US investors expected in Malawi next week

A high powered business mission from the United States of America arrives in Malawi on Wednesday next week June 3 for a two-day visit aimed at exploring business opportunities in the country’s energy sector.

The team will comprise representatives of 10 large corporations from the US and will be joined by officials from the US government’s Millennium Challenge Corporation (MCC) on what would be the first trade and investment mission to Malawi by MCC.

The companies will include Convalt Energy from New York, Hecate Energy from Nashville, Tennessee, GE from Fairfield, Connecticut, MacLean Power Systems from Mundelein, Illinois, New City Capital from Charlottesville, Virginia, Novi from Michigan, Power Engineers from Hailey, Idaho, Symbion Power from Washington DC and Synnove Energy from Dover, Delaware.

MCC and the US Department of Commerce (USDC) said the mission will be coming to Malawi after completing a similar mission in Tanzania from Sunday, May 31.

The mission—announced last August at the US-Africa Leaders Summit as part of the Doing Business in Africa initiative — is aimed at promoting US exports and expand US companies’ presence in Africa by introducing American firms to opportunities in the energy sector.

“The mission contributes to the goals of Power Africa, a US government effort designed to double access to electricity in all of sub- Saharan Africa,” reads a statement from MCC and the USDC.

It says the firms on the mission have expertise to help African countries develop and manage energy resources and systems as well as build out power generation, transmission, and distribution infrastructure.

The companies are expected to bid for more than US$350 million in upcoming MCC-funded projects along with parallel investments in the country’s energy sector, said the statement.

“This mission underscores MCC’s private sector-driven approach to economic growth and poverty reduction, as well as our commitment to the US government’s Power Africa effort that aims to expand access to energy across the continent,” MCC chief executive officer, Dana Hyde, said.

“US companies will see firsthand the opportunities that exist to expand and grow their businesses in new and emerging markets,” said Hyde.

MCC’s Malawi Compact will invest up to US$350.7 million to revitalize the country’s power sector and improve the availability, reliability and quality of the power supply—ultimately attracting trade and investment and promoting economic growth.