A 50-member delegation of investors from across Africa, led by Professor Patrick Lumumba, arrived in Malawi to launch various investment operations.
The delegation met President Dr Lazurus Macarthy Chakwera at Kamuzu Palace in Lilongwe on Monday to discuss his vision for enhancing productivity of the country’s economy for the achievement of job and wealth creation in line with Malawi 2063 vision of turning Malawi into inclusively wealth self-reliant middle income economy.
In his remarks, President Chakwera said the coming of the investors demonstrates eagerness to see Africa rise together.
“As citizens of your own countries, you could have easily taken your resources to invest in the economic growth of your own countries but you have come here with the heart to see Malawi grow together because Africa is one family that must rise together,” he observed.
President Chakwera added that their coming is also an expression of their trust and confidence in the investment environment that his administration is creating to make all sectors in Malawi productive and competitive.
For a long time in Malawi, he said, there have been enterprises that have enjoyed monopoly over entire sectors with little to no competition. “The net effect of this is that monopolies lead to high prices in production and translate to higher costs for consumers.”
The President said his administration has been aggressive in attracting investors that can compete fairly especially in all sectors especially in agriculture, tourism and mining.
Competition that strengthens the supply chain capacity of any industry in any sector reduces production costs over time and makes goods, services and works affordable for consumers, allowing the ordinary Malawians to have more disposable income at the end of the month, he said.
The President decried that the kind of redistribution of wealth has not been received well by monopolies while some have declared war on his administration through smear campaigns and bullying tactics.
Professor Lumumba said the, PLO Lumumba Foundation, a Pan-African initiative has brought together potential investors from Africa, Carribean and friends of good will from India and Israel to invest in Malawi in various sectors of economy so that the country realizes its Malawi 2063 vision.
“Those who want to invest are focusing much on agro-industry because we want as Africa to feed ourselves.” Adding that: “We have the view that Malawi can be a focal point in that area.”
Professor Lumumba further said that they are also leveraging on energy like hydro and solar, industrialisation as well as technology, education, mining and value addition.