Tanzania High Commissioner to Malawi Agness Richard Kayola has said some Tanzania-based corporations are exploring opportunities to invest in various sectors of the Malawi economy as a way of strengthening trade ties.
She said this on Tuesday when she toured a $100 million cooking oil refinery plant constructed by Bakhresa Malawi Limited in Limbe.
Kayola said there are several companies from Tanzania her office is engaging to come and invest in Malawi.
“Tanzania and Malawi have good relations and we are still strengthening our relations through trade, investment, education, and science and technology,” Kayola said.
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Bakhresa Malawi Limited Human Resource and Compliance Manager Richard Tchereko said the cooking oil refinery plant project is at 85 percent completion rate.
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“The project is at an advanced stage. We are impressed with the pace and, as earlier committed, we expect to start production in May 2024.
“We are engaging various players in soya production to make this happen,” Tchereko said.
Malawi shares borders with Tanzania in the northern district of Karonga.
Tanzania has been crucial as it gives Malawi access to the sea for importation of strategic goods through the port of Dar es Salaam.
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In recent years, trade and investment between the countries has been growing, witnessed by Malawi’s National Bank investing in that country through the acquisition of Akibar Commercial Bank.
