Investors conference and government says confirmed participants are drawn from across the world, with interested to bring their investment to Malawi.

Malawi To Follow Up All Interested Investors Promises

Cliff Chilunda

The Malawi government has put in place measures to follow up investment interests to be made by all potential investors in the upcoming Malawi Investment Forum 2015.

This comes as the country is expected on 29 to 30th June this year to host the first ever Malawi Investment Forum 2015 to be participated by over 300 delegates of whom 100 are foreign while as 150 are local companies.

According to the Principle Secretary for the Ministry of Industry and Trade, Cliff Chilunda says all the preparations for the event are done and Malawi is ready to show case 7 key opportunity priority areas in the seven sectors.

The Principle Secretary (PS) for Industry and Trade Cliff Chilunda held a news conference in Lilongwe a companied by chief executive officer for Malawi Investment Trade Centre (MITC), Clement Kumbemba to confirm the readiness of Malawi and give highlights for the upcoming event.

Clement Kumbemba

The Industry and Trade PS assured the nation that government has several ways of tracking all the investments promises to be made by the businesses interested to come to invest in Malawi

MITC Chief Executive Officer Clement Kumbemba concurred with the PS saying each and every participant will be followed up using several channels and that some reports on the same will be made available to several government levels and committees of parliament.

Malawi is hosting the Malawi Investment Forum in order to show case investment opportunities to the global community in order to attract companies that can establish their businesses in the country and contribute towards economic growth and wealth creation.

According to the Industry and Trade PS, Malawi will for the two day conference, show case seven opportunity areas in the seven sectors of Mining, Agriculture and Agro-processing, Energy, manufacturing, Infrastructure, Tourism and Financial Services.

Chiunda said the MITC expects to generate prospective investment of up to US $16 billion which is K7.2 trillion.

He also confirmed that most delegates and companies have confirmed to attend the conference adding that this underscore the importance of the forum on the international scene.

The PS among others mentioned that companies from India, Germany South Africa and USA have already confirmed their participation.

He said VVIP delegates including Vice President for OPIC, SADC Executive Secretary and Africa’s Richest Man, Aliko Dangote who has already shown interest in investing in Malawi.