Maputo, Mozambique, Malawi’s Vice President (VP), Right Honorable Everton Chimulirenji has said Malawi welcomes the Africa Free Trade Area as a tool that will boost exports and other trade opportunities in the country.
Right Honorable Chimulirenji made the remarks on Wednesday during the opening of the 12th US-Africa Business Summit in Maputo Mozambique under the theme Advancing a Resilient and Sustainable U.S.-Africa Partnership.
The VP said Malawi is currently in the process of completing consultations with the private sector to get their inputs before government implements the initiative.
One of the advantages that Malawi is expecting from Africa Free Trade Area is that it will help in improving the country’s productive capacity to have quality products, as it is one of the areas that need improvement, said Chimulirenji.
He said Malawi is expecting to trade more with countries in the West and Northern part of Africa to boost the economy.
He highlighted that Malawi’s development agenda remains promotion of private sector development realizing that economic growth is spearheaded by a vibrant private sector.
Malawi is todays choice as a location for foreign direct investment and tourism, we have put in place deliberate policies and strategies to enhance collaboration with the private sector and ensure that their concerns are taken on board all the time, said Chimulirenji adding that Malawi has enjoyed peace since her independence.
The VP disclosed that Malawi has also devised measures to woo foreign investors through the establishment of the Malawi Investment and Trade Center (MITC) through the One Stop Service Center where investors get all the necessary investment requirements under one roof in less than five days.
Chimulirenji further said Malawi also offers investor friendly climate with competitive tax and non-tax incentives package. He said among others, Malawi offers both general and sector specific incentives such as tax allowances for the agro-manufacturing sector.
There are investment opportunities in the private sector as prioritized by the government of Malawi in energy, manufacturing, agro-processing, tourism, infrastructure and information communication technology (ICT), emphasized the VP.
The Summit has brought together more than 1,000 U.S. and African private sector executives, international investors, senior government officials and multilateral stakeholders.
The Summit serves as a platform for U.S. and African business and government leaders to engage on key sectors including agribusiness, energy, health, infrastructure, ICT, finance and more.
Chimulirenji then called upon the United States of America government, companies and individuals to come and invest in Malawi.
Source: MANA Online