Consolidate investment forum gains
From June 29 to 30 2015, Malawi was the hub of activity as men and women clad in designer suits intermingled at the Bingu International Convention Centre (Bicc) complex talking the investment language.
The Malawi Investment Forum (MIF), touted as the first of its kind on Malawian soil, was successfully hosted courtesy of the Malawi Government through the Malawi Investment and Trade Centre (Mitc). Well done for making the forum a reality.
It is encouraging to read from the communiqué issued at the end of the MIF that, so far, three known deals have been quantified, offering Malawi about $1.1 billion (over K500 billion) in potential investments. This is no mean feat.
In attendance were about 130 potential foreign investors from 30 countries, including the United Kingdom (UK), China, USA, South Africa, Brazil and Kuwait, among others. This was surely the biggest congregation of potential investors such as multinational organisations and entrepreneurs.
Investment forums offer countries a platform or window to promote potential areas of investment. They also facilitate dialogue among businesses—local and international—to, where possible, strike deals, including mergers, partnerships and joint ventures.
From the MIF we also learn that more potential deals are yet to be finalised. This is surely good news.
However, it should be borne in mind that it is one thing to promote investment opportunities and “strike” potential deals and a different ball game altogether to make the deals a reality.
They say experience is the best teacher and past experiences back home have not been pleasant when it comes to business deals. What has been happening is that immediately after such platforms—locally and abroad—there is excitement about sealed deals. Thereafter, when the dust settles, there is dead silence.
My plea is that things should happen this time around. To make things happen, I would suggest a task force comprising professionals—not political bootlickers—from institutions such as Mitc and the Malawi Confederation of Chambers of Commerce and Industry (MCCCI) to track progress on potential deals. The task force should then develop a checklist and, whenever there are developments, update the nation.
In the absence of such mechanisms, I am afraid to say that well-meaning initiatives such as the MIF will remain talking shops where people attend and collect documents that are left to gather dust on bookshelves in their respective offices.
I followed the proceedings at the MIF, especially the opening ceremony, on television courtesy of the taxpayer-funded Malawi Broadcasting Corporation (MBC). I must confess that Sindiso Ngwenya, the secretary general of the Common Market for Eastern and Southern Africa (Comesa) impressed me with his zeal, more especially where I felt he demonstrated unique marketing skills, directly addressing the investors: “To investors, I say, Malawi is an oasis of peace and I know investors want to invest where there is peace.”
Malawi, like other countries worldwide, is in dire need of foreign direct investment (FDI) which is key to creating new jobs, growing the economy and beefing up government revenue through payment of various taxes.
The proposed task force should take the drive Ngwenya demonstrated, telling President Peter Mutharika: “In three months’ time, I will be able to come to you honourable President to say this is what I have done for you.”
The MIF should not be the end, but a new beginning in the drive to woo investors. While courting the investors, it is also important for authorities to be working on improving the challenges that frustrate investors from putting their money in Malawi.
Malawians have talked enough, at 51 years of Independence, it is time to act.
