By Kingsley Jassi:
The National Planning Commission (NPC) has taken practical steps to push for the much-needed industrialisation through climate smart business ventures.
It says the country’s low industrial output continues to threaten development goals.
On Thursday, NPC, in collaboration with the Ministry of Trade and Graca Marchel Trust, United Nations Development Programme and the European Union, held a pitch night, when enterprises interfaced with investors and financiers in Lilongwe hoping to set off high impact ventures.
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Six enterprises in organic fertiliser making, sustainable energy solutions and agricultural production, among others, pitched investment ideas worth up to $250 000, seeking financing and partnerships.
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Principal Secretary for Industry and Trade Christina Zakeyu said this was one of the efforts government was making, together with partners, to deal with the current industrial slowdown as the economy is facing numerous challenges that are affecting the business sector.
“Through these initiatives, we hope that entrepreneurs [will] find opportunities to scale up their ventures and contribute more to the country’s industrial output. There are so many initiatives and facilities that are meant for entrepreneurs to benefit but they just need to take advantage of them and utilise them,” Zakeyu said.
The past few years have seen Malawi’s industrial output contracting, worsening economic imbalances primarily caused by natural and exogenous shocks.
This trend, according to NPC acting director general Grace Kunchulesi, threatens Malawi’s development goals.
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She called for collaboration that is premised on building a strong industrial base.
However, she said, the country has many industrial opportunities that just need to be utilised.
She further said the pitch night was a push towards achieving industrial objectives under the Malawi Implementation Plan- 1 of the Malawi 2063 development plan.
“This is just one way of making steps towards industrialisation and there will be many more of these because there is no way we can achieve the MIP-1 objectives if we don’t industrialise,” Kunchulesi said.
