Compendium attracts US$211m investments
President Peter Mutharika has disclosed that the compendium of bankable projects which was produced by the government through the Malawi Investment and Trade Centre (MITC) has attracted investment pledges worth US$211 million.
The compendium is a handbook of investment projects for Malawi with 118 bankable projects that the country has to offer to both foreign and local investors.
In his state of the nation address at the opening of the 2015/16 national budget on Tuesday, Mutharika said the compendium, which was launched in December, 2014, has started bearing fruits.
He said as of Tuesday, certificates for investments worth US$211 million have been granted by MITC based on projects in the compendium.
“The government will complement this initiative with continued participation in investment missions in a bid to attract more investments,” said Mutharika.
He said the government realised that the development of the private sector is vital to the attainment of desired levels of economic growth and industrial output.
Mutharika said in order to improve the competitiveness of the country’s economy, the government introduced initiatives targeted at building Malawi’s productive capacity.
In January, MITC Chief Executive Officer Clement Kumbemba said his office had received three serious foreign investors who were interested in some of the projects in the compendium.
He said another local firm was also interested in some tourism projects listed in the document.
“All the projects in the compendium are viable and of strategic importance to Malawi. Implementation of these projects will in no doubt put Malawi on a fast development lane,” said Kumbemba.