Written by ARNOLD NAMANJA
NEW YORK--Malawi continues to attract foreign direct investors owing to the administration of President Joyce Banda which is accommodative as well as democratic, hence creating a fertile ground for doing business, the Malawi News Agency has established.
The development was revealed in an interview with President and Chief Executive Officer for Overseas Private Investment Corporation, Elizabeth Littlefield after she paid a courtesy call to Pres Banda who is in the United States for 67th UN General Assembly.
Littlefield said her corporation has developed business interest in Malawi to help Banda’s administration grow the economy and create employment for both skilled and unskilled indigenous Malawians.
“We’ve had a very fruitful discussion with the Malawian President where we outlined our business plans and would start ground work immediately when all the legal business documents have been finalised,” Littlefield, accompanied by the corporation’s two directors said.
“We also expressed our excitement at having the second female president in Africa and the opportunities for investment and doing business that available in Africa in general and Malawi in particular,” Littlefield added.
The CEO added the Overseas Private Investment Corporation works in liaison with the US government to help grow developing economies, by financing and insurance policies for investors to realise meaningful and sustainable development.
“Our interest first and foremost is to bring relevant investment to Malawi which would ultimately add value to people in the beneficiary country, in this case Malawi,” Littlefield emphasised.
She assured that the corporation had particular interest in Malawi because Pres Banda had demonstrated political will in working with development partners through restoring bilateral relations with the US and Britain.
Littlefield, therefore, said the corporation would start with Government of Malawi’s priorities in the area of agriculture, tourism and infrastructure development to ensure their activities were in line with home-grown development policies.
The Overseas Private Investment Corporation which is the US Government’s development financing institution with its establishments in more than 150 countries worldwide, most of which are in Africa.
Before Banda took over the leadership, Malawi’s diplomatic relations with major donors like the International Monetary Fund and the World Bank had soured, besides the country’s traditional development agencies from Great Britain and the US also had withdrawn most of their aid.