Vice-President Saulos Chilima has wooed potential United States of America investors to explore opportunities for investment in the energy sector, including renewable energy and mining, in Malawi.
According to a brief on his engagements in New York released on Twitter yesterday, the Veep said he appraised potential investors of specific investment opportunities in mining.
Chilima, who is in New York attending the United Nations Economic and Social Council Forum for Financing Development, said during his meeting with International Development Finance Corporation (IDFC) chief executive officer Scott Nathan on Wednesday he shared with him Malawi’s mining potential which could be a game-changer for Malawi.
The Veep said: “During the meeting, Mr Nathan was appraised of specific investment opportunities in mining focused on iron ore, rock phosphates, graphite, rare earths, mineral sands, uranium, niobium, limestone, and gypsum among others. I was pleased with Mr. Nathan’s interest in our presentation.
“He has assured that IDFC will seriously take up our proposals and that personally he will visit Malawi in June 2022 as a first step towards what I believe will be good news. As a country, we seriously need to put much focus on mining.”
With limited energy supply which adversely affects mining, Chilima said he also stressed the need to look at investments in mining and energy as twin projects that will transform Malawi.
During an interview yesterday at the Atlantic Council, African Centre, Chilima also reiterated the need for Malawi to make mining a viable and productive venture, especially with recent discovery of rare earths.
Malawi discovered rutile, rare earth, niobium, gold and uranium deposits that require investment for the country to benefit fully.
Revenue figures from the Fifth Malawi Extractive Industry Transparency Initiative Report show that the country’s mining sector’s contribution to gross domestic product (GDP) has been on the decline.
In the fiscal year 2017/18, the country raked in K18.711 billion which rose to K23.594 billion in 2018/19, only to drop to K18.703 billion in 2019/20.
President Lazarus Chakwera has singled out mining as the country’s key priority area and hopes investment it could transform the country’s economy.