Speech detail

APM DELIVERS: SECURES K800 BILLION FOR THE MANGOCHI TOURISM CAPITAL DREAM

  • DNYEN Press
  • 2019-07-19 18:16:12

_Speech by His Excellency Professor Peter Mutharika upon signing a $1.4 Billion Deal with Afrexim Bank_

I am pleased to welcome you, Prof. Benedict Oramah, and your entourage to Malawi. Welcome to Malawi and welcome to Kamuzu Palace.

You bring me good news on my birthday. In case you didn't know, today is my birthday. And what you bring us today is good news to all Malawians.

Your Bank was established to provide financial and advisory services to African Countries for us to grow our economies through trade and exports.

I want to congratulate you that Afrexim Bank has done exceptionally well in:

Financing projects and trade;

Providing credit guarantees and insurance to derisk African countries;

Supporting countries with trade and advisory information services.

You are doing a good job for Africa. Congratulations!

Time has come for Africa to be economically independent.

In our case, we are pleased that you bring us funding for major projects that will transform Malawi. With the Memorandum of Understanding that we will sign today, we are now ready to:

  1. Construct a new International Airport in Mangochi
  2. Construct a state of the art Holiday Resort on Lake Malawi;
  3. Construct a Logistics Park in Mangochi
  4. Construct Industrial Parks in Lilongwe and Blantyre.

I am glad you are ready to provide One Billion Dollars ($1 billion) for us to implement these projects. This fund will make a huge difference to Malawi.

In these projects, we are focusing on industrializing Malawi, increasing our production and developing our tourism to unprecedented levels.

With a new international airport in Mangochi, the world can fly straight to Lake Malawi. We want to make Malawi a tourism star of the world.

With the Afreximbank support, we are ready to turn the Nankumba Peninsula into a hub for tourism, finance and transport logistics. And we expect to create not less than *40,000 jobs* on this Cape Maclear tourism project.

Last week, I announced that we also intend to develop tourism on Mulanje and Zomba Mountains by introducing mountain cable cars. We want to give the world a reason for coming to Malawi. And I want Malawi to have an integrated tourist attraction package.

Your support is most welcome because it helps us to finance development of tourism in Mangochi.

These projects will increase our productivity, increase our trade output, create more jobs for the Youth and bring more tourists to Malawi.

I also understand you are set to finance various private sector projects in the country. I am encouraged to note that you will also finance the construction of the Liwonde Dry Port. This port will certainly reduce the cost of goods in Malawi.

Let me commend you for arranging to finance the private sector investment. We want the private sector to grow.

I want Malawi to have a bigger private sector and a smaller public sector. That is how we are going to create more jobs and make Malawi a producing and exporting economy.

We want to make Malawi a producing and exporting economy by pursuing the Industrialization agenda. That is why we want to establish more industrial parks.

The Industrial Parks will attract both local and foreign investors to manufacture various lightly industrial products such as textiles, electronics, furniture and many other products. Then, we will engage and employ more youth from Technical Colleges to support the Industrial Parks Projects.

And soon, we will be launching the Rural Industrialisation Strategy. This strategy will bring together Farmers Associations and empower them to open factories so that they can add value to their produce before taking it to the markets.

Above all, we are set to invest more in agriculture and agro-processing, manufacturing, mining and tourism. These key areas will ensure that the country grows by no less than 6 percent annually.

In the last five years, we focused on stabalising the economy because inherited an economic crisis. Now we are focusing on growing the economy. And we are glad that Afrexim Bank is our partner on this journey.

More than ever, now we know that our dream is possible.

I once again thank you for your coming, and for your support.