Malawi Investment Forum scrutinises six sectors

Post was last updated: June 19, 2018

The 2018 Malawi Investment Forum (MIF) has scrutinised six sectors in the compendium of bankable projects to see what needs to be done to make them vibrant and contribute positively to the country’s economic growth.

The MIF, a third of its kind in the country, is aimed at marketing various economic projects to potential investors.

According to a communiqué compiled by MIF organisers, Malawi Investment and Trade Centre (Mitc), the forum had five break away sessions for agriculture and agro-processing, tourism, energy, manufacturing, transport and infrastructure.

The purpose of each session was to provide a focused review of highlighted investment opportunities in the context of sectoral policies, regulations and procedures for investment.

The communiqué noted that Malawi should consider introducing political risk insurance on Power Purchase Agreements in the energy sector.

According to the communiqué, the risk insurance will help to lower Purchasing Power Parities (PPP) prices.

“Domestic financial institutions (commercial banks and pension funds) should support the energy sector investments to provide the much needed financing,” reads the statement in part.

The session also noted that micro grids are ideal for use in rural areas and called upon Electricity Supply Corporation of Malawi (Escom) to prepare a formal plan to enable micro grids.

“Although processes of setting up investment in power generation have tended to take a long time, the situation is bound to improve after taking some positive lessons from the past experience and learning from other best practices,” it adds.

On agriculture, the communiqué notes that the financial de-risking facility by the Africa Development Bank will solve some of the constraints in the sector and allow for increased private sector participation.

In terms of transport, the meeting agreed that the government is committed to improving all infrastructure services and invited the private sector to consider expressing interest in taking up some of the investment opportunities.

On issues relating to tourism, the session noted that the tourism sector requires investment to broaden the range of tourism products that Malawi can offer as well as to improve the quality and standard of some existing facilities.

“Government has a role to play in improving local and international connectivity for easy conveyance of tourists and enhancing the investment climate for tourism to attract more investments. Investors and existing players should work on tourism product development improve capacity of facilities and service provision,” reads the statement.

Last on the list was the manufacturing sector, whereby the session noted that while the sector can easily secure local and international financing deals, there is a need to protect it from counterfeit products if the industries are to thrive.

The meeting also agreed that there is a need to concretise incentives that are applicable to the manufacturing sector and speed up the product certification process

A total of 655 participants attended the forum with 143 international delegates, 34 diplomats, 255 local participants and 36 panellists.

Foreign participants came from 25 countries while foreign exhibitors came from Egypt, Kenya, Japan and India.

Let us know what you think of this update and remember to add us on our facebook and follow us on our twitter. Make sure to come back daily for more Malawi business news updates.

Quick Links: Malawi Banking News | Malawi Technology News | Download Business eBooks | Ten Signs You Are An Entrepreneur | What is a Managing Director?

Today’s top business story: Top Commercial Banks In Malawi

Source link