Malawi indigenous business people demand 70% stake in foreign investments

Indigenous business people are demanding 70 per cent stake in all foreign driven investments in Malawi.

Mlombwa: Locals should haved shares

Mlombwa: Locals should haved shares

President of Indigenous Business Association of Malawi Mike Mlombwa said this at the first ever membership registration meeting on Sunday in Blantyre.

“All foreigners need to partner with locals before they start businesses in Malawi. We want Malawians to have 70 per cent stake in such investments,” he said.

He said the 70 per cent stake should be both in public and private portfolios.

“This will help the Malawi Revenue Authority collect more taxes,” he said.

Trade and Industry minister Joseph Mwanamvekha did not directly respond to the plea but said the government has many policies that ensure that foreigners do not monopolise the local market.

He urged local business people to form strong blocs so that they can do business together and speak with one authoritative voice on investment and business masters.

Follow and Subscribe Nyasa TV :

Please share this Article if you like Email This Post Email This Post

More From Nyasatimes

More From the World

Sort by:   newest | oldest | most voted
yaya
Guest
yaya
3 months 8 days ago

70% will definately scare investors away.lets draw lessons from zim.

Ireen
Guest
Ireen
3 months 10 days ago

The reporter misquoted Mr Mlombwa. What he said is that IBAM want 70% of government business to be given to Indigenous Malawian businesses.

Random guy
Guest
Random guy
3 months 10 days ago

A spectacularly dumb idea. I’d laugh if Mlombwa wasn’t being so serious.

Bololo
Guest
Bololo
3 months 11 days ago
If you want to be taken seriously, talk sense and constructive. Mr Mlombwa you have the money, go on and invest. Not in ‘chicken’ business competing with a zizili farm but in large scale utility or manufacturing industry. Invest to add value and export. Earn forex. You want protection show the government you mean business. no wishful thinking but doing. Malawians with capability lets stop being busy thinking NEGATIVE, thinking someone is stealing our business, thinking someone’s success is at our expense (the spirit of witchcraft). What we should know is that nature abhors vacuum. If we don’t take opportunities… Read more »
palanaikos
Guest
palanaikos
3 months 11 days ago

kikikikikiki chamba eti!!!!!!!!!!!!!!!!

RightWrong
Guest
RightWrong
3 months 12 days ago
This is by far a load of BS. Which foreigner will come and invest here, put his hard earned cash and give it to a so called indigineous Malawian who doesn’t know head or tails of business. More over the Malawian person must enjoy 70 percent stake for what? Sitting on his fat ass? This new seating in Blantyre is a waste of time. Just go and steal from government like you have been doing. Tax collection will improve in your dreams …which container business or market vendor pays tax?? Which indigineous Malawian pays duty when coming from SA in… Read more »
Mwalonde Ken
Guest
Mwalonde Ken
3 months 12 days ago

70%? Then why not embark on the investments now, seem like you have the capacity to take huge capital investments already. Otherwise only a fool can expect a majority share when they can only invest K250.00 out of say K20 billion.

Truth
Guest
Truth
3 months 12 days ago
In other words, he wants people to reap where they did not sow. If that is the case, let the local INDIGENOUS businessperson invest 70% of the Investment value to truly earn his 70% stake. Unfortunately this is the common situation in Malawi, people without the initiative or capital to invest want to now start imposing restrictions on those who do. And how exactly will this policy increase Tax Revenue Collection Mr. Mlombwa? Forgive my blatancy but over 95% of the Cashgate Criminals are Indiginous Malawians as you call it, did they pay tax on what they stole too??? This… Read more »
Jimmy
Guest
Jimmy
3 months 12 days ago

WHICH FOREIGNER WILL COME TO MALAWI
TO DO BUSINESS AND GIVE A LOCAL 70% IN
THE BUSINESS!..
IN FACT NO FOREIGNER WILL SHARE HIS BUSINESS
WITH A LOCAL FOR FREE!…
MALAWIANS ALWAYS ARE LOOKING FOR HANDOUTS..

MALAWI IS NOT AN ATTRACTIVE DESTINATON NEITHER IS IT
SAFE FOR BUSINESS…

THE ENTIRE CONTINENT IS UNSTABLE AND VOLATILE..

SERIOUS INVESTORS DONT INVEST IN SUCH A DANGEROUS
UNSTABLE PLACE AND ALSO GIVE AWAY 70% OF HIS MONEY..

LOL…LOL🙈

wpDiscuz