03 Dec 2018

Malawi President preaches integrity

His Excellency Professor Arthur Peter Mutharika, President of  The Republic of Malawi on Wednesday 28th November 2018 launched Malawi Agricultural and Industrial Investment Corporation (MAIIC) Plc in Lilongwe, stressing that the government would not interfere in the privately run corporation’s operations.

Mutharika was, however, quick to mention that he would not tolerate arrogance and lack of accountability when running the institution.“The corporation will run autonomously with its own governance structures without interference from the government. We have taken deliberate steps to create a commercial institution. I want it to be run on the best principles of international practices,” Mutharika said.

He said the institution is a gateway to ending poverty in Malawi.“Time has come for us to start creating new wealth and end poverty in this country. This investment corporation is a means of implementing our national vision where we are turning Malawi from an importing and consuming country to becoming a producing and exporting country. We are industrializing Malawi and making it a skilled labour society, bring in foreign direct investment and modernize and expand infrastructure,” Mutharika said.

Old Mutual Malawi Group Chief Executive Officer, Edith Jiya, welcomed the initiative, saying it can achieve its targets if there are clear guiding policies and a robust governance framework.“One of the key sectors that this platform is focusing on is agriculture. The need for clear and consistent policies cannot be over emphasised in this sector. Investors as well as lead developers for projects require certainty of policies to be able to plan projects successfully and they need to be incentivised as well,” Jiya said.

Franklin Kennedy, CDH Investment Bank Board Chairperson, the lead implementer of the project, said a K22 billion capital investment by the government in the corporation will enable the company to start a capital-raising programme to attract domestic and international funding.

During the launch, Nico General Chief Executive Officer (CEO), Donbell Mandala, Airtel Malawi Managing Director, Charles Kamoto, Secretary to the Treasury Ben Botolo, Malawi Investment and Trade Centre CEO Clement Kumbemba and Sangwani Hara were unveiled as board members of the corporation.

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