|
Malawi Investment Promotion Agency (Mipa) has attracted K4 billion (US$38 million) worth of Foreign Direct Investment (FDI) this year alone, the agency said yesterday.
Susana Njuweni, Mipa corporate affairs manager said in an annual performance report that the investment flows have created more than 5,000 jobs in Malawi.
Out of the total employment opportunities, 40 percent came from manufacturing, 25 percent from agro-processing, 20 percent from eco-tourism and 15 percent in service delivery, according to the report.
Njuweni said although FDI flows rose to K4 billion this year from K432 million in 1993 (at present exchange rates), Malawi still remains one of the poorest recipients of foreign investment in the world.
According to United Nations Conference on Trade and Development (UNCTAD) inward FDI performance index (1999-2001), Malawi is ranked 133 out of 140 compared to position 41 in 1988-1990.
Malawi is also ranked 120th in the UNCTAD inward FDI potential index, according to Mipa.
But the agency said prospects for 2005 based on average annual growth rate of foreign investment flows are generally promising due to the good fiscal management approach the government has taken.
“In order to improve the performance of investment in the country, Mipa will aggressively market the country through promotional kits and plans to hold an investors forum which will attract investors from all over the world.”
“Depending on financial support from the government, the agency further intends to do targeted promotion visits to the Far East and in Southern part of Africa.” Said Njuweni.
She added that the agency will also use Malawi’s foreign missions to attract FDI and carry out outreach programmes to promote domestic investment through out the country.
|
