Minister Kairuki urges investors to choose Songwe, tap SADC market
Investors who want to reap maximum returns must choose Songwe region because it is strategically located to tap Southern Africa Development Community market.
Minister of State in Prime Minister’s Office responsible for investment, Angellah Kairuki said when addressing an investment forum in Songwe this week that the region is endowed with vast untapped agriculture, mining and other potentials which need value addition by industries.
Kairuki said investments in agro-processing and primary industry which add value to commodities such as minerals have a big chance of succeeding in Songwe which borders Zambia, DR Congo and Malawi.
“I know that Songwe has a myriad of resources available for investment but also strongly believe that agriculture has the most potential here hence a good area to invest,” she said while adding that agro-produce has a readily available market in SADC where most countries are prone to adverse weather conditions.
She also urged financial institutions which include banks to boost their presence in the region so that investors and the public can easily access services and products need by investors and consumers who are key players in growth.
“SADC has 16 countries which can be easily access from Songwe,” she added noting that the bloc has also got huge demand for commodities such as minerals.
In a welcoming speech to the minister, Songwe Regional Commissioner, retired Brigadier General Nicodemus Mwangela said the investment forum has been organised to mobilise private investment needed to tap the regional natural resources potential.
“We welcome investors from all over the world to come and join us in exploiting our vast resource potential for mutual benefit,” said Mwangela.
Speaking at the same event, NMB Bank Plc’s Chief of Retail Banking, Filbert Mponzi said the bank has so far issued credit worth over 22bn/- to the region with coffee and maize farming being the biggest beneficiaries.
Mponzi said this year, the bank has seen an increase in account opening by farmers following government’s directives that all payments to the group should be done through banks as a means of advancing financial inclusion.
“We are opening these accounts free of charge so that we encourage the farmers to join the forma banking system in line with government directives,” he said adding that the bank has also issued loans to entrepreneurs and small businesses with low interest rates.
