Innovation and investment firm, Project Innovation Centre (PIC) has tipped up-and-coming entrepreneurs to form groups and mobilise resources if they are to make significant investments in the manufacturing industry.
This, they say, will help address challenge of access to finance and enhance the much-needed value addition to products.
The call came out during a two-day entrepreneurship seminar for budding entrepreneurs in Blantyre.
PIC Chief Executive Officer, Kondwani Ngwira, existing gaps in value addition, mind-set change on product preference among consumers and sheer laziness among innovators must be addressed if the sector is to blossom.
“The country is losing a lot of money by exporting raw products and importing finished products. Access to finance is no longer a problem because we are telling them [businesspeople] to form groups and mobilise resources to establish big businesses,” he said.
He then urged stakeholders to cooperate in enhancing the Buy Malawi Initiative.
In a separate interview, StreamTech Limited Managing Director, Patrick Pangani, said the government should put in place deliberate policies that could deter importation of products that can be made locally.
The firm is currently running an initiative to raise one million entrepreneurs by 2025.