"It's shameful that the UDF party wants to take us back to the dark days,"

Mr Gwanda Chakuamba (2003)

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Wednesday, July 09, 2008

Commonwealth business team to visit Malawi due to sound economic management of current administration

Barely two months after Chinese investors
visited Malawi, a 20-member Commonwealth Business Council (CBC)
delegation is scheduled to visit the country from 15 to 18 July this
year for a series of meetings in the Capital city Lilongwe with the
country’s business sector.

Secretary for Industry and Trade Newby Kumwembe said in an interview
yesterday the purpose of the visit was to explore investment
opportunities in Malawi.

He said the delegation will be interested to venture into bankable
projects in sectors such as agriculture and agro-processing sector,
banking and capital markets, transport and core infrastructure,
information and communication technology (ICT), mining and energy as
well as tourism and aviation.

"Meanwhile, the ministry is calling on all business persons and
firms in Malawi who have bankable projects to register with it or the
Malawi Confederation of Chambers of Commerce and Industry (MCCCI) five
days before the arrival of the delegation," said Kumwembe.

He explained that bankable projects should preferably be worth US$10
million (about K140 million) or more although those above US$5 million
(about K70 million) could also be considered if they are very good.

Recently Finance Minister Goodall Gondwe attributed the interest
shown by investors to sound economic management under President Bingu
wa Mutharika’s government since assuming power in 2004.

Mutharika also echoed this during the 44th Independence Anniversary
Celebrations in Mzuzu on Sunday where he acknowledged that the
country’s economic growth has experienced a complete turn-around.

"The country’s growth rates have increased from an average of 1.5
percent between 2001 and 2005 to an average of eight percent over the
last two years," he said.

Meanwhile, the Chinese business delegation that visited Malawi two
months ago has started giving feedback to the Government of Malawi with
one investor showing commitment to invest in the cotton industry,
according to Kumwembe.

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