President Professor Arthur Peter Muthatika on Sunday launched a manifesto for the ruling Democratic Progressive Party (DPP) with a promise to flush out foreign investors plying small scale businesses in rural areas.
Mutharika said this on Sunday at kamuzu Institute for Sport in the capital Lilongwe where the party was launching its manifesto ahead of the forthcoming May 21 tripartite election.
He said domestic businesses have been struggling to grow and make profits because of lack of national security.
The President also said his DPP led government in the next five years, foreign investors with less than 250-thousand dollar capital will not be allowed to come to invest in Malawi.
“It has been a tendency for foreign investors coming in our country with a meaningless capital. Such investors only deprive the country’s growing businesses and in our manifesto we say all foreign investors with less than 250 million US dollars shall not be allowed to run business in the country,” said Mutharika while attracting ululations from the crowd.
Mutharika also said that in the next five years foreign investors with large capital will be allowed to invest in rural areas.
This he said will help to spur economic growth.