Peter Mutharika touts Malawi as strategic regional economy
Proper diversification of the predominantly agro-based economy will make Malawi a vibrant and strategic economy in regional, continental and global trade, President Peter Mutharika has said.
Mutharika said this in his address to an audience at Chatham House, a respected global think-tank in London in a presentation titled ‘Malawi’s priorities and partnerships: diversification for development’.
He noted that for many decades, Malawi’s economic priorities have weighed heavily towards agriculture just as a subsistence endeavor, a situation that has seen minimal growth of real income among farmers.
“As a new government, we are now moving on a path for economic diversification, away from the commodity-based economy in order to increase the export base. We strongly believe that trade and investment are key drivers for inclusive economic growth and sustainable development,” Mutharika said.
He said the government is doing all it can to reverse the economic anomalies.
“My government is pro-actively addressing market failures by among other things prioritizing energy, tourism and infrastructure development, through the public private partnerships, including government own financing,” he said.
The Public Private Partnerships (PPP) arrangement has been one of Mutharika’s priority areas in view of his commitment to foreign direct investment.
As a result of the said commitment, Mutharika instituted the Malawi Investment Trade Centre (MITC) which within two years of existence convened the first Malawi Investment Forum, a gathering that brought together more than 300 investors from across the world.
Chairperson of the event, Scottish First Minister Lord Jack McConnel, urged Chatam House members to support Malawi’s prime mission so as to build a sustainable, secure and prosperous nation.
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