Peter Mutharika warns government officials
President Peter Mutharika Wednesday warned public officers to stop deliberately frustrating individuals and companies that express interest to invest in the country.
The President said the country needs to grow its private sector through, among others, having direct foreign investment.
Mutharika made the remarks at a ground-breaking ceremony for the construction of a $100 million (approximately K73 billion), Lilongwe Grand Business Park in Area 46.
“I want to hear no more delays in processing necessary investor applications for sector permits, land, and other pertinent licenses. I urge all heads of public institutions to find ways of fast tracking investment projects but without cutting corners. To build a strong economy Malawi needs a smaller government and a bigger private sector,” he said Lilongwe Grand Business Park is a project owned by Chinese investor, Lilongwe Grand Holding Corporation Limited. It is expected to create 2000 jobs once completed in the next five years.
Mutharika said there is a higher rate of unemployment among the youth because the country has a small private sector.
“For some years now this country has been accumulating too many youth who cannot get jobs. We have too many school leavers and graduates who cannot get employment because we have a small private sector. Since 2014, government has registered investment pledges worth 3.7 billion dollars. These investments mean more jobs and more income generation in our economy,” he said
He, however, acknowledged the need to solve the challenges of power shortages currently suffocating many businesses in the country.
Chinese Ambassador to Malawi Shi-Ting Wang said the project would help to upgrade the country’s service industry.
“We all know that Malawi has an agricultural-based economy with low productivity in service area. This park will be an important move towards a comprehensive economic development for Malawi,” he said
The project will comprise a shopping mall, a Five Star hotel and office blocks among others.
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