Stakeholders have agreed that partnerships remain essential in achieving development aspirations embedded in the Malawi 2063—the country’s long term development blueprint.
This came out during the second edition of the conversation series hosted by Old Mutual in Blantyre on Thursday under the theme ‘Power of Partnerships for Economic Growth’.
During a panel discussion, a local young entrepreneur and proprietor of Imosys, a technology firm, Mayamiko Mkoloma said lack of support for budding entrepreneurs has been one of the major hindrances.
“The youth have innovative ideas but do not have financial support,” Mkoloma said.
National Planning Commission Director General Thomas Munthali said some challenges the local economy is facing could be partly attributed to the industry’s failure to bring about transformation.
“The private sector in Malawi is almost non-existent. That is the reason we have had these blueprints but we do not implement them because the private sector does not come in and do the needful,” Munthali said.
Old Mutual Malawi Group Chief Executive Officer Edith Jiya implored private sector players to take a leading role in nurturing innovative ideas.
“There are a number of youthful ventures we are working with and we implore others to follow suit so that, together, we can enhance economic development.” Jiya said.