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MITC signs $234 million deals in August

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By Chimwemwe Mangazi:

CHIMBALU— About 1014 jobs to be created

The Malawi Investment and Trade Centre (MITC) in August granted 15 investment certificates to prospective investors, representing $234.7 million in investment pledges.

The amount is 41.5 percent higher than the $165.8 million investment pledges registered in July.

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In August last year, only two companies had registered with investment pledges amounting to $905,500.

MITC said in a statement on Monday the firms that have been granted certificates are construction, tourism services, mining, manufacturing, agro-processing, agriculture and energy sectors.

MITC Public Relations Manager, Deliby Chimbalu, said this is a clear indication that foreign investors have confidence in the Malawi economy.

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She said despite local investors being among the companies receiving certificates, the numbers are low when compared to those of foreign investors.

“The majority of the companies are from India, with some from China, Britain, Tanzania, South Africa and Malawi.

“It is expected that about 1014 jobs will be created for indigenous Malawians once the companies start their operations,” Chimbalu said.

Malawi is ranked 110 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings. The rank of Malawi improved from 133 in 2016. Ease of Doing Business in Malawi averaged 140.90 from 2008 until 2017, reaching an all time high of 171 in 2013 and a record low of 110 in 2017.

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