President Dr. Lazarus Chakwera says his government has put in place strategies aimed at creating a conducive environment for the private sector to scale up their investment and increase production to promote economic transformation of the country.
Chakwera made the remarks on Thursday during the official opening of the 35th Malawi International Trade Fair at Chichiri trade fair grounds in Blantyre.
“My government is here to provide policy direction to the wishes of the private sector to expand their businesses and attract foreign investors in order to contribute to the country’s earnings,” he said.
President Chakwera stated that his administration is committed to supporting youth and women in investing in various businesses. He added that over the past four years, the government has provided K300 billion, which has enabled the establishment of approximately 100,000 businesses across different sectors of the economy.
Chakwera further revealed that an additional K1 trillion from the African Development Bank, channeled through the National Economic Empowerment Fund, will be made available to youths and women over the next five years.
The Malawi leader also stated that his government is also promoting agriculture commercialization and that the world bank has supported Malawi through Agriculture and Commercialization (AGCOM) with K600 billion to support the farmers to scale up their production.
“In the same spirit, we have already secured markets for the produce in Europe, China, India, Dubai and Africa. Additionally, through mega farms unit, we are committed to fast track all the processes to increase the mega farms and also ensure that each mega farm has a factory for agro processing within it,” said Chakwera.
In the energy sector, Chakwera said World Bank has also supported the construction of the USD 350 million Mpatamanga hydro power plant to support power generation which is essential for promoting industrialization.
Speaking earlier, Minister of Trade and Industry Vitumbiko Mumba noted that the increase in the number of exhibitors at this years fair—from 142 last year to 191—demonstrates the governments commitment to creating a conducive environment for the private sector to drive industrialization in the country.
He said the Trade and Industry ministry is implementing a suite of strategic interventions to support industrialization and export growth such as establishment of special economic zones, promotion of agro processing and value addition, empowering innovation and entrepreneurship among others.
“With such initiatives, I believe it is possible to transform the country into an inclusive, wealthy, and self-reliant, industrialized upper-middle-income nation,” he said.
President of Malawi Confederation of Chambers of Commerce and Industry (MCCCI) Dr. Wisely Phiri, hailed President Chakwera for presiding over the event, saying the gesture indicates government’s commitment to having a vibrant and dynamic private sector.
The trade fair is conducted annually to provide a platform for local and international delegates and exhibitors to connect, collaborate and explore new business opportunities.
This year’s event, which will run until May 29, is being held under the theme: ‘promoting economic transformation through private sector-led industrialisation’.
Approximately 191 exhibitors from Malawi and countries such as Zambia, Egypt, Zimbabwe, Mozambique, and Tanzania are participating in the fair.
