Investment Forum Bearing Fruits As APM Led Govt Unveils Ambitious Electricity Project
The ongoing Malawi Investment Forum (MIF) brings with it promising openings mainly in the area of power generation which remains the hub of foreign direct investment.
Word from the forum -which is taking place in Lilongwe- is that by 2018 the country is expected to be producing 1800 megawatts of electricity, a huge leap from the current 350 megawatts which faces challenges due to low water flow in the Shire River.
Investors mainly from China and United States have already started paperwork to put their money into power generation. All areas of power generation such as hydro, solar, coal and windmills are being considered.
With climate change taking a toll on the industry, many global investors realize the importance of diversification which also cut costs as hydro electricity demands more investment when compared to solar power.
Malawi Investment Trade Centre (MITC) chief executive officer Clement Kumbemba assured Malawians during the opening of the forum on Monday that by 2018 Malawi will have pushed power outages into history books.
He further outlined how his organization is ensuring that trade and investment issues are handled efficiently, timely and in full adherence of regional and global standards.
He disclosed that MITC will this year start construction of an 8-storey twin tower building at City Centre to facilitate trade and investment matters.
Speaking earlier Malawi Confederation of Chambers of Commerce and Industry (MCCCI) President Karl Chokotho said Malawi has all the right ingredients to become a top investment destination.
He lauded the Investment forum as a right step in the right direction in the quest to attain desirable levels of foreign direct investment.
The MIF 2016 has attracted close to 1000 local and foreign investors. It promises to achieve finalization of several deals before the year closes.