- The newly elected President of Malawi, Lazarus Chakwera the 65-year-old theologian and politician made a bold bidding for foreign investment into his country.
- Malawi made a commendable achievement when it quietly annulled a rigged election and peacefully ushered in the popular opposition
The newly elected President of Malawi, Lazarus Chakwera the 65-year-old theologian and politician made a bold bidding for foreign investment into his country. Addressing a webinar hosted by ‘Invest Africa’, President expressed a strong determination to bring foreign investors to uplift his country out of poverty.
Malawi made a commendable achievement when it quietly annulled a rigged election and peacefully ushered in the popular opposition. In June, When the entire world was busy with the Pandemic, 19 million citizens of Malawi went to the polls and elected Lazarus Chakwera, against the incumbent president, Peter Mutharika, who was elected in 2014.
Speaking at the webinar, he acknowledged the importance of the long-term trading relationship with South Africa, as “Malawi’s most important regional partner”. He extended a special invitation to South African investors to his country.
He cited mining as a potential sector for international investors, pointing to a recent geological mapping project by an international consortium which estimated Malawi’s rich wealth in mineral resources, such as uranium, bauxite, iron ore, alluvial gold, coal, graphite, gemstones and various rare earth metals. The mining sector, the President added, has been overlooked and underdeveloped. The government has set up a new Ministry of Mines signals to facilitate investors licenses for hitherto unexploited resources. He also pointed out that the U.S. government through the Millennium Challenge Corporation, funded a $350 million Power Reform Project to support sector reforms and large-scale infrastructure investments. He invited investors to explore possibilities for clean energy using wind, solar and hydropower. Malawi also has tremendous scope to develop Tourism with the Malawi lake and national parks and invited investment in hotels, lodges, lake transportation services and game viewing.
