Malawi Investment and Trade Centre (Mitc) says it has prepared 18 bankable projects for marketing at the inaugural UK-Africa Investment Forum underway in London, United Kingdom (UK).
The British High Commission in Lilongwe announced last week that UK Prime Minister Boris Johnston will host the summit that has brought together businesses, governments and international institutions to showcase and promote the breadth and quality of investment opportunities across Africa.
President Peter Mutharika is attending the summit that seeks to strengthen the UK’s partnership with African nations to build a secure and prosperous future.
British High Commissioner Holly Tett said in a statement released on Friday that her country is geared to strengthen trade and investment ties with Malawi.
She said: “As we get Brexit done, we want a closer trading partnership with Malawi and we are helping UK businesses to seize
new and exciting opportunities for investment.
In a written response from UK on Thursday, Mitc chief executive officer Clement Kumbemba said the summit presents a greater opportunity for Malawi to showcase its available investment projects.
He said: “We have 10 private sector companies, including Press Corporation, Nico Holdings plc, CDH Investment Bank and six public sector companies with projects, among them, Egenco and Lilongwe Water Board, all these with bankable projects to market at the summit.
“In total, we are marketing about 18 projects at the summit. Besides, we will have a Malawi Investment Forum on 22 January, a platform dedicated to Malawi”.
According to information from Mitc, some of the projects to be marketed include the Kholombidzo Hydro Power Project worth $515 million (about K380 billion), Cable Car Poject on Mount Mulanje worth $200 million (about K148 billion), Diamphwe Bulkwater Project valued at $300 million (about K222 billion).
The Cape Maclear Resort Project worth $4 billion (about K3 billion), Small-scale Farming Project by Green Belt Authority worth $25million (about K18.4 billion), the Mwananjobvu Project in Chikwawa by Green Belt Initiative worth $30million (about K22 billion), and the Raw Material Project for Ethanol worth $50 million (K37 billion)..
A study by the German Development Institute estimates that 3.4 percent of Malawi’s total exports enter the UK market, translating to K30 billion in export earnings, out of the total exports valued at K807 billion.
According to the Department for International Development, UK-Africa trade was worth over £33 billion in 2018 and that about 2 000 British businesses currently operate in Africa.