LILONGWE, June 11 (Xinhua) -- Malawian President Peter Mutharika said Monday the southern African country is set to turn itself into an investment haven of Africa where investors can explore all opportunities with ease.
Mutharika said this in the capital, Lilongwe, when he officially opened the 3rd Malawi Investment Forum (MIF) and the Southern Africa Regional Integration Stakeholder Forum, which has attracted over 500 local and international delegates from about 30 countries.
The Malawian leader described the country as a small but great African nation, and a paradox of a rich country with poor people hence full of investment opportunities.
"We want Malawi to give you the best return to investment. If Africa is above the global average of return to investment, we want Malawi to be above Africa: We are set to make Malawi an investment haven of Africa," said Mutharika.
He added: "Malawi has taken necessary steps to encourage private sector investment growth. We are now ready to do business with the world."
The president said the country was spearheading the investment drive within the Pan-African spirit of promoting private sector development and trade integration and that the country's goal is to have a smaller government and a bigger private sector.
According to Mutharika, Malawi has sufficient raw materials and hardworking citizens who always ensure that political peace and stability prevail at all times.
He also boasted of having drastically reduced the cost of doing business to the point of being ranked the third topmost reformer in Africa.
"Our key challenge has been energy deficit: For the last fifty years, this country did not invest sufficiently in energy expansion," said Mutharika, adding: "Now we have lined up projects that will double the current power supply of 360MW to 720MW by 2020. And we want to generate at least 1,000MW by 2023.
"In total, we are expanding and diversifying power generation towards the goal of 2,000 megawatts within 10 years."
Malawi Minister of Finance, Economic Planning and Development, Goodall Gondwe, echoed Mutharika's sentiments, saying the country has a positive economic direction and vision but he said the country lacks the needed financial resources which could be provided through foreign investment.
Gondwe said with adequate financial resources, the country's economy was capable of attaining an annual 9 percent growth rate.
AU Regional Delegate to Southern African Development Community and The Common Market for East and Southern Africa, Leopold-Auguste Ngomo, has since urged delegates to pay serious attention to the MIF strategy describing it as key to unlocking both Malawi and Africa's economic success.
The 2018 MIF's theme is "Private-Sector-Led Growth: Key to Malawi's Economic Growth" and it is expected to end on Tuesday, June 12.