By Daniel Zimba:
President Lazarus Chakwera on Thursday reaffirmed the government’s commitment to promoting local businesses, saying at least K1 trillion would be channeled towards the sector between 2026 and 2030.
He said the government had already disbursed over K300 billion as business capital to over 100,000 youths and women across the country and that it had already secured over K600 billion for promoting agricultural entrepreneurship.
Chakwera made the pledge at the Chichiri Trade Fair Grounds in Blantyre, where he presided over the opening of the 35th International Trade Fair yesterday.
At the event, Chakwera also assured that the government had already secured international markets for Malawian agricultural products in China, United Arab Emirates, India and some European countries.
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“We all acknowledge that businesses and industries are key to the economic development of this country and, for that reason, we are here to help them grow so that new businesses and industries should be established and that the already established businesses thrive and continue making an impact to our economy,” Chakwera said.
He said the government already negotiated with the African Development Bank (ADB), to sponsor the transformation of the National Economic Empowerment Fund (Neef) into a business development bank.
The 35th International Trade Fair was organised by the Malawi Confederation of Chambers of Commerce and Industry (MCCCI).
MCCCI President Wesley Phiri described it as an opportunity for Malawian businesses to thrive.
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He recommended a policy review to enable growth and ensure that programmes align with the Malawi 2063 development aspirations.
“We need to update the 2016 Industrialisation Policy to attract local and foreign investments, especially for startups facing tax and operational challenges in the country,” Phiri said
Industry and Trade Minister Vitumbiko Mumba said he was impressed with the resilience of young businesses, who he said were able to turn the country’s economic hardships into business opportunities.
“The increase in the number of exhibitors at a time we have a number of persistent trade imbalances shows that Malawians have gotten your (Chakwera administration’s) message of turning challenges into opportunities. It is a testament that the government has created a conducive environment to spur industrialisation,” Mumba said.
National Smallholder Farmers Association of Malawi Chief Executive Officer Betty Chinyamunyamu expressed gratitude for the recognition of their association as the best exhibitor, saying the secret behind the success lied in their investments in quality products and services.
The 35th International Trade Fair event, which brought together exhibitors from Malawi, Tanzania, Mozambique, Zimbabwe, Egypt, Ethiopia and Zambia, was held under the theme ‘Promoting Economic Transformation through Private Sector-Led Industrialisation’.
