President Peter Mutharika says Malawi has taken necessary steps to encourage private sector investment and is now ready to do business with the world.
Mutharika made the remarks today when he opened the Malawi Investment Forum (MIF) 2018 at Bingu wa Mutharika International Conference Centre in Lilongwe.
He said his administration wants to have a smaller government and a bigger private sector hence it has instituted reforms to protect investments.
“We have instituted systems that provide security to our investors and your investments. We are part of a number of regional and global markets. We have sufficient raw materials and hardworking citizens. And above all, we have ensured that Malawi enjoys political peace and stability.
“As a result of our reforms, we have drastically reduced the cost of doing business. Malawi is ranked the third topmost reformer in Africa. We are the 110th in the world in the latest Ease of Doing Business Report by the World Bank,” he said.
He added that the country’s economy is expected to grow by 4.1 percent in 2018 which is above the Sub-Saharan average growth of 3.4 percent and the global average growth of 3.9 percent. Mutharika, however, noted that blackouts are still a challenge in the country due to lack of investments in the energy sector.
He assured the investors that his government has lined up projects that will double the current power supply of 360MW to 720MW by 2020.
“And we want to generate at least 1,000MW by 2023. In total, we are expanding and diversifying power generation towards the goal of 2,000 megawatts within 10 years,” said Mutharika. Speaking at the event, AU Regional Delegate Leopard August Ngomo said their ambition is bring real business in the country in various sectors like trade, tourism, energy and among others.
“It’s our ambition to invest in various sectors to promote Malawi business to international level. This will also create job opportunities to youths of this country,” he explained. On his part, Minister of Industry, Trade and Tourism Henry Mussa said trade is the economic driver of investment in the country.
Mussa said Malawi is seeking partnerships from outside the country to promote Malawian businesses hence Malawians should expect good fruits from such programs.
Different international delegates and companies are exhibiting their products at the event which ends tomorrow.