By William Kumwembe in Dubai, United Arab Emirates
Vice-President Saulos Chilima yesterday reiterated a call for Foreign Direct Investors (FDIs) into Malawi, rating the country as ideal for business and investment.
He was speaking during Malawi National Day at the ongoing 2020 Dubai Expo, where 192 countries are participating.
Malawi’s task at the expo is two-fold: export promotion and marketing itself as an ideal destination for FDIs.
The country targets to clinch investment and trade deals worth $400 million (approximately K330 billion at current exchange rate) at the exhibition.
Chilima said Malawi remains a country with numerous opportunities for trade, investment and tourism, hence the need for exploring.
“I would like to assure everyone here that Malawi is ready to do business and also to welcome investors and visitors to enjoy our vibrant culture and experience our beautiful lake and wildlife,” he said.
He cited tourism, manufacturing, energy, agro-processing and mining among key potential areas for investing.
The vice-president cited reforms undertaken by the country as a step towards making the environment more conducive for trade and investment.
Malawi, a net importer, is positioning itself for export promotion and marketing investment at the exhibition.
Minister of Tolerance and Coexistence and Commissioner General of Dubai Expo 2020 Sheikh Nahyan bin Mubarak Al Nahyan rated Malawi as one of the UAE’s important partners and expressed optimism about opportunities for collaboration.
“We expect to utilise the platform to accelerate this [collaboration],” he said.
At the six-month exhibition which has drawn participation from countries from around the world and forms the largest global expo in recent times, Malawi is also estimated to generate trade inquiries worth $80 million (approximately K66 billion).
The 2020 Dubai Expo was originally scheduled for October 2020 to April 2021 but was shifted following the Covid outbreak.
It, instead, started on October 1, 2021 and will run to March 2022.