Egypt Eastern Tobacco Company to Invest in Malawi

Peter Mutharika
Peter Mutharika

President Professor Peter Mutharika has commended an Egyptian Eastern Tobacco Company for its interest to invest in the country.

Speaking Thursday at Kamuzu Palace in Lilongwe after holding a brief meeting with the owners of the company, the State President said tobacco is one of the nation’s largest sources of income as it contributes about 70 percent of the country’s economy.

However, Mutharika said apart from exporting unfinished tobacco, the crop could bring in more Forex if add value processes were done right in Malawi.

The President said it would be profitable to produce cigarettes in Malawi as that could boost the tobacco industry.

“Malawi is the largest producer of tobacco, however for years there have been little improvements in terms of value addition. Today I am pleased to sign the memorandum of understanding between the Malawi Government and the Eastern Tobacco Company of Egypt which will be involved in cigarette making.

“These cigarettes will be sold either within or outside the country and this will make the country gain more foreign currency,” explained President Mutharika.

He then assured the investors of their safety, saying Government would provide the necessary security to their investments.

“The two things that investors get worried about are fiscal and investment security, but as Malawi Government we will make sure that we provide maximum security,” the President said.

Eastern Tobacco Company Chairperson, Nabila Mohsen hailed Mutharika for a well welcome and for allowing them to invest in Malawi.

He said Malawi is very famous in as far as tobacco production is concerned, it produces quality leaf and in large quantities. “We therefore believe that there will be more and more benefits for both of us,” said he.

He said Eastern Tobacco Company is primarily engaged in the manufacture and trade of tobacco products and accessories, agricultural marketing and expert trading as well as real estate services.

Malawi is the 12th largest producer of tobacco leaf and the 7th largest global supporter of tobacco. As of 2010, Malawi was the world’s leading producer of burley leaf tobacco.

With the decline of tobacco farms in the West, interest in Malawi’s low-grade, high-nicotine tobacco has increased. Today, Malawian tobacco is found in blends of nearly every cigarette smoked in industrialized nations including the popular and ubiquitous Camel and Marlboro brands.

Eastern Tobacco Company is expected to have a ground breaking ceremony marking the commencement of the company in the country Friday at Kanengo industrial area in Lilongwe.

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Source: Malawi News Agency

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