The Malawi Investment and Trade Centre (MITC) yesterday launched the first Xidian International Stock Exchange (Malawi).
The event, which took place in Lilongwe at BICC, is a significant step in advancing Malawi’s financial sector, providing a transparent and standardized platform for investment and trade, complementing the country’s existing stock exchange.
Speaking at the event, Guest of Honour Patrick Mhango, Executive Director of Regulation at the Reserve Bank of Malawi, emphasized the Bank’s commitment to guiding and supporting the Xidian International Stock Exchange throughout its operational journey.
Mhango highlighted the importance of upholding ethical standards to foster a trustworthy and resilient financial ecosystem in Malawi.
In his remarks, Kruger Phiri, Director General of the Malawi Investment and Trade Centre, noted that the Xidian Exchange will complement the Malawi Stock Exchange, offering an additional channel for foreign currency trading.
“We need an alternative stock exchange to diversify investment opportunities. In the long term, local investors can earn billions of dollars in forex. It will also boost local markets credibility to international investors,” he explained.
A representative from one of the companies commended Malawi for its stable and business-friendly environment, citing the government’s operational efficiency and the strength of the legal system. The country’s hardworking workforce and abundant agricultural resources were also highlighted as key investment advantages.
The investment initiatives that are expected to be initiated by the visiting investors are expected to spur job creation, boost tax revenue, and improve infrastructure and public service delivery.
20 Chinese companies who are currently in Malawi as part of a business tour, also attended the launch of the Xidian International Stock Exchange.
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