Ugandan company, Tirupati Development Limited, says it has interest to make MK10 billion investments in Malawi.
Joint Managing Director, Miraj Barot, has since asked the Ministry of Trade and Industry to help the company acquire 15 hectares of land, where it would place its investments.
Barot said this in Lilongwe during an interaction meeting with the Minister of Trade and Industry, Mark Katsonga Phiri.
Barot said Tirupati Development Limited has found Malawi to be another conducive destination where the company would further expand its growth while delivering best services that satisfy citizens.
“Our capital is now hovering around $100 million due to our dedication and focus in small and medium enterprises (SMEs) development. We are into different sectors, from construction to waste management. We want to bring interventions that will see Malawian youths getting jobs which will lead to the development of their families and the country at large,” said Barot.
According to Barot, in Uganda, Tirupati Industrial Park—a subsidiary of Tirupati Development Limited—offers, among others, warehouses that accommodate different SMEs dealing in shoe making, milk, drinking straws, agricultural chemicals, crafts, waste management among others. He said some of these enterprises would be replicated in the company’s investments in Malawi.
Apparently, Tirupati Development Limited’s visit to Malawi follows minister Katsonga Phiri’s visit to Uganda a few months ago, where he had time to tour some facilities belonging to the company.
Katsonga Phiri, with the Ugandan State Minister for Industry, David Bahati, toured, among others, Tirupati Industrial Park in Kyebando along the Northern Bypass and Roofings Rolling Mills in Namanve Industrial Park.
“My visit was to benchmark what the government of Uganda is doing to promote import substitution and SMEs. I was impressed with the performance of SMEs in Uganda.
“And I noted that if Malawi indeed invests more money in the industry, SMEs can develop. His Excellency the State President, Dr. Lazarus Chakwera, entrusted me with a business ministry. So, we need to be thinking business all the time,” said Katsonga Phiri.
The minister further said he was excited with the model used by Tirupati, which is to set up space for small manufacturers to let them develop. He said SMEs are important for the economic development of African nations, since they provide over 90% of jobs.
The Tirupati Industrial Park was commissioned by President Yoweri Museveni in February 2015.
They are also involved in the university project in Gujarat under Sri Group of Institutions and Himalay Ayurvedic Hospital and Pharmaceuticals.
During the meeting in Lilongwe, Barot was accompanied by, among others, his father, who is the chairman for Tirupati Group and Dr Emmanuel Del-Tumi, who is president and chief Copy-writer of HCI Africa.
The team commended the Government of Malawi for the work it is doing in ensuring that the country is a destination for investors.
On the other hand, minister Katsonga Phiri was accompanied by Principal Secretary for Trade and Industry Christine Zakeyo, Nwazi Mnthambala Principal Secretary for Industry, Francis Zhuwawo Principal Secretary for SMEs and other officials.