By Kingsley Jassi:
An on-going cement project by Portland Cement, a subsidiary of Chinese company Huaxin Cement, is set to roll out operations in the fourth quarter of the year, the company has announced.
Once operational, the company will be producing 1 million tonnes of cement in Balaka District, potentially saving the country’s forex worth up to $50 million annually through import substitution of cement and clinker, a key material in cement production.
The company’s representative, Jianguo Lio, told a meeting in Lilongwe during the launch of Xidian International Stock Exchange that the $100 million investment would also generate forex through cement exports.
A look at the investment profile shows that it will also generate at least $15 million annually from exports while paying up to K15 billion taxes once fully operational
“This development is expected to drive growth and stability in the region’s construction sector, creating new opportunities and supporting economic progress,” the write up reads.
The investment is expected to create 500 permanent jobs and at least 3,000 indirect jobs once it opens, possibly in September.
This will be one of the largest industrial investments from China boosting FDI stock from that country, where other large investments in cotton processing, manufacturing, tourism and real estate originate.
Meanwhile, Malawi Investment and Trade Centre (MITC) has said it expects increased investment flow from China following new efforts which have already seen over 40 investors coming into the country to explore investment opportunities.
MITC Director General Kruger Phiri challenged the investors to take up over $40 billion worth of investments that are already prepared and ready for implementation in areas of manufacturing, mining, tourism, infrastructure, agriculture and transportation, among others.
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