Malawi strikes $1 billion worth of investment deals

Malawi strikes $1 billion worth of investment deals
Malawi has struck international deals worth US$ 1.1 billion courtesy of the Malawi Investment Forum (MIF).

The three agreements were made during the two day forum which attracted various local and international investors from in and around the country.
MIF was held at the Bingu International Conference Center (BICC) in the capital Lilongwe from June 29 - 30.

The international investment forum focused on seven key areas namely, agriculture and agro-processing; tourism; manufacturing; energy; infrastructure; mining; and financial Services and it was aimed at attracting foreign investors to explore investment opportunities in Malawi.
Over 130 local and foreign investors turned up from 31 world states among them Japan, China, United States of America, India, the United Kingdom, South Africa and Uganda.

“The Blantyre City Council has signed a Memorandum of Understanding (MoU) with the China-Zambia and China-Tanzania Friendly Cultural Exchange Program for the combined implementation of 11 projects in Blantyre,” said the Principal Secretary for Trade and Industry.

Cliff Chiunda further revealed that Briggs International of the United State of America (USA), will sign a business agreement with the Government of Malawi for the implementation of a multi-billion dollar rail system that shall connect Lake Malawi down to the Port of Nsanje onto the Zambezi River to the Indian Ocean by-passing the 36-kilometer rapids on the Shire River.
According to Chiunda the railway line would connect Lake Malawi to the Indian Ocean without barges having to off-load their goods.

Furthermore, Malawi’s Country-wide Group of Companies which has received preliminary investment consideration from 3 international financiers for the development of their 5-star hotels in Blantyre and Chintheche respectively.
He added that Atlas Energy Company (Malawi) Limited, has received a commitment for US$ 80 million to develop a 40 megawatts solar project in the country.

In addition a coal mining company which has two mining projects in Rumphi and Nthalire is looking for joint venture partners.
China Railways No. 3 Engineering Group Company Limited has committed itself to three projects.

The agreements for the three projects are expected to be signed between Malawi and Railways No. 3 Engineering on July 2.

They include Kamwamba Coal fired Power Station worth US$600 million; Railway construction and rehabilitation worth US$250 million and Mangochi Airport worth US$250 million.