President Peter Mutharika says the launch of the Malawi Agricultural and Industrial Investment Corporation (MAIIC) is the beginning of transforming Malawi and implementing a national vision to end poverty.
Mutharika was speaking during the launch of MAIIC in Lilongwe today.
“Malawians have suffered in poverty for too long. We have endured poverty for too long. We have talked about reducing poverty for too many years. Now talk time is over! Time has come for us to start creating new wealth and end poverty. This Investment Corporation is an instrument for creating new wealth,” said Mutharika.
The Malawi leader said the investment corporation is a means for implementing a vision that includes turning Malawi into an exporting country, industrializing the country and making Malawi a skilled labour society.
He added that his government wants to bring into Malawi foreign direct investment and to expand and modernise infrastructure to facilitate economic growth.
According to Mutharika, the investment corporation has been established specifically to drive a private-sector led economic development.
MAIIC will mobilize financial resources, human capital and the necessary technology for sustainable wealth creation in the country. It will also work with commercial banks and other financial institutions using its own governance structures without interference from government.
“As Government, we have taken deliberate steps to create this autonomous and commercial institution. This Investment Corporation is a private-public partnership. I want it to be run on the best principles of international practices,” said Mutharika.
He then urged young people, women and farmers to get organised and use the investment corporation to start companies that will be creating products such as tinned fish, juice and spare parts.
“I want to see fruit juices from the fruits of Mwanza. Let us see cooking oil from the sunflower of Chitipa.
“I want to see tinned fish from Lake Malawi. Let us see the skilled Youths of Ndirande empowered with machines to produce spare parts – which they already produce using crude means,” said Mutharika.
Malawi Government has invested K22 billion in the establishment of MAIIC and owns 20% of the corporation made available to the private sector.