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Regional body challenges Malawi on business growth

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The Industrial Development Corporation (IDC) has called on Malawian businesses to embrace market changes to remain competitive on both the regional and international markets.

IDC is a regional lending and business development institution providing financial and technical support to businesses in sectors such as energy, agriculture and tourism, among others.

Business Development Manager for the firm, Peter Rakete, said to grow the private sector; Malawi needs to embrace the growth strategy.

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Rakete was speaking on the sidelines of an investment meeting which was held in Blantyre last week.

He said there must be a shift in business dynamics to allow for more private sector participation on issues that have a bearing on economic growth.

“We are committed to facilitate economic development in the country through access to finance and contributing tonational development through identification, development and financing projects. Local entrepreneurs should partner with us to find lasting solutions to challenges that are hindering the growth of businesses in Malawi,” he said.

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In a presentation made during the investment meeting, Rakete said the IDC has a total assets base of R138.6 from which entrepreneurs from the Africa region can tap from. IDC boasts of contributing to industrialisation across the region.

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