President Peter Mutharika has said that Malawi is a land of great opportunities and possibilities and a land of untapped investment potential.
Speaking during the official opening of the Malawi Investment Forum in Lilongwe on June 11, the president likened Malawi with an island whose inhabitants did not wear shoes but a shoe making company saw a great market potential in that island.
He said: "Malawi is the African paradox of a rich country with poor people. Malawi is a small but great country. Where many see poverty, we see potential riches. Where others see challenges, we see opportunities."
He further said that Malawi is spearheading the investment drive within the Pan-African spirit of promoting private sector development and trade integration.
"I am most delighted that Malawi is hosting this investment forum at the time when Africa is remembering herself from years of economic disintegration. We are re-integrating our policies and rebuilding our bonds of doing business as a continent." Mutharika said.
The president said his government's goal is to have a smaller government and a bigger private sector. "We have undertaken aggressive reforms and ensured that we have a legal environment that protects investments. As a result of our reforms, we have drastically reduced the cost of doing business."
Adding that Malawi is ranked the third topmost reformer in Africa. "We are the 110th in the World in the latest Ease of Doing Business report by the World Bank."
The President said his government has lined up projects that will double the current power supply of 360MW to 720MW by 2020 and generate 1,000MW by 2023. He envisaged that the country will be generating 2,000 megawatts within 10 years.