Minister of Trade Sosten Gwengwe has urged businesses to embrace shared values as one way of ensuring sustainability of their enterprises.
Gwengwe was speaking in Lilongwe on Wednesday night during the Corporate Shared Value (CSV) awards organised by Innotech Creative Solutions under the theme ‘Inclusive Socioeconomic Development through the Shared Value Strategy.’
According to Gwengwe, shared values are simple yet transformative ideas where businesses can achieve long term success by addressing societal challenges in ways that benefit both society and their bottom line.
“This is not about charity, it’s about creating economic value while solving pressing social and environmental issues,” he said.
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He cited an example of how Press Cane Limited’s ethanol production reduces carbon emissions while creating jobs and promoting clean energy solutions for local communities.
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Gwengwe said such initiatives exemplify how businesses can integrate societal impact into their core strategies.
“For Malawi, shared values have the potential to transform sectors like agriculture, energy, healthcare and education.
“By aligning business goals with the objectives of MW2063, we can create an environment where both businesses and communities thrive,” he said.
Innotech Creative Solutions Executive Director Tidings Chaitezvi said unlike corporate social responsibility where firms just make donations to communities around them, shared values involve empowering the communities.
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“In the end, the companies will also benefit because you are raising the incomes of the communities,” Chaitezvi said.
The event saw Innotech Creative Solutions presenting awards to various firms which did well in various categories such as innovation, community enhancement, and bravery, and philanthropy, partnership for purpose, nature and climate as well as investment.
One of the firms which won in the innovation category, Ecobank, was awarded for its Single Market Trade Hub, which is a pivotal tool for empowering Malawian businesses to thrive within the African Continental Free Trade Area.
Ecobank Malawi Head of Trade Finance Alinafe Chikudzu said the award is a testament to the bank’s unwavering commitment to its brand campaign, A Better Way | A Better Africa.
“The Single Market Trade Hub represents a better way to be connected by unlocking opportunities for businesses and advancing the integration of Africa’s financial and economic landscape,” she said.
