Peter Mutharika has persuaded Commonwealth Development Corporation (CDC), the UK’s development finance arm, to invest in the country’s energy and agriculture sector to help rebuild the country’s economy.
Mutharika said when he had an audience with a CDC delegation at Kamuzu Palace in Lilongwe on Wednesday.
He told the delegation that Malawi is a safe place where they can make huge investments.
“We are part of the Southern African Development (Sadc) and Common Market for East and Southern Africa (Comesa); we have access to Europe and we are also part of Everything But Arms (EBA), meaning that we have a huge market and you can export whatever products you may produce should they require export market,” said Mutharika.
“Investment is a huge market in as far as development is concerned and as such it should be encouraged,” said Mutharika.
In response, CDC Managing Director and Head of Africa, who led the delegation, Tenbite Ermias said CDC and Malawi have a long history which has seen a number of projects being supported and implemented and that they not currently pursuing any particular areas of investment but anything is possible.
“We will continue to support Malawi with a focus on investment. We have lined up several investment plans that we intend to support,” he said.
CDC Group has already financed investment projects in Malawi to the tune of US$30 million.
Speaking to journalists after the meeting, Minister of Foreign Affairs and International Corporation, Emmanuel Fabiano said the group would work with Malawi government on priority areas.
The group met the President to appreciate what Malawi is doing in relation to the support the country accesses from the group.
Fabiano said the group is already supporting the country through different sectors such as agriculture and energy among others.
“The meeting we had has been a fruitful one as CDC has pledged its continued support in various development areas which are a priority to Malawi. The group will among others help the country in the energy sector. We need a lot of investors in the energy sector,” said Fabiano.
Mutharika government expects the economy to improve with hope of direct foreign investments – as opposed to aid.