HomeReportsBureau of Economic and Business Affairs2023 Investment Climate Statements...Malawi

# 					2023 Investment Climate Statements: Malawi			

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													EXECUTIVE SUMMARY											

                -  EXECUTIVE SUMMARY 
                -  1. Openness To, and Restrictions Upon, Foreign Investment                    -  Policies Towards Foreign Direct Investment 
                  -  Limits on Foreign Control and Right to Private Ownership and Establishment 
                  -  Other Investment Policy Reviews 
                  -  Business Facilitation 
                  -  Outward Investment 
                -  2. Bilateral Investment and Taxation Treaties 
                -  3. Legal Regime                    -  Transparency of the Regulatory System 
                  -  International Regulatory Considerations 
                  -  Legal System and Judicial Independence 
                  -  Laws and Regulations on Foreign Direct Investment 
                  -  Recently implemented relevant policy/law reforms: 
                  -  Competition and Antitrust Laws 
                  -  Expropriation and Compensation 
                  -  Dispute Settlement                      -  ICSID Convention and New York Convention 
                  -  Investor-State Dispute Settlement 
                  -  International Commercial Arbitration and Foreign Courts 
                  -  Bankruptcy Regulations 
                -  4. Industrial Policies                    -  Investment Incentives 
                  -  Foreign Trade Zones/Free Ports/Trade Facilitation 
                  -  Performance and Data Localization Requirements 
                -  5. Protection of Property Rights                    -  Real Property 
                  -  Intellectual Property Rights 
                -  6. Financial Sector                    -  Capital Markets and Portfolio Investment 
                  -  Money and Banking System 
                  -  Foreign Exchange and Remittances                      -  Foreign Exchange 
                    -  Remittance Policies 
                  -  Sovereign Wealth Funds 
                -  7. State-Owned Enterprises                    -  Privatization Program 
                -  8. Responsible Business Conduct                    -  Additional Resources 
                  -  Climate Issues 
                -  9. Corruption                    -  Resources to Report Corruption 
                -  10. Political and Security Environment 
                -  11. Labor Policies and Practices 
                -  12. U.S. International Development Finance Corporation (DFC), and Other Investment Insurance or Development Finance Programs 
                -  13. Foreign Direct Investment Statistics 
                -  14. Contact for More Information 

## EXECUTIVE SUMMARY

The government of Malawi is working with the IMF to meet the requirements of an Extended Credit Facility (ECF); however, the negotiations remain ongoing and inconclusive. Fiscal deficits continue to expand, and revenue mobilization remains a challenge. A growing trade imbalance, dwindling foreign reserves and persistent inflation compound economic pressures. Government fraud and corruption scandals have led to dwindling donor support over the last few years. Gross domestic product growth slowed to 1.2 percent in 2022, down from 4.6 percent in 2021. The economy was hit hard by COVID-19, resulting in a near recession growth level of 0.8 percent in 2020. The government forecasts slight economic growth at 2.7 percent in 2023 but is cautious about the macroeconomic and fiscal challenges. The government’s heavy debt burden and persistent fiscal deficits are likely to restrain economic expansion that outpaces population growth. Tropical cyclone Freddy impacted southern Malawi in March 2023, leaving a wide swath of damage and destruction to energy and road infrastructure, homes, cultivated fields, and a heavy toll on human lives with more than 500,000 people displaced and 500 fatalities.

The Reserve Bank of Malawi (RBM) devalued the currency by 25 percent in May 2022, subsequent poor agricultural harvests in 2022 resulted in food shortages both of which ultimately sharp increases in food and non-food inflation. Overall Inflation jumped from 9.1 percent in 2021 to 20.9 percent in 2022 and is forecasted to remain high at 18.2 percent in 2023. The economy is heavily dependent on agriculture and is particularly vulnerable to climate related shocks. Russia’s war of aggression against Ukraine has worsened agricultural prospects through disruptions to the supply chain and shortages of fertilizers. The price of imported raw and finished materials is also significantly impacted by supply chain disruptions, further driving up prices of domestic goods and services.

The Government of Malawi is eager to attract foreign direct investment. Investment opportunities exist in agricultural, mining, health, transportation, information technology, and energy. Transportation is a potential growth sector as the government works to improve infrastructure, the road network, and rehabilitate railway lines connecting Malawi to Mozambique, Zambia, and Tanzania. Public-Private Partnership opportunities are likely to open in aviation, energy, and road networks. Corruption remains a major problem at all levels of the public and private sectors. There is a scarcity of skilled and semi-skilled labor. Political risk in Malawi is manageable and tribal, religious, regional, ethnic, or racial tensions are minimal.

The Malawi Investment and Trade Center assists investors and businesses by providing insight and local knowledge to help navigate the myriad regulations, processes, and procedures required to operate a business. Malawi’s legal system is generally unbiased but is notoriously slow. Investors have the right to establish, acquire, and dispose of interests in business enterprises. Government enacted amendments to the land laws in 2022 which include clauses that negatively affect foreign ownership and investment in land-based enterprises.

Scarcity of foreign exchange (forex) remains a challenge and negatively affects investors. The government aims to maintain a three-month supply of forex, but often falls short of that goal. Forex rationing has led to several months wait for business to remit foreign investment funds. Despite the long wait times, there are currently no restrictions on remittance of foreign investment funds if the capital and loans initially came from foreign sources and were registered with the RBM. The government is expected to pass a new foreign exchange bill during the April 2023 session of Parliament. The new act will impose strict controls and restrictions on forex transactions, bank accounts, and holding or traveling out of Malawi with foreign currency.

Malawi is a land-locked country and the road network connecting to ports in neighboring countries is limited. Investment in infrastructure overall has been limited. Formal and informal trade boundaries may restrict imports and exports, and import tariffs tend to be high. Malawi is one of the least electrified countries in the world; approximately 12 percent of households have access to the national grid, and less than 7 percent have access to electricity from standalone solar photovoltaic systems. Impacts from tropical cyclones in 2022 knocked approximately 30 percent of the country’s electricity generating capacity offline; repairs remain in-progress. A key government development target is for universal access to clean and affordable energy by 2030; 30 percent from grid and 70 percent off-grid, solar islands, however this is unlikely to be met. Internet is unreliable, and expensive. These challenges present opportunities for investment.

The government is committed to addressing climate change through climate smart policies and programs. The Environmental Management Act provides details on environmental requirements for investors and Ministries, Departments, and Agencies (MDAs). Climate change issues are integrated across the public service and national development plans. The government established the national climate change fund with seed capital of $500,000 for its operationalization. Limited resources and issues related to poverty continue to impede the government’s ability to implement climate adaptation and resilience programs and initiatives.

Malawi’s borders are open to local and international travelers. In February 2023, government removed all COVID-19 requirements for travelers. Travelers are no longer required to present negative COVID-19 test results and certificate of COVID-19 vaccination.

 

							1. Openness To, and Restrictions Upon, Foreign Investment					

### Policies Towards Foreign Direct Investment

Malawi is open to foreign and domestic investment. Foreign investors may invest in any sector and may access government investment incentives. There are no restrictions on ownership, size of investment, source of funds, investment sector, or whether the products are destined for export or for domestic markets. An investor can disinvest 100 percent, make international payments, and cannot be forced into local partnerships. For all initial public offering (IPO), the Malawi Stock Exchange limits an individual foreign investor to 10 percent and limits total foreign investors’ shares uptake to 49 percent of total issued shares in a company but no limitations for secondary market.

In an effort to boost private sector engagement and support the ailing economy, the President appointed a 16-member presidential private sector council in January 2023. A similar group, the Cabinet Committee on Public Private Partnership was established in 2020. The government also utilizes the Malawi Investment and Trade Center (MITC), Ministry of Trade and Industry, Malawi Revenue Authority (MRA), RBM, and the Public Private Partnership Commission (PPPC) to interface with foreign investors. The Malawi Confederation of Chambers of Commerce and Industry (MCCCI) represents all sectors of the economy and has successfully lobbied the government on various private sector issues in the past. Malawi’s Annual Investment Forums & Trade Fairs serve as a platform for marketing the country.

In February 2023, the government disclosed plans to develop a national investment policy and review the national industrial policy. The Ministry of Trade and Industry drafted the investment and export promotion bill, which will go under review in 2023. The Special Economic Zone (SEZ) bill is undergoing scrutiny. Through these policies and bills, the government hopes to promote, facilitate, and improve trade and investment in the country.

### Limits on Foreign Control and Right to Private Ownership and Establishment

The government does not impose restrictions on the ownership or location of investments. Foreign investment is permitted in all sectors of the economy except those that are deemed to pose a danger to health, the environment, or national security. There are no restrictions on funding sources, destinations, or final products. All companies are required to have at least two Malawian residents as directors. The 2022 amendment of Land related laws contain provisions which limit land ownership and ability to transfer land to descendants. Additional provisions of note: expired leasehold land reverts to public land and part of the land to be managed by MITC; foreign investors may use land for investment as identified by MITC, but if the land is not developed within the two years, the land reverts to the government; land may never to be granted or sold to a person who is not a citizen of Malawi; the change of use of agricultural land to urban use is on condition that the owner surrender 50 percent of the rezoned land to government and government will compensate for the surrendered land; and, allocation of customary estates is limited to indigenous Malawians only.

Malawian nationals receive preferential treatment during the privatization of government assets; this can include discounted share prices and subsidized credit. The 2017 amendment to the Public Procurement and Disposal of Assets (PPDA) Act calls for “the prioritization of all bids submitted to give 60 percent preference to indigenous black Malawians.” In 2020, the government drafted Indigenous Black Malawian (IBM) Preference regulations but not gazetted due to concerns from non-indigenous populations. The Micro Small and Medium Enterprises (MSMEs) Participation Order restricts government MDAs to allocate procurements below certain thresholds to MSMEs (PPDA Legal Instruments).

Prior to establishing or conducting business in Malawi, all foreign investors are required to obtain an investment certificate from MITC. As part of the certification process, investors must register with the Registrar General’s office and RBM , and have a minimum of $50,000 to invest (MITC Investment Procedures). In 2019, MITC announced plans to revise the threshold for capital requirements but provided no concrete timeline for completion. The proposed thresholds differ by sectors and may go as high as $500,000, if implemented. Registration of borrowed invested funds with RBM allows investors to externalize profits to pay back loans contracted abroad and repatriate funds when disinvesting.

### Other Investment Policy Reviews

The most recent Trade Policy Review of Malawi was conducted by the WTO in 2016. The full report is available at WTO TPR. The OECD and UNCTAD have not conducted investment policy reviews for Malawi. UNCTAD conducted Malawi’s Rapid eTrade Readiness Assessment in 2020, the report is available at UNCTAD Report.

No recent policy recommendations by civil society organizations based on reviews of investment policy related concerns.

### Business Facilitation

The MITC offers business facilitation services to any foreign or domestic investor through their One Stop Center. The center houses representatives from Registrar General, MRA, Department of Immigration, and Ministry of Lands. Information can also be found on MITC’s main website, the iGuides, and its online trade portal Trade MITC; and Trade Portal.

To operate in Malawi, a business must register with the Registrar General, MRA, and the Ministry or regulatory body overseeing their sector. Businesses can register online through the Registrar General; however, the online process can be cumbersome and inefficient due to technical constraints. Registering in person is preferred and generally less time consuming. Businesses must also obtain business licenses from the city assembly, register the worksite with the Ministry of Labor, and allow health officials to carry out periodic inspections of the company premises (MITC). Business registration details and steps available on MITC website.

### Outward Investment

Malawi does not incentivize or promote outward investment. The Pension Act and accompanying regulations prohibit domestic investors from investing pension funds or umbrella funds in foreign schemes. There are no other prohibitions on domestic investors investing abroad. MITC is responsible for promotion and facilitation of trade and investment, and offers services to both local and foreign investors, for both inward and outward facing investments. In practice, most MITC services are for domestic investing and business development.

							2. Bilateral Investment and Taxation Treaties					

The Government of Malawi has bilateral investment treaties in force with Egypt, Italy, and the Netherlands, and other treaties signed but not in force with Zimbabwe, Malaysia, Taiwan, and Brazil. Information on Malawi’s investment treaties can be found at the UNCTAD Investment Policy hub (Malawi Investment Agreements) and at the ICSID database for Bilateral-Investment-Treaties.

Malawi is a member of Common Market for Eastern and Southern Africa (COMESA) Customs Union, Southern African Development Community (SADC) Free Trade Area, and the African Continental Free Trade Area. Malawi has tax agreements with South Africa, Norway, Zambia, and the U.K. Malawi does not have a trade agreement or a bilateral tax treaty with the U.S. and is not a member of OECD Inclusive Framework on Base Erosion and Profit Shifting (BEPS).

							3. Legal Regime					

### Transparency of the Regulatory System

The government continues to work on policy reforms to support business development and investment. The legal, regulatory, and accounting systems are partially transparent and consistent with international norms. Almost all proposed laws, regulations, and policies (including investment laws) are subject to public consultation before approval by Parliament. However, public consultation notices are often posted late, such that only insiders are aware of and able to participate in the consultation process. Enforcement of laws and regulations varies by location and sector and is limited by government resources and capacity.

All regulations follow the same approximate process. The relevant government Ministry Department or Agency (MDA) develops technical regulations and forward them to Ministry of Justice for review and gazetting. All regulations are set at the national level with input from relevant stakeholders. Regulations and enforcement actions are legally reviewable in the national court system. The Ministry of Justice provides oversight or enforcement mechanisms to ensure MDAs follow administrative processes for developing and implementing regulations. Private individuals may raise issue with the appropriate MDA, Parliament, or Ombudsman if they feel the procedures were not followed. There are no specific regulatory guidelines for reviewing regulations or conducting impact assessments, including scientific or data-driven assessments. There are no specific criteria for determining which proposed regulations are subject to an impact assessment nor is there a specialized government body tasked with reviewing and monitoring regulatory impact assessments conducted by other MDAs.

The government uses a mix of fiscal, financial, and regulatory instruments to administer business and economic policies across multiple MDAs. Tax and revenue policy is overseen by the Treasury department under the Ministry of Finance and Economic Affairs. MRA is responsible for implementation of all tax laws. RBM administers monetary policy, exchange rate policy, as well as exchange controls to allow free flow of capital and earnings, and repatriation of dividends, profits, and royalties. The Immigration department administers the Employment of Expatriates Policy, Temporary Employment Permits (TEPs), and business residence permit. The Ministry of Lands is responsible for land policy administration. The Malawi Bureau of Standards is responsible for metrology, standardization, and quality assurance. The Malawi Communications Regulatory Authority administers the communications act. The MITC is responsible for approving business plans and providing investment certificates.

The National Construction Industry Council, Malawi Law Society, Malawi Accountants Board, Medical Council of Malawi, and the Employers Consultative Association of Malawi have sectoral rule-making authority, similar to regulatory power. Among the rules established by these associations is the required use of local labor, local contractors, or other means to achieve localization or skills transfer to Malawians. The sector-specific rule-making process is not transparent and can be confusing for firms that are new to the Malawi market. More information on the rule making process can be found at: Rulemaking World Bank.

The Institute of Chartered Accountants in Malawi (ICAM) adopted the International Financial Reporting Standards (IFRS) as a common global language in 2001. The Companies Act stipulates that all companies must use IFRS or IFRS accounting standards for Small and Medium Enterprises (SMEs). All public interest entities are required to use full IFRS standards. The government encourages, but does not require environmental, social, and governance (ESG) disclosure. The Environmental Management Act provides the authority to the relevant ministry to require environmental and social impact assessment of projects prior to implementation which may significantly impact timelines and limit the use of environment or natural resources.

The government does not maintain a public, central repository for technical regulations. Copies of Acts and Laws are available at the National Library and High Court libraries and be purchased from the Government Printing Office. Some laws are also available online at https://malawilii.org/. MDAs manage and publish their respective Acts and regulations in the Government Gazette and on their websites. MDAs may also provide documents, upon request.

Transparency of public finances and debt is inconsistent. Publicly available draft budget documents detail Malawi’s proposed or estimated revenue, and includes natural resources revenues, off-budget donor support, and detailed expenditure lines. Actual revenue and expenditures are included in the end of year financial statements. Information about government debt obligations is available in the financial statement and annual debt report. Ministry of Finance occasionally produces the consolidated report for SOEs which contain SOEs financial performance, debt, fiscal flows, arrears, and other cross-cutting issues. These documents are available at Ministry of Finance. Financial information and contingent liabilities for most State-Owned Enterprises (SOEs) are generally unknown to the public. Some SOE operations data is not transparent nor made public. The IMF currently considers Malawi’s debt to be unsustainable. Additional information on Malawi’s debt can be found in the IMF’s publicly available reports.

### International Regulatory Considerations

Malawi is a member of the Africa Continental Free Trade Area (AfCFTA), COMESA Customs Union, and the SADC Free Trade Area. The government develops all new regulations roughly in line with the regulatory policy provisions set out by AfCFTA, COMESA, and SADC but national regulations take precedence if there is a conflict. As a member, Malawi is bound by their respective norms and standards. Details on the respective standards can be found at each organization’s website: SADC Standards; COMESA Competition; and AfCFTA.

There are no records of Malawi providing notification on draft technical regulations to the WTO Committee on Technical Barriers to Trade. Malawi submitted a statement on implementation and administration of the WTO Agreement on Technical Barriers to Trade in 2007 and signed the WTO Trade Facilitation Agreement (TFA) on July 12, 2017. Malawi has made progress on implementing the TFA provisions through the launch of a trade information portal at TradePortal. As of March 2023, Malawi implemented 66 percent of the TFA Commitments.

### Legal System and Judicial Independence

Malawi’s legal system is based on English Common Law. The judiciary consists of local courts and a local appeals court in every district. The higher tiers consist of the Supreme Court of Appeal, the High Court, and the Magistrates’ Courts. Judges of the High Court are appointed by the President and posted to one of the six divisions on the high court: civil, commercial, criminal, family and probate, revenue, and financial and economic crimes. Following August 2022 amendment to the courts act, the government set up the Financial and Economic Crimes Division, a sixth division of the high court to be dealing exclusively with corruption and financial crimes. The High Court has judicial authority over all civil and criminal cases and hears appeals from the Magistrates’ Courts; the Supreme Court of Appeal in Blantyre hears appeals arising from the High Court. Magistrates’ Courts are located throughout the country. In 2022, there were 43 seated High Court judges, and 11 Supreme Court judges. The Commercial Division of the High Court deals exclusively with commercial or business disputes; the Revenue Division deals with any revenue or tax related matter. There are also four subordinate courts: industrial relations court, magistrate courts, child justice courts, and local courts. The Industrial Relations Court handles labor disputes and issues relating to employment. More information on the judicial system can be found at the Judiciary website.

The government does not have written commercial or contractual laws but instead relies on legislation that governs commercial transactions. Some of these legislations include Sale of Goods Act, Companies Act, Employment Act, Hire Purchase Act, Insolvency Act, Control of Goods Act, Labor Relations Act, Business Licensing Act, Taxation Act, Consumer Protection Act, Copyright Act, Patents Act, and Financial Services Act. Mediation is often used to facilitate agreements prior to court proceedings. Enforcement of judgments can be extremely slow. Foreign and domestic investors have access to Malawi’s legal system, which is generally unbiased but notoriously slow. The legal process is slowed by heavy caseloads, staffing limitations, and inadequate funding. Court injunctions contribute significantly to backlogs and delays. The judicial system is independent of the executive branch. Regulations and enforcement actions are appealable and adjudicated in the national court system. In the financial sector, regulations and enforcement actions are appealable through the Financial Services Appeals Committee. Investors can seek judicial review at High Court’s Commercial Division.

### Laws and Regulations on Foreign Direct Investment

The legal system supports local and foreign investments. The MITC operates a One Stop Center to assist any investor to navigate relevant government regulations and procedures. MITC and MCCCI both offer websites with relevant information on doing business in Malawi.

### Recently implemented relevant policy/law reforms:

In 2022 several land related laws were amended: Lands Act, the Physical Planning Act, the Customary Land Act, the Land Survey Act, the Registered Land Act, and the Lands Acquisition and Compensation Act. The Public Finance Management Act which provides for improved regulatory, conduct, transparency, and enforcement in public finance management was also amended. The Public-Private Partnership Act and Pension Act were amended/repealed. Plans are underway to develop a national investment policy, review the national industrial policy, develop a national cooperative development policy, and a national economic empowerment policy in 2023. Bills expected to be tabled during the 2023 sessions of parliament include: the foreign exchange bill, mining regulatory authority bill, special economic zones bill, and tobacco industry bill.

### Competition and Antitrust Laws

The government established the Competition and Fair-Trading Commission (CFTC) in 2005 to promote fair and transparent business procedures. The CFTC is responsible for regulation, monitoring, protecting consumers, and prevention of activities likely to impact competition or fair trade in Malawi. CFTC decisions may be appealed at the Commercial Court level. COMESA Competition Commission, based in Malawi, is responsible for mergers and acquisitions across the COMESA block. It promotes and encourages competition by identifying and preventing restrictive business practices that may impede efficient market operations.

### Expropriation and Compensation

According to Malawi’s constitution, Section 44, expropriation of property is only permitted when done for public utility and with adequate notification and compensation. Land is generally only expropriated for government development projects, such as road construction. Affected individuals may obtain an independent assessment of the land value and have the right to appeal in court. The land laws of 2016 were amended in 2022 to allow land for investment to be allocated to investors by MITC and conversely be withdrawn from investors if not developed within 2 years; the minister responsible for land is mandated to prescribe land ownership ceilings and prohibits concentration of land in a few individuals; the minister responsible for lands can re-claim any undeveloped freehold land if development is not commenced within 2 years; and change in land use from agricultural land to urban use is only done if the owner surrenders 50 percent of the rezoned land to the government and will be compensated for the surrendered land.

### Dispute Settlement

#### ICSID Convention and New York Convention

Malawi ratified the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID) in 1966 and the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention) in March 2021. As a member of ICSID, Malawi accepts binding international arbitration for investment disputes between foreign investors and the government. Investment Disputes Act of 1966 makes provision for enforcement in Malawi of awards of the Tribunal of the ICSID. Malawi applies the New York Convention principals only to activities or decisions made after ascension in March 2021.

### Investor-State Dispute Settlement

The government is a signatory to the New York Convention. Malawi does not have a Bilateral Investment Treaty (BIT) or Free Trade Agreement (FTA) with any investment chapter in the United States. There have been no known investment disputes in the courts involving U.S. companies over the past 10 years. The court system in Malawi accepts and enforces foreign court judgments registered in accordance with established legal procedure. There are reciprocal agreements among Commonwealth countries to enforce judgments without this registration obligation. There is no such agreement between Malawi and United States, but judgments involving the two countries can still be enforced if the judgment is registered in Malawi. Recently, no known extrajudicial actions have been taken against foreign investors.

### International Commercial Arbitration and Foreign Courts

Mediation is the first step in any case from the High Court or subordinate court if the defendant indicates their intentions to defend. The High Court’s Assistant Registrar maintains a list of approved mediators and experts. If the matter cannot be resolved during mediation, the action proceeds to the appropriate court. Malawi does not have an arbitration body. In August 2022, the government of Malawi and Malawi Law Society (MLS) signed a memorandum of understanding with Arbitration Foundation for Southern Africa as part of the constructive engagement towards the establishment of the Malawi International Commercial Arbitration Centre. MLS is spearheading the establishment of a center in partnership with the Southern Africa Development Community (SADC) Lawyers Association. There are no statutory requirements for parties who have contractually agreed to arbitration to go through mediation. Parties are only required to go through mediation before proceeding to arbitration if their agreement stipulates it. In investor-state dispute settlements, the court accepts and enforces foreign court judgments only if the dispute is registered locally. Court processes do not favor or discriminate against SOE’s. Statistics and information on investment disputes involving SOEs are not readily available.

### Bankruptcy Regulations

Commercial courts govern all bankruptcies under the provision of the consolidated Insolvency Act of 2016 which replaced the Bankruptcy Act. Insolvency Rules (2017) and Insolvency Practitioners (2017) accompany the act. The Act encourages the use of receivership or reorganization as an alternative to bankruptcy. Secured creditors are given priority over other creditors. Monetary judgments are usually made in the investor’s currency. Cross-border provisions of the Insolvency Act are modeled after UN Commission on International Trade Law models.

							4. Industrial Policies					

### Investment Incentives

The government offers tax and non-tax incentives in various sectors. Incentives may vary by year, sector, and are available to both domestic and foreign investors. In recent years, the government has offered incentives in manufacturing, construction, energy, agriculture, and mining sectors. The current list of investment incentives can be found on the MITC and MRA websites. Firms must negotiate to establish their eligibility with the relevant government entity. Long delays in accessing incentives and accrued benefits are common. The government occasionally issues guarantees and joint financing on foreign direct investment projects of national importance. To support clean energy investment, government recently removed import duty, import excise and value added tax (VAT) on most imported renewable energy products like gas appliances. Energy generation is also designated priority industry and may have special incentives.

### Foreign Trade Zones/Free Ports/Trade Facilitation

Regulations to enable export processing zones (EPZs) were established in 1995. The original program was limited to companies strictly engaged in manufacturing for export. In 2020, the EPZ program was amended to allow export processing firms to sell up to 20 percent of their product on the local market. There are 13 companies operating under the EPZ, of which 11 are foreign owned. The law does not discriminate on ownership. In 2021 the government began the process to establish Special Economic Zones (SEZ) and identified four sites across the country. The SEZs will have broader coverage than EPZs and include a mix of commercial activities and services. The draft SEZ bill is drafted and is await tabling in parliament for approval.

### Performance and Data Localization Requirements

Malawi does not follow “forced localization” or use geographic requirements for goods or financing, nor set performance requirements for establishing, maintaining, or expanding an investment. Legal restrictions on foreign investment are based on environmental, health, biosafety, and national security concerns. The primary sectors subject to restrictions are firearms and ammunition, chemical and biological weapons, explosives, and manufacturing involving hazardous waste treatment/disposal or radioactive material. All business ventures in Malawi must navigate complex and often confusing bureaucratic processes. Minimum requirements include, business license, tax registration number, temporary employment permit, business residency permits, and land use permits. Depending on the sector additional licensing or permits may be required and can be time consuming and an impediment to investment.

Currently there are no requirements for foreign IT providers to turn over source code or provide access to encryption to prevent free transmission of customer or other business-related data outside the country’s territory, or a mandate for local data storage within the country. MACRA and the Ministry of Information are responsible for IT issues. MACRA is guided by the Electronic Transactions and Cyber Security Act plus the Communication Act of 2016. The draft Data Protection Bill was published for public comment in early 2021 and seeks to repeal the data protection provisions in the Act and designate MACRA as the authority which would regulate personal data protection in Malawi. The Ministry of Information in coordination with MACRA drafted the data protection bill which is expected to be tabled in Parliament soon.

							5. Protection of Property Rights					

### Real Property

The government utilizes various laws and regulations to govern the acquisition, disposition, recording, and protection of all physical property rights regardless of gender. The land ownership registry is centralized, and record keeping is inefficient and often inaccurate. Financing options in the housing sector are extremely limited. Most households finance their homes through savings or non-mortgage credit. Mortgage availability is inefficient to meet demand and recent mortgage interest rates hover at a minimum of 20.6 percent.

The Land laws of 2016 were amended in 2022. The amendments allow: MITC can allocated land to an investor for development, if not developed within two years, the government may reclaim the land; expired leasehold land reverts to public land and shall be managed by MITC and/or the government; any currently vacant leasehold or freehold land may not be purchased by any individual; the minister responsible for lands is mandated to prescribe land ownership limits and prohibits the concentration of land ownership by a few individuals; lands shall not be granted or sold to a person who is not a citizen of Malawi; minister responsible for lands can re-enter any undeveloped freehold land if development is not commenced within two years; change of use from agricultural land to urban uses shall be on condition that the owner surrenders 50 percent of the rezoned land to government and government will be compensate for the surrendered land; and, customary land cannot be allocated to a partnership or corporate body whose members or shareholders are not indigenous Malawians. The Office of Commissioner of Lands administers and manages all land issues, grants, leases, and other dispositions. There is no reliable data on the proportion of land without clear titles, but it is likely much higher than ten percent. Despite the Land Laws of 2016 giving power to government to repossess land if it lays idle for more than two years, there are no records of land being reclaimed or repossessed from a developer in the recent past.

The Millennium Challenge Corporation’s second compact will be in force 2024-2029. One of the key projects for Malawi aims to increase land productivity. The compact will meet this goal through support for improved land services, better functioning land markets, and increased investment in land through revenue-oriented investments to increase adequate funding and support institutional change in the sector.

### Intellectual Property Rights

Malawi recognizes the importance of intellectual property protection but lacks enforcement capacity. The Registrar General administers the Patent and Trademarks Act, which protects industrial Intellectual Property Rights (IPR) in Malawi. The Registrar General maintains a public registry of patents and patent licenses. Patents must be registered. Trademarks are registered publicly following advertisement and a period of no objection. Enforcement of IPR is inadequate. General awareness of importance of protecting IPR in all forms has improved. The Copyright Society of Malawi (COSOMA) administers the Copyright Act of 2016, which protects copyrights and “neighboring” rights. The government approved copyright regulations and levies on storage devices in 2018. COSOMA and MRA enforces a five percent levy on all media storage devices. The funds are for compensation of rights holders. The Trademarks Act of 2018 and National Intellectual Property Policy of 2019 acknowledge the challenges to IPR and provide a framework to foster the generation and protection of IPR. Enforcement officials routinely seize counterfeit goods, but there is no systematic approach to track and report on seizures. Malawi is not listed on USTR’s Special 301 Report or Notorious Market Report.

For additional information about national laws and points of contact for local IP offices, please see WIPO’s country profiles at http://www.wipo.int/directory/en/.

							6. Financial Sector					

### Capital Markets and Portfolio Investment

The Malawi Stock Exchange (MSE) is open to foreign portfolio investment. As February 2023, the MSE hosted 16 listed companies with a total equity market capitalization of $3.74 billion and debt market capitalization of $198.76 billion. The demand and supply of shares for listed companies is limited. The stock exchange is licensed under the Financial Services Act 2010 and operates under the Securities Act 2010 and the Companies Act 2013. Other governing regulations are the Capital Market Development Act 1990, and Capital Market Development Regulations. Trading can be done by the stockholder or through one of three registered MSE Brokers. A secondary market offers government securities and is also open to local and foreign investors. Malawi respects the obligations under IMF article VIII since 1995. There are no restrictions on making payments or transfers for international transactions and no discriminatory currency arrangements or multiple currency practices undertaken without IMF approval. Credit is generally allocated on market terms though the cost of credit is generally high. Foreign investors may utilize domestic credit, but any proceeds from investments made using local resources are not remittable.

### Money and Banking System

According to a World Bank Report, only 40 percent of the adult population in Malawi use financial services. Access to and the cost of credit remains one of the biggest challenges for businesses and particularly SMEs. The reference lending rate in March 2023 was 17.3 percent. Mobile banking technology has the potential to increase access to local banking but is nascent and its implementation is limited by access to reliable electricity and IT infrastructure. RBM reports indicate an increase in electronic transactions in recent years, but mobile banking is still not widely used. The Banking Act provides a supervisory mandate to the RBM. The RBM has supervisory authority over all financial institutions and is responsible for ensuring the efficiency, reliability, and integrity of the financial system. There are no additional restrictions placed on foreign banks in Malawi. Four of the eight banks are foreign owned. The RBM and the major commercial banks maintain correspondent banking relationships with other central banks and major banks in foreign countries. To open a bank account locally, a foreigner must first present a temporary employment permit or business residency permit.

The banking sector is generally sound. The sector is overseen and regulated by the Reserve Bank of Malawi (RBM). There are eight full-service commercial banks with approximately 116 branches, 498 auto-teller machines, and 8494 banking agents. The banking sector remained profitable and stable with adequate liquidity and capital positions throughout 2022. Prudential regulations have limited net forex exposure and the non-performing loan (NPL) rates hovers around six to seven percent and spreads remain high. The top three NPLs sectors in 2022 were wholesale and retail trade, restaurants and hotels, and community social and personal services. The sector is highly concentrated and heavily invested in domestic government debt, which is a systemic risk. Total assets as of December 2022 were $3.52 billion of which at least a third are government securities. National Bank of Malawi and Standard Bank Malawi account for 46.6 percent of assets, 46.7 percent of deposits, 61 percent of equity, and 50 percent of loans.

### Foreign Exchange and Remittances

#### Foreign Exchange

There are no restrictions or limitations placed on foreign investors in converting, transferring, or repatriating funds associated with an investment. Forex for business transactions and remittances is generally permissible, although wait times to access forex may be several months long. Commercial banks may operate as currency dealers. Investors may access forex to pay for imports and to transfer financial payments abroad. There are no licensing requirements to import forex and full repatriation of profits, dividends, investment capital, and interest and principal payments for international loans is permitted if the loan and/or investment is registered with the RBM. Malawian investors seeking foreign financing must seek permission from the RBM before acquiring an international loan. The RBM Website provides more information.

The Malawi Kwacha (K) is convertible into major world currencies. The K began floating against major world currency in 2012, with the RBM intervening periodically to avoid sharp fluctuations. The K/USD rate lost approximately 11 percent between June 2020 and February 2022 before a 25 percent devaluation in May 2022. The RBM sets rules on the requirements to obtain forex from commercial banks and authorized dealers. Malawi’s official forex reserve is rated in terms of import coverage, with a threshold goal of three months, with one month equivalent to $250 million. Throughout 2022, the coverage remained below the three-month threshold. Forex scarcity is delaying USD remittances and wait times for forex can be several months long. Forex scarcity is impacting the availability of some essential commodities. The government drafted a foreign exchange bill which will repeal the exchange control act once gazetted. The bill is expected to pass Parliament during the April 2023 session. The bill provides for more restrictions and gives the RBM more powers on all foreign exchange transactions/matters.

#### Remittance Policies

Investment remittance policies in Malawi have not changed in the past year. There are no restrictions on remittance of foreign investment funds, including capital, profits, loan repayments, and lease repayments if the capital and loans were obtained from foreign sources and registered with the RBM. However, the terms and conditions of international loans, management contracts, licensing and royalty arrangements, and transfers require prior RBM approval. The RBM grants approval according to prevailing international standards; subsequent remittances do not require further approval. All commercial banks are authorized by the RBM to approve remittances, and approvals are automatic if the applicant’s accounts have been audited and sufficient forex is available. Currently there are no time limitations on remittances.

### Sovereign Wealth Funds

Malawi does not have a Sovereign Wealth Fund or similar entity.

							7. State-Owned Enterprises					

Malawi has 71 public enterprises, 20 of which are SOEs. A full list SOEs is available by request from the Office of the President and Cabinet (OPC). The government sometimes publishes the list in the media or online through the Public Enterprises Unit, but there is no established schedule for providing the information. The government has bailed out several SOEs when they incurred heavy financial losses. SOE finance and operations data is opaque and mostly not available to the public. The Public Enterprises Unit under Ministry of Finance periodically publishes some SOE finance and operations data, but the information is not readily available. Malawi’s SOEs are not required to adhere to the OECD Guidelines on Corporate Governance of SOEs. Corporate governance for the various SOEs is mandated by the law that established the entity. All public enterprises report to their sector-related line ministry, to the Department of Statutory Corporations in the OPC, and must have a chairperson and board of directors. The President appoints the board of directors, usually politicians, religious and traditional leaders, and professionals. Boards also include senior government officials as ex-officio members. The participation of members as ex-officio/non-voting members, and of politicians as directors, creates a perceived or real conflict of interest.

Public and private enterprises are subject to the same terms and conditions, and must compete for access to markets, credit, and business opportunities. Public enterprises are given special preference by the government in the case of public projects. Personal relationships play a significant role in influencing business decision-making. Public enterprises in agriculture, education, and health sectors spend more on research and development than the private sector. Local firms tend to be capital-constrained and highly skilled labor is scarce. There is no strong tradition of private sector-led research and development. SOEs operate in a competitive market environment though government may subsidize products and services offered by SOEs. SOEs provide non-discriminatory treatment in their purchase and sale of goods or services. Currently, there is no verifiable information that any SOE in Malawi has investments in the United States.

### Privatization Program

There are no immediate plans for privatization of government resources or services. Previous privatizations were open to both foreign and domestic investors. The Public Private Partnership Act (PPPA) of 2022 empowers the Public Private Partnership Commission (PPPC) to handle any privatization of government entities. The law empowers PPPC to divestiture through public offering of shares, private sales of share negotiated or competitive bids, and any other methods which PPPC may consider appropriate. Through PPPC is focused on public-private partnerships and attracting strategic investors rather than outright privatization.

							8. Responsible Business Conduct					

Corporate entities in Malawi have a well-developed sense of responsible business conduct (RBC) and incorporate corporate social responsibility (CSR) into their business practices. Corporate entities publicize their CSR activities in the local media. There are no established laws or regulations governing RBC or CSR. There are several civil society organizations that monitor and advocate freely for CSR and RBC in Malawi. Malawi does not adhere to OECD Guidelines for Responsible Supply Chains of Minerals from Conflict-Afflicted and High-Risk Areas. There are no domestic requirements for due diligence by companies engaged in the supply chain of minerals that may originate from conflict-affected areas.

There are a variety of laws and regulations to protect the environment and waste disposal for producers and consumers. All foreign and domestic enterprises are expected to adhere to the national and local laws and regulations regarding employment and compensation, the work environment, industrial safety, age limits, and minimum wages. However, there is a lack of resources for meaningful enforcement of laws and regulations and no comprehensive reporting mechanism to track violations. There is no history of any laws or regulations being waived to attract investment, nor of the government factoring in RBC practices into its procurement decisions. There are no verified reports of high profile or controversial instances of any private sector entity impacting human rights or related resolutions. There is a general lack of government enforcement and reporting on human rights, labor rights, environment protections because of budget and capacity constraints.

The private sector is required to adhere to international accounting standards. Executive compensation requirements are not defined. The law requires all Malawi Stock Exchange (MSE) listed companies to publish their annual audited accounts in local newspapers. Listed companies are also required to publicly declare profits, dividends, planned takeovers, major portfolio investments, and all relevant information for shareholders to make informed decisions.

As part of the Extractives Industry Transparency Initiative (EITI), the government is promoting RBC in the mining sector. In 2022, Malawi went through second validation test under the EITI. Malawi’s initial validation assessment occurred in 2018 and COVID-19 delayed the second validation. During the second validation, Malawi received a moderate score of 80 out of 100; transparency component scored 70; Outcomes and Impact scored 84; and Stakeholder Engagement scored 86.5. The EITI Board requested Malawi improve on systematic disclosures by ensuring routine and timely extractive industry disclosures. Malawi will undergo a third validation in January 2025 and is expected to correct any low-scoring issues in the interim.

### Additional Resources

Department of State

- Country Reports on Human Rights Practices ( Reports on Human Rights Practices )
- Trafficking in Persons Report ( https://www.state.gov/trafficking-in-persons-report/ )
- Guidance on Implementing the “UN Guiding Principles” for Transactions Linked to Foreign Government End-Users for Products or Services with Surveillance Capabilities ( Due-diligence Guidance )
- U.S. National Contact Point for the OECD Guidelines for Multinational Enterprises ( U.S POCs for OECED Guidelines for Multinational Enterprises )
- Xinjiang Supply Chain Business Advisory ( Supply Chain Business Advisory )

Department of the Treasury

- OFAC Recent Actions ( OFAC Financial Sanctions-Recent Actions )

Department of Labor

- Findings on the Worst Forms of Child Labor Report ( Child Labor Findings )
- List of Goods Produced by Child Labor or Forced Labor ( Child Labor_ List of Goods )
- Sweat & Toil: Child Labor, Forced Labor, and Human Trafficking Around the World ( https://www.dol.gov/general/apps/ilab )
- Comply Chain ( https://www.dol.gov/ilab/complychain/ )

### Climate Issues

Malawi is vulnerable to climate change impacts due to deep-rooted poverty, over-dependence on rainfed agriculture, overexploitation of natural resources, and rapid population growth. The government offers incentives in several sectors as part of efforts to address climate resilience and adaptation. The Environmental Management Act provides details on adherence to environmental requirements for MDAs and general business investors, including foreigners. Climate related issues are integrated throughout public service and national development plans, adherence and enforcement suffer from a lack of funding and capacity. The government submitted its first nationally determined contribution (NDC) to the UN Framework Convention on Climate Change (UNFCCC) in 2015, which provides strategic goals and objectives for Malawi through 2040 and updated the document in 2021. The update includes an unconditional target of six percent carbon emission reductions and a combined conditional and unconditional reduction of 51 percent carbon emission reductions by 2040—contingent upon additional external support and full NDC implementation. The Department of Environmental Affairs in the Ministry of Natural Resources and Climate Change is the secretariat of all climate change related issues in the country.

The Nationally Appropriate Mitigation Actions (NAMAs), National Climate Change Response Framework (NCCRF), and National Adaptation Plan (NAP) provide details on the government’s commitment to addressing climate change. The 2016 National Climate Change Management Policy (NCCMP) provides an overview of the country’s climate change intervention priorities. The National REDD+ Strategy, National Charcoal Strategy, and National Forest Landscape Restoration Strategy provide guidelines and strategies to manage emissions from forestry and land-use sectors. National strategies, Malawi 2063, the National Meteorological policy, the National Climate Change Investment Plan, the National Climate Change Resilience Strategy, and the Malawi Strategy on Climate Change Learning provide long term development and growth strategies. Implementation of these documents is stymied by budget and resource constraints.

							9. Corruption					

Corruption, fraud, bribery of public officials, illicit payments, misuse of funds, and conflicts of interest are not uncommon in Malawi. Several high-profile government scandals have occurred during all recent presidential administrations. Corruption in all forms is illegal in Malawi but enforcement is insufficient and slow. The Corrupt Practices Act established the independent Anti-Corruption Bureau (ACB) but is consistently under-staffed and under-resourced. The ACB encourages private sector companies and institutions to develop and implement corruption prevention policies as a way of mainstreaming anti-corruption initiatives into their operations. Some companies employ their own fraud controls, but to date fraud identified through internal controls has failed to result in any high-level prosecutions. The definition of corruption includes offences for abuse of office and possession of unexplained wealth. The Act also provides protection for whistleblowers. In 2022, the Act was amended to deal with delays in the prosecution of corruption cases, the ACB is able to prosecute cases without seeking consent from the Director of Public Prosecution (DPP). The amendment also created an economic and financial crimes court to expedite financial trials.

Malawian law requires all public officials from all levels of government to declare their assets and business interests. However, access to view or obtaining copies of the declarations is difficult at best and the law does not extend to family members. The Political Parties Act requires all political parties to disclose sources of funds. If corruption evidence implicates family members or members of a political party, the ACB has the power to build a case against accomplices and bring them to court. All public officials are required to disclose any conflict of interest and to recuse themselves from any deliberation or decision-making process in relation to the conflict. However, there is no clear definition of what constitutes conflict of interest. In practice, the requirements for public asset declarations, political party financial reporting, and conflict of interest disclosures are rarely enforced, and noncompliance is high.

Malawi is party to the UN Convention Against Corruption and the African Union Convention on Preventing and Combating Corruption. According to Malawi law, citizens have a right to form NGOs focused on anti-corruption or good governance and these NGOs are free to accept funding from any domestic or foreign sources. Malawi’s civil society and the media play an important and visible role in fighting corruption, investigating, and uncovering cases of corruption. Specific firms with U.S. affiliations have noted irregularities in tender processes and mining licensing but have nonetheless continued to pursue business opportunities. Although some progress has been made, corruption remains a major obstacle to businesses in Malawi.

### Resources to Report Corruption

Contact at the government agency or agencies that are responsible for combating corruption:

Director General,Anti-Corruption Bureau (ACB)Mulanje House, P.O Box 2437, Lilongwe, MalawiTel: +(265) 1 770 166 / +265 (0) 888 208 963E-mail: reportcentre-ll@acbmw.orgWebsite: https://acbmw.org/

The ChairpersonNational Anti-Corruption Alliance (NACA)Phone Numbers: 0881 02 22 12 and 099 86 57 18Email Address: mosesmkandawire@yahoo.co.uk

							10. Political and Security Environment					

Malawi continues to enjoy a stable and democratic government system. Since the end of one-party rule in 1994, the country has had seven peaceful presidential and six parliamentary elections. In 2020, Malawians voted for a new government in a court sanctioned presidential re-run, ousting the then ruling party. Although political divisions exist, Malawi has no significant tribal, religious, regional, ethnic, or racial tensions that might lead to widespread violence. Incidents of labor unrest occasionally occur but are usually non-violent. Despite instances of political uncertainty there are no nascent insurrections or politically motivated activities of major concern to investors. Democratic processes are well established, and destabilizing unrest is unlikely.

							11. Labor Policies and Practices					

Most working-age individuals in Malawi live in rural areas and are involved in the informal sector and subsistence agriculture. The informal economy covers 89 percent of the labor force. Informal employment is primarily small-scale, minimally capitalized, and relies on household members for labor. Across all age groups, more males are employed than females. Informal employment is usually easier to get, is less stable, and usually pays far less than minimum wage ($48.26 per month as of March 2023). The COVID-19 pandemic, supply chain disruptions due to Russian’s invasion of Ukraine, combined with other domestic economic challenges like energy shortfalls, and wave of tropical cyclones, have negatively affected both formal and informal sectors employment and economic growth.

A 2015 Child Labor Survey found 38 percent of children aged 5-17 were active in child labor. In November 2019, the U.S. Customs and Border Protection Agency issued a Withhold Release Order against tobacco from Malawi due to child and forced labor concerns. As of March 2023, three companies were granted waivers enabling them to export tobacco to the U.S. Due to capital requirements, all foreign investors are categorized in the formal sector. Labor laws cut across all sectors and the courts may get involved in any labor dispute. Skilled and semi-skilled labor is scarce and skilled employment opportunities are extremely limited. Despite the Gender Equality Act in 2013, discrimination against women is pervasive, and women still have lower literacy and education levels and less access to employment opportunities. Malawi has six public universities that provide bachelor’s, and master’s degrees in several fields including accountancy, law, economics, engineering, medicine, ICT, education, agriculture, and administration. The government is also expanding its network of vocational schools. The University of Malawi and the privately owned Catholic University are accredited to offer law degrees. PhD programs in economics, health, agriculture, and education usually enroll a few candidates each year.

Employment, immigration laws, and regulations require that any local or foreign investor prioritize hiring of nationals except in cases where the needed skills are not available locally. There are no restrictions on employers adjusting employment to respond to fluctuating market conditions so long as such adjustments comply with employment laws and regulations. There are also no social safety net programs for workers laid off due to economic reasons nor are employers required to have employment insurance for their employees. There are no provisions for labor laws to be waived to attract or retain investment in Malawi nor are there additional or different labor law provisions in Export Processing and Special Economic zones for purpose of promoting exports. The pension act mandates all employers provide pension schemes to employees through the registered pension fund managers.

Aside from military or police personnel, all workers are legally permitted to form and join trade unions without previous authorization or excessive requirements. Unions must register with Registrar of Trade Unions and Employers’ Organizations in the Ministry of Labor. There are about 46 trade unions, mostly are affiliated with the umbrella body Malawi Congress of Trade Unions (MCTU) approximately covering 300,000 workers. Despite the membership size, the MCTU Unions power is limited and weak. The government is a signatory to the ILO Convention protecting worker rights, ratified all the fundamental International Labor Conventions, and the Forced Labor Protocol to fast-track implementation of Target 8.7, but enforcement is weak due to labor inspector shortage and resource constraints. Government designated labor officers, police officers and immigration officers as trafficking in persons (TIP) enforcement officers.

The Industrial Relations Court (IRC) has jurisdiction over labor disputes and other issues relating to employment. An aggrieved party may appeal the decision of the IRC to the High Court of Malawi but only on matters of law or jurisdiction, the IRC decision is final and binding on all other matters. The Labor Relations Act (LRA) governs labor-relations management in Malawi’s formal sector. Employers, labor unions, and the government lack sophistication regarding labor relations/disputes. Government of Malawi enacted the workers compensation act in 2000 but the workers compensation fund was operationalized in 2022. There have not been any major strikes that posed any serious investment risk since 2012. In October 2021, government amended LRA and the Employment Act. The LRA amendment allows an employer to deduct wages from an employee who strikes for more than three days per annum and authorizes the Minister of Labor to designate categories of workers as essential, thereby prohibiting them from striking or lockdowns. The LRA removed the requirement of employer and employee panelists in the IRC, thereby loosening the bottleneck at the IRC. Amendments to the Employment Act prohibits forced and tenancy labor, provides special working conditions for pregnant and breastfeeding female employees, provides for paternity leave, and makes provisions for deduction of wages for the period an employee is absent from work due to participation in a strike. In 2022, there were no amendments to existing labor laws or new laws.

							12. U.S. International Development Finance Corporation (DFC), and Other Investment Insurance or Development Finance Programs					

The U.S. Development Finance Corporation (DFC) is funding several projects in Malawi. In 2022 the DFC issued a $25 million financing arrangement to Golomoti JCM Solar Corporation Limited to build and operate the 20-megawatt solar photovoltaic and 5-megawatt battery storage facility. Between 2019 and 2020, DFC issued approximately $52.5 million in support of solar projects. In 2018, DFC provided Ecobank Malawi $5 million to support loans to small and medium sized agribusinesses; and in 2016 $2.4 million to support loans to woman or youth-owned businesses and the agriculture sector. Malawi has maintained an OPIC (DFC) investment guarantee agreement since 1967.

https://www.dfc.gov/sites/default/files/media/documents/DFC_Partner_Guide.pdf .

							13. Foreign Direct Investment Statistics