Indigenous Business Association of Malawi proposes change of investment strategy

The Indigenous Business Association of Malawi (Ibam) has asked the government to come up with an indigenisation policy aimed at encouraging local investment.

Mlomba: Change strategy

Mlomba: Change strategy

Kumbambe: Investment forum

Kumbambe: Investment forum

Ibam president Mike Mlombwa said such a policy would ensure that business policies are friendlier to Malawians and guarantee their equal participation in the market.

“We ask government to consider Malawians in the business sector. Government should consider adopting indigenization system where a deliberate policy should be created for the benefit of local businesses. This should include ensuring capacity building for local businesses to stand an equal chance on the market,” said Mlombwa.

He said most multi-national companies operating in the country are making huge profits at the expense of local businesses and the economy.

He said if the indigenisation policy were to be adopted, it would help advocate for Malawians to earn stakes in most foreign dominated companies.

“We would be glad to see Malawians having an equal share in huge investments and companies,” said Mlombwa.

Mlombwa also suggested that public offices like the Directorate of Public Procurement (ODPP) and Public Private Partnership Commission (PPPC) should come up with deliberate blue prints that would give priority to Malawian firms in tender bidding processes.

Reacting in a separate interview, spokesperson at the Ministry of Industry and Trade Wiskes Nkombezi said government is committed to building capacity among local players.

“We are aware that the level of participation of local business is low. But, we are looking at deliberate policies to boost their participation on the market. We are designing policies that would see Malawians access more finance and capital for them to participate in the competitive market,” said Nkombezi.

Meanwhile, the Malawi Investment and Trade Centre (MITC) has announced that it is organising the first ever international investment forum for Malawi in June this year where the Malawi brand will be marketing to international businesses

MITC Chief Executive Officer, Clement Kumbemba told a press briefing in Lilongwe on Tuesday that about 300 prospective investors and officials from various key investment source countries are expected to attend the forum.

“This will be the largest and one of the most important forums Malawi will host this year,” said Kumbemba.

The two day forum, to start from June 29, will—among other areas, draw participants from the ‘Brics’ countries which include Brazil, Russia, India, China and South Africa while other delegates will come from the United States of America, Belgium, Italy and several other African, European and Asian countries.

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Balamanthu
Guest

Mlombwa,despite all his glaring faults is raising a good point.First, government needs to redefine an investor.When the chinese come to Malawi to open shops, thats not an ivestment.Let them operate in manufacturing sector and leave trading to Malawians.On a different note, as a country, we are dishonest people such that Banks dont feel comfortable to lend us capital for small start ups.The Bankers Association of Malawi should start a sensitization program to demand honesty and truthfulness when people borrow.Those that owe should make serious attempts to pay back the funds.

Antiracist
Guest

A racist and a crook. Just wants to further his own personal agenda, while owing money to banks and others.

Njala Nthenda Nsanje
Guest

Amalawi vuto lanu ndi limenelo. Dziwani kuti Bank sapeleka ndarama kwa osauka. Mlombwa qualified coz he had the sureties except kuti samayeza HIV coz mkuluyi wanyenga tiana mai mai ndi mumuobe panopa kamimba kake kali nju matenda amenewo. Basop ana inu musiye kigona ndi mkuluyi

Sosten
Guest

Keep it up

Sekulu
Guest

Mlombwa before talking all this, please consider repaying your debts with Malawi Savings Bank. Small and medium businesses can’t access finance because of your failure to pay back the loans. You are even failing to service the loans. You are not an angel but crooked businessman, a typical opportunist wanting to cover your tracks.

ujeni
Guest

Our local indigenous business people come across like mini bus callboys, they dont impress me at all. Apart from Thom Mpinganjira i dont see or hear many. They dont promote themselves. They leave everything for Indians to eat.

H. Davis kabeta
Guest

Mr.Mlombwa is looking at a very relevant isssue here but I doubt if his counterparts in Govenment and listening with both ears and positive mind. The ussual feable answer or response from Govt officials including ministers is ” a policy is being drawn”. End of story. Infact one would think this malawi was born yesterday where everything or every policy is at draft stage. Bwana mlombwa please try to push for this thinking otherwise we really dont have a Govt.

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