The vast sectoral trade and investment opportunities ranging from energy to manufacturing, tourism to agriculture expose Malawi’s potential for economic growth, experts have said.
In a bid to attract foreign investments into these sectors, the country has initiated reforms including the newly introduced insolvency law that protect investors when bankrupt, new business registration law, online business registration, land reforms to improve access and the formation of One-Stop Service Centre at the Malawi Investment Trade Centre (MITC), among others.
The reforms, have not only improved the country’s doing business ranking but, have also created a better investment climate, especially in sectors like agro processing and energy, where tax holidays of up to 10 years can be obtained while other sectors can enjoy duty free statuses on importation of plants and machinery.
Malawi’s trade and investment opportunities coupled with the reforms have excited several investors from across the world with India, which already ranks highly on Malawi’s list of trading partners, being among them.
India has a long history of trading with Malawi and it has the capacity to provide investments that can transform Malawi’s economy.
Indian traders dominate in almost all the sectors in Malawi including import and export, manufacturing, wholesale and retail, service, and agriculture, and yet Malawi’s potential still remains largely untapped and calls for more large scale investments.
While Indian multinational companies have already expressed interest to bring their investments in the country, the Indian businesses already operating in the country are keen to make more investments.
The Indian Government through its embassy in Malawi has on a number of occasions reiterated the country’s commitment to assist Malawi in irrigation, agro-processing, health and ICT development.
Satinder Nain, the Chief Operating Officer at Thunseri Tea and Petrochem Industries, an Indian owned business that grows tea and macadamia in Malawi says he looks forward to healthy business relations between Malawi and India.