The Ministry of Trade and Industry has pledged to continue fostering an enabling environment that supports youth entrepreneurship development.
The ministry’s director of planning, Nations Msowoya, made the pledge in Lilongwe on Friday during an investor match-making event for small and medium enterprises (SMEs) organised by Business Acceleration for Youth Project.
“Many big companies that we see today started with somebody’s idea. It is through nurturing and a good business environment that they have grown into big corporations that are contributing significantly to the economic development of countries,” Msowoya said.
He said entrepreneurship is important as it helps government in its job creation drive.
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“Entrepreneurship is one of the solutions by transforming unemployed young people into major employers. Let us join hands to harness the potential of youth in the entrepreneurship space,” Msowoya said.
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He, therefore, said his ministry was pleased with the contribution being made through the Business Acceleration for Youth Project.
The initiative is being led by Alliance of Bioversity International and International Centre for Tropical Agriculture (Ciat) using funds from the United States Agency for International Development (USaid).
Ciat Chief of Party, David Slane, said he is impressed with efforts that SMEs are making.
“They have lots of diverse business ideas which offer opportunity for both domestic consumption and export of goods,” he said.
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USaid Senior Economic Growth Integration Advisor, Meredith Jackson-deGraffenried, underscored the significance of SMEs in job creation, innovation and economic growth.
“The private sector is playing an unprecedented role in creating opportunities and building a more prosperous Malawi and other emerging economies across Africa,” she said.
North East Foods Chief Executive Officer Kettie Chisambi said the project has helped in the growth businesses.
“We have accessed a grant financing of $75,000. On the technical front, the consultants under the project have helped us to come up with policies that are going to help us manage our businesses,” she said.
The event provided a platform for participating SMEs to market their investment proposition and for providers of capital to source investment opportunities.
