The government has challenged the youth to change their mindset towards entrepreneurship, if they are to remain vibrant in the industry and trade sectors.
The remarks were made when the National Planning Commission (NPC) engaged the youth through a panel discussion—focusing on youth in trade and industry, opportunities and challenges in support of the implementation of the Malawi 2063 vision—in Lilongwe.
Secretary for marginalised small and medium enterprise in the Ministry of Industry Francis Zhuwao said entrepreneurship must be regarded as a profession and not a medium for quick enrichment.
“There is a need for lifestyle change, most of the youth will lead an expensive life style because they have made some initial break-through instead of making inroads on investment,” Zhuwao said
He implored the youth to position themselves by forming entrepreneurship groups to enable them to secure opportunities including financial support.
One of the young entrepreneurs Nthanda Manduwi, who is also Founder and Director of Bien Corporation Africa, said the youth need a lot of support from the government.
“We need more policies that favour the youth, things like financing, lower interest rates and tax holidays because, as entrepreneurs, we are ready to penetrate the industry,” Manduwi said
She further said the youth can capitalise on some of the challenges the country is facing by providing solutions hence running a business.
NPC Director General Thomas Munthali said the 10-year Malawi Implementation Plan is youth-centred, hence the need for continued engagement with them in order to realise the plan.
Industrialisation is one of the three pillars of the Malawi 2063 and is central to the country’s transformational agenda of wealth creation and self-reliance.
It has, however, been noted that the country’s industrial base remains narrow due to, among other challenges, a poor environment for the growth of small and medium-scale enterprises.