A trade exhibition held alongside the Malawi Investment Forum (MIF) 2016 brought in deals worth $26 million (about K19 billion), according to the Malawi Investment and Trade Centre (Mitc).
Mitc organised the second MIF in Lilongwe to attract potential investors to help spur the country’s economy through investment in bankable projects contained in the Projects Compendium.
The exhibition attracted over 80 companies, comprising 70 local and 10 foreign. The event also brought in 20 importers and 30 small and medium enterprises (SMEs).
A statement from Mitc said notable foreign exhibitors included Rolls Royce Limited, Engen South Africa, GIBB South Africa, Group Five, Green Heart of United Kingdom and four Indian companies Ahmed Raza Food Industries, Forlink Ventures Private Limited, Gujarat and TRSR FZE.
“The major trade deals included 1 000 metric tonnes of brown sugar to Commodity for Africa Limited, a company from Zimbabwe, 400 metric tonnes of low protein cotton seed cake and 10 000 litres of crude oil and 2 000 metric tonnes of sunflower to Banwax Private Limited of Zimbabwe,” reads the statement.
Other companies that received orders include Agricultural Development and Marketing Corporation (Admarc), which received orders of 5 000 metric tonnes of soya, 8 000 tonnes of cotton lint, 5 000 tonnes of groundnuts and 2 000 metric tons of sunflower from China, Botswana and India.
Mitc public relations manager Deliby Chimbalu said in an interview the trade deals show that Malawi can increase its export base by bringing in more investors.
She said: “As Mitc, this is encouraging to have recorded export orders of such magnitude. This shows that the investment forum does not only focus on bringing in new investment, but also promoting Malawi exports.
“It is our hope that these orders will be actualised and bring in the much-needed forex for the country.”
MIF 2016 culminated into the signing of 13 memoranda of understanding (MoUs) with investors in sectors such as energy, water, transport and agriculture. n