Wednesday, July 17, 2024

Chakwera lures South African investors to Malawi: BRICS Summit

Chakwera and South African Investors

President Lazarus Chakwera has affirmed the Malawian government’s commitment to aiding South African investors in overcoming obstacles that hinder investment prospects within Malawi, with the aim of accelerating economic growth in the nation.

This committed was made during a meeting with a group of South African investors with various investment interests at the Davinci Hotel on Tuesday in the rainbow nation.

One of the investors, Natal East India, expressed their intent to invest around $20 million in establishing a significant rice farm in Malawi, focusing on rice farming, milling, and distribution. They highlighted the importance of the meeting in conveying specific rice requirements from their South African clients. They believe that this endeavor will position Malawi as a leader in rice production within the South African Development Community (SADC) region. President Chakwera assured them that licensing processes would be completed by the end of the quarter, enabling implementation by year-end.

Another investor, Marcel Steinberg from Blue Energy, stated that his team would conduct site visits and feasibility studies in at least 10 areas of Malawi starting September 5. His company, which has already identified local customers, aims to contribute to the energy sector and has made significant preparatory progress.

Sosten Gwengwe, the Minister of Finance, emphasized that the influx of energy investors would alleviate strain on the national grid and foster a conducive environment for economic advancement. He also noted that investing in large-scale rice farming would provide an avenue for local farmers, particularly in districts like Nkhotakota and Salima, to tap into the South African market.








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