Water Wheel International, in collaboration with Malawi Investment and Trade Centre (MITC) plans to establish an industrial park which is expected to be at Chintheche in Nkhata Bay.
The project is an extension of the proposed $200 million hydro power project in Nkhata Bay to be implemented by the same company.
MITC Public Relations Manager, Deliby Chingwalu, confirmed the project plans but could not immediately release more details.
However, President of Water Wheel International, Rod Ekern, said it is an ambitious project which can help to accelerate industrialisation efforts for the country as the company plans to woo investors in various industries to invest in the Special Economic Zones.
However, the success of the project depends on facilitation by the MITC by pushing government
to provide special incentives and conditions like preferential tax policy, relaxed trade and investment processes and infrastructure like roads, water and electricity connections.
This would turn Chintheche into an industrial town and according to Ekern, the strategic location along the lake will also allow for vibrant water transportation for the goods produced at the park to Chipoka harbour on the way to Beira Port through the existing railway.
“As part of the industrial park, we are also proposing a training school so that people can be trained for the skills that the industrial park will demand,” Erken said.
He further said the plan is to have the proposed 42 megawatts power plant to power the industrial park for more economic benefits to the country other than connecting the domestic consumers.
Industrial parks have transformed economies like China and Singapore with an approach of opening up reforms to attract Foreign Direct Investments by offering special incentives on taxes, land acquisition, shortened investment processes, relaxed customs conditions among others benefiting those investing within a designated industrial area.
The intent is to develop industries that in turn boost exports to pour in foreign exchange, boost job creation`, bring expertise and technologies and develop production capacity.
MITC is currently proposing establishing a number of Special Economic Zones to develop industrial parks in Blantyre, Lilongwe and other locations with the process of legislation at early stages.
Water Wheel International finalised feasibility studies of a hydro power project in Nkhata Bay with the Power Purchase Agreement expected before end of the year.