Parliament yesterday passed the Investment and Export Promotion Bill, 2023, and the Special Economic Zones Bill.
The Investment and Export Promotion Bill makes a provision for the enhancement of the facilitation and promotion of investment and exports in Malawi.
Among other things, the bill seeks to enhance the legal mandate of the Malawi Investment and Trade Centre (MITC) by establishing it under a statute, thereby enhancing its status and mandate; that is, facilitating and promoting investment and trade in the country.
Trade Minister Sosten Gwengwe said the bill would also repeal the Investment Promotion Act (Cap. 39:05), the Export Incentives Act (Cap. 39:04) and the Export Promotion Council Act (Cap. 39:03).
Gwengwe told the august House that, in 2012, the government implemented reforms that resulted in the merger of the Malawi Investment Promotion Agency and Malawi Export Promotion Council to create the MITC.
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He said the merger was aimed at reducing duplication of efforts, improving efficiency and ensuring cost effectiveness between the two institutions.
But Gwengwe said, overtime, it has been noted that MITC lacked the statutory mandate to carry out its roles of facilitating and promoting investment and exports.
This, according to Gwengwe, is because MITC was not established by a statute, adding that there arose a need to enhance MITC’s legal status and mandate to ensure that it is effective, efficient and competitive.
“The bill is, therefore, aimed at strengthening and enhancing the legal mandate of MITC to become robust and oversee the promotion and facilitation of investments and exports in Malawi,” he said.
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On the other hand, the Special Economic Zones Bill of 2023 seeks to provide for the declaration, designation, development, promotion, operation and regulation of SEZs in Malawi.
The bill also seeks to encourage promotion and facilitation of foreign and local investment in SEZs.
The bill also provides for the designation of the Special Economic Zones Authority and its powers and duties, in addition to the establishment of the Special Economic Zones Fund.
Representatives of the Democratic Progressive Party, United Democratic Front and the Legal Affairs Committee of Parliament spoke in favour of the bills.
