Malawi who attended the 13th Confederation of Indian Industry Exim Bank Conclave on India/Africa project partnership are optimistic about attracting more investors into the country following successful bilateral and private sector meetings
Over the three days of the 2018 Conclave, Vice-President Saulos Chilima, among the numerous engagements he had, held bilateral talks with the Vice President of India, Ram Nath Kovind, and met officials from Mahindara, Exim Bank, Kirloskar Group, Tata, Escorts Group, Airtel and Wapcos.
Emmanuel Fabiano, Minister of Foreign Affairs and International Cooperation, had talks with India Foreign Affairs Minister while Malawi Ambassador to India George Mkondiwa, Minister of Industry, Trade and Tourism Henry Mussa and Malawi Investment and Trade Centre Chief Executive Officer Clement Kumbemba engaged potential investors during a country session Malawi had on the sidelines of the Conclave.
In an interview at the close of the meeting on Tuesday, Kumbemba indicated that all delegates had successful meetings and that the outcomes are encouraging.
He said the government will consider extending tax holidays to investors interested in taking up opportunities in priority sectors such as agriculture and energy.
“These are tax holidays that are legislated under the Taxation and Customs Act and are implemented by the Malawi Revenue Authority. This will help Malawi to export processed products that have gone through value addition,” he said.
Kumbemba said the tax holidays will also be extended to local companies with an interest in investing in the priority sectors.
FMB Group General Manager [Treasury and International Banking] Thomas Kadantot said delegates from India had shown strong interest in investing in Malawi, mostly in agriculture.
Kadantot said one investor had expressed interest in setting up a rice scheme as this would provide cheaper access to land of up to 40 percent less than it would cost, if he were to set up a similar venture in India.
“Malawi is an agriculture-based economy. Agriculture can provide the impetus for the economy to grow because in countries like India, there is limited land available and whatever land is available is expensive.
“There has been a lot of interest to invest in Malawi. They want to know the regulatory requirements and approvals required and also the taxation regime. So, we provided guidance and we hope, in a few months, we will get feedback,” he said.
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