Four South African firms under Project Innovation Centre (PIC) have shown interest in investing in fertiliser manufacturing, phone manufacturing, petroleum refining and distribution and water transport sub-sectors in the country.
PIC is a local entrepreneurship organisation that mobilises investors for strategic investments in various sectors.
The development follows the opening of a PIC office in South Africa last month in a quest to connect local traders to manufacturers in that country to ease trade.
In a Skype interview on Monday, PIC South Africa Country Director Vanessa Engelbrecht said several firms had shown interest in exploring opportunities in Malawi, with some looking for partnerships.
“Obviously, we cannot do everything at once. So, we chose the most important ones that we will prioritise for now and We see what we are going to achieve,” Engelbrecht said.
One of the companies exploring opportunities in water transportation and petroleum is Ticamanzi PTY Limited.
Its chief executive officer Shamendra Maharaj said there is an opportunity in making Malawi fuel-efficient and a hub for the commodity.
“Our investment is a two-step process, the first one is bringing refined products which will be the easiest but the medium to long-term goal is to establish an oil exploration and refining company in Malawi. This will create thousands of jobs and boost Malawi’s gross domestic product,” Maharaj said.
He said and will, the company is submitting proposals to the government which immediately after approval, roll out operations on the ground.
South Africa is one of Malawi’s investment and trade partners.
Figures from the International Trade Centre’s Trade Map show that Malawi exported goods worth $48,651,000 to that country in 2020.