The Ministry of Industry and Trade has expressed optimism that the current reforms will push Malawi into the top 100 ranking on the World Bank’s Doing Business Index in the next two years.
Principal Secretary in the Ministry, Cliff Chiunda said in an interview following the launch of two online trade information facilities, saying such initiatives are aimed at improving the business environment.
“Government is excited that reforms have started bearing results. For example, Malawi has registered improvements on the World Bank Doing Business Index for 2016 registering a 14 percent improvement in performance this time round,” said Chiunda.
The current index ranks Malawi 141 out of 189 global economies, from 164 in the 2015 report, a development Chiunda says signify that the environment for doing business has improved.
However, Chiunda said trade data has been lacking, saying this has been affecting the ease of doing trade on the part of traders.
He said other reforms that will help improve the business environment include Metrology Act, Insolvency Act and the Credit Reference Bureaus Act.
The two online trade information facilities launched last week are aimed at providing up to date information with intent to facilitate trade and related policy direction to ensure an export based economic growth of the country.
Chiunda further explained that other efforts include the new trade, investment and development policies that are in the offing will also help to improve the situation for business sector players.
Government launched the campaign to push the country’s ranking on the doing business ranking three years ago to attract foreign investors after noting that the poor environment especially on land acquisition, utility connectivity, legal environment and business permits issuance, among others pushed several prospective investors to the neighbouring countries.
Several reforms have been employed to improve the situation, among them the setting up of the One Stop Center at the MITC where investors get almost all the processes to establish their businesses.