(MaraviPost): The Malawi Investment and Trade Centre (MITC) is calling local firms and companies to quickly submit their bankable investment proposals for consideration by international financiers in a joint business venture a head of the first ever Malawi Investment Forum slated for June 29-30, 2015 in the capital Lilongwe.
With just two weeks to go for the country to host such a strategic business forum, reports have revealed that a few local companies have come forward with bankable investment projects proposals to sell to prospective financiers into a joint venture partnerships.
This development comes also as a surprise considering that business people in the country have always cried about the absence of adequate resources and partnerships to finance their investments plans hence MITC calling for such opportunities.
In an exclusive interview with the Maravi Post this week after MITC hosted media interface in the capital Lilongwe aimed at updating them on progress the organization has gone in readiness for the largest investment forum the country will hold, Clement Kumbemba, MITC’s Chief Executive Officer (CEO) was concerned with low turn up by local firms in submitting their business proposals saying Malawi risks loosing out on joint venture opportunities.
Kumbemba said major financial institutions have expressed interests to showcase their ideas with local companies in joint business ventures which among of them including Industrial Development Corporation (IDC) of South Africa, The PTA Bank, The development Bank of Southern Africa (DBSA), Afrexim Bank, European Investment Bank (EIB) and some from Asian countries.
He said MTC expects 80 international companies and 100 local firms with about 10 technology companies also to be available for the forum as delegates will come from countries like Japan, China, India, South Africa including also Africa’s richest man, Nigerian Aliko Dangote of Dangote Group.
“Local companies should submit their bankable investment projects with detailed business plans for financing and joint venture. So, far we have received a few numbers of those proposals which isn’t a good development as forum is just too close.
“There are major international financial institutions expected to attend this forum the first of its kind in Malawi with in mind and interests to finance viable investment projects in the country as such we can’t afford to loose this opportunity. Our marketing consultants in London are in touch with various companies in Europe and Asia while Malawi mission abroad are also talking to other firms”, assures Kumbemba.
With globalization steadily coming into reality as evidenced by the recent launched Tripartite Free Trade Area (TFTA), one of the possible ways Malawi’s industry can attain international competitiveness is through joint ventures partnerships with international and local services.
Meanwhile the Chinese business community has given the Malawi government money amounting to MK18.1million towards preparation for the forthcoming Malawi Investment Forum.
Malawi Investment and Trade Centre (MITC), a merger of the Malawi Investment Promotion Agency (MIPA) and Malawi Export Promotion Council (MEPC) was incorporated under the Companies Act and became operational on October 1st, 2011.
MITC is geared to towards promoting production (investment promotion) and marketing (export promotion) of Malawi’s goods and services including participate in trade fairs, facilitate investment process for potential investors, industrial assessment, counseling of investors and exporters
