Africa: Malawi may become the tourism investment paradise in Africa as it rolls out new tourism masterplan to stimulate the country’s economic growth

Malawi

Malawi is set to become the tourism investment paradise in Africa as it rolls out new tourism masterplan to stimulate the country’s economic growth

Located at the southern end of the great expanse of Lake Malawi, with its deep, clear waters and mountain backdrop, the national park is home to many hundreds of fish species, nearly all endemic.

According to eturbonews.com, Malawi is a landlocked country in south-eastern Africa, defined by its topography of highlands split by the Great Rift Valley and enormous Lake Malawi. The lake’s southern end falls within Lake Malawi National Park, a UNESCO Heritage site.

The President of Malawi Dr. Lazarus Chakwera last week Monday unveiled a $660 million tourism investment master plan. This plan will help map up the infrastructure development for this southeast African Nation.

READ: Africa: Prophet Bushiri boost religious tourism to Malawi with over 300 weekly visits

From colorful fish to baboons and its clean and clear waters are popular for diving and boating. Peninsular Cape Maclear is known for its beach resorts.

Malawi has no history of political instability and has all the ingredients of a travel and tourism destination. The project under the plan will be implemented under a public-private partnership with the African Development Bank.

Speaking during the launch, the Malawi president said tourism plays a great role in the economic development of his country.
“The Tourism sector contributes to the growth of Malawi’s economy and supports a vibrant complex value chain across numerous sectors including agriculture, trade, health, environment, and transport.

“It generates foreign direct investment and significant export earnings for our country. It also stimulates and supports the development of small businesses including shops, restaurants, travel agents, tour operators and guides, buses and taxis, and the local markets” he said.

“As a commitment to promoting foreign direct investment in the sector, my country also allows for 100 percent foreign ownership of companies. Foreign investors can invest in any sector of the economy and can wholly remit their profits, dividends, and capital. Thus foreign investors can dis-invest 100 percent from Malawi whenever they desire”

Malawi offers free import duty, free import excise, and VAT-free importation on selected goods such as furniture and furnishings, catering equipment, and off-road game vehicles.

Malawi’s tourist industry is vital to the overall economy of the country and supports huge numbers of local Malawians through employment and community projects, as well as helping conserve the country’s natural resources.

The Malawi Growth and Development Strategy (MGDS) III recognises tourism as one of the priority sectors for stimulating the country’s economic growth.

Malawi Minister of Tourism Michael Usi added that his Ministry will work hard to implement the plan.

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