The Minister of industry and trade Joseph Mwanamvekha has invited Indian business captains to invest in various sectors in the country.
Mwanamvekhamade the call during the Partnership Conference held at the Harbour Park beach in Visakhapatnam, the coastal city of Andra Pradesh in India last week.
In his speech, Mwanamvekhainformed the gathering that Malawi offers many investment opportunities in agriculture, tourism, manufacturing, mining, energy, infrastructure, real estate, information communication technology (ICT) and financial services to prospective investors.
He also outlined the reforms, which the government had embarked upon to improve the ease of doing business in Malawi and to attract foreign direct investment (FDIs).
“Many incentives are waiting for investors like you in Malawi. Malawi is a safe and stable country for your investments. We are also a signatory to the Multilateral Investment Guarantee Agency (MIGA),” said Mwanamvekha.
He further assured the prospective investors that Malawi offers a huge market potential under theComesa,Sadc, the Africa Growth Opportunities Act (Agoa), the Everything But Arms trade regime with the European Union (EU); and the Duty Free Tariff Preference (DFTP) scheme offered by India.
Mwanamvekha also took the opportunity of the conference, to hold bilateral discussions with his counterpart, the minister of commerce and industry NirmalaSitharaman and the chief minister of the State of Andra Pradesh Nara Chandrababu Naidu.
Visakhapatnam is an industrial port city and boasts of a wide range of manufacturing companies,with a GDP in excess of US$26 billion.
Visakhapatnam is the principal commercial hub of the state, and contributes to its economy in a number of sectors including heavy industries, tourism, industrial minerals, fishing, and information technology.