Minister of Mining Thoko Tembo says the country’s abundant mineral resources, including uranium, rare earth minerals and niobium, present a significant opportunity to transform the economy.
Tembo said this during a luncheon which was organised by NBS Bank, a member of the NICO group, at the Africa Down Under (ADU) Conference in Perth, Australia.
“As major projects progress towards development and production, the sector has the potential to contribute significantly to GDP – potentially reaching approximately 20 per cent when the projects are fully operational,” Tembo said.
The minister added that Malawi’s priority is to convert mineral resource potential into responsible, inclusive and sustainable economic value noting that achieving this ambition would require more than mineral resources.
Representing Malawi’s financial sector at the conference, NICO Group Managing Director, Vizenge Kumwenda, delivered a presentation titled Malawi’s Financial Sector as a Strategic Partner for Mining-Sector Growth: Investing in Mining’s Future.
“The Government’s decision to include private-sector institutions in its engagement at Africa Down Under strengthens investor confidence and creates an important platform for direct dialogue with global investors,” Kumwenda said.
NBS Bank Chief Executive Officer Temwani Simwaka said Malawi’s financial sector must help connect international investment with local opportunity by mobilising capital, facilitating transactions and supporting businesses throughout the mining value chain.
“We aim to be a strategic partner in mobilising capital, facilitating investment and transactions, and supporting the businesses that will help shape Malawi’s economic future,” Simwaka said.
The discussions in Perth reinforced Malawi’s significant resource potential and the need for coordinated action to translate that potential into investment, jobs, exports and long-term economic value.
Africa Down Under (ADU) Conference is a leading forum for Australian-African business and government relations which promotes investment, networking and policy dialogue across Africa’s mining and energy sectors, bringing together governments, investors and industry leaders from around the world.
By Mwai Mtumodzi
