LILONGWE-(MaraviPost)- The Malawi Investment Forum (MIF) which the country hosted last year (2016), was an outstanding gamble to pursue, considering the huge public and privates investment deals that it generating. These will greatly foster the nation’s economic growth.
In its MIF 2016 summary report released on March 2, 2017 and made available to The Maravi Post, the Ministry of Industry, Trade and Tourism through the Malawi Investment and Trade Centre (MITC), lauded the success of the forum because it sealed 10 public and 20 private sector investment deals.
The forum also helped Malawi accrue US$ 26,305,000 through product-based exhibitions that were showcased locally and internationally.
The forum overshot its target by signing 11 public sectors Memorandum of Understanding (MoUs) to work together toward the implementation of the respective projects, and defined the possible parameters of their working relationship including development of a 1,500 cubic metre storage facility for LPG gases; a 100,000 cubic metre storage facility for Petroleum products. Furthermore, Nedebe is to construct four Government office buildings at Capital Hill in Lilongwe on a turn-key basis; construction of 2,500 houses spread across Mzuzu, Lilongwe, Zomba and Blantyre. This housing project will be implemented through the Malawi Housing Corporation (MHC).
Other public investment deals are that MOTA Engil plans to establish a coal-fired plant for electricity production in Malawi, while the Lake Malawi water project to Lilongwe and Innosoft Solutions is planning to invest in e-government solutions in Malawi in the areas of National Data Center, Smart City System, ICT Consultancy, E-Government, E-judiciary, E-procurement, E-health, E-education, E-Parliament, and Cyber Security.
The private sector agreements, included CDH International Bank which met with Shire Cotton Spinners; the National Association of Small Farmers (NASFAM) and Sir Hackson Processors met with an international company and agreed to collaborate on an agro-processing project; TBEA Deyang and Bucow Investments have come to an understanding to pursue a 50-50 venture.
“70 local companies and 10 foreign companies exhibited at the MIF2016. The exhibition was also patronized by over 20 importers from the region, Dubai and India and 30 SMEs. The notable foreign exhibitors included Rolls Royce Limited, Engen South Africa, GIBB South Africa, Group Five, Green Heart of United Kingdom and 4 Indian companies namely Ahmed Raza Foods Industries, Forlink Ventures Pvt. Ltd.Surat, Gujarat, India, TRSR FZE and Anaya Overseas, reads the report in part signed by Cliff Chiunda and Clement Kumbemba Secretary for Industry, Trade & Tourism and MITC CEO respectively.
“The major trade deals struck during the exhibition amounted to US$26million and includes,” the report cited.
Following the success of the two investment forums in 2015 and 2016, Malawi is also expected to host another forum this year and is scheduled for November.