Mutharika says private sector critical to Malawi

President Peter Mutharika on Wednesday said the private sector can play a critical role in resuscitating the country’s economy.

Mutharika was speaking at the Kamuzu Palace in Lilongwe when he launched the country’s first ever bankable projects compendium.

He said the private sector is the engine for the country’s economic growth and poverty alleviation and that it could partner with government to improve various public services for the good of Malawians.

“The private sector pays the taxes without which the government of Malawi would be unable to secure the health, education and safety of the citizens of this country,” he said.

The meeting brought together business captains and afforded them the opportunity to identify areas where they could invest to spur Malawi’s economic growth.

During the launch, the Malawi Investment and Trade Centre, the Bankers Association of Malawi, and the Malawi Confederation of Chambers of Commerce and Industry (MCCCI) made presentations.

In his presentation, MCCCI chief executive officer Chancellor Kaferapanjira stressed the need for the country to strengthen its manufacturing base.

“A country grows because of manufacturing. Manufacturing has a lot of spillovers. It should be the number one priority if the country is to move forward,” Kaferapanjira said.

Misheck Esau, from the Bankers Association of Malawi, called for the complete overhaul of government financial management system and reduction of the civil service to ensure efficiency and productivity.

Esau in his presentation said corruption was everywhere but hailed government for the effort it is making to tackle the vice. He said the private sector would join the fight against corruption.

Joshua Nthakomwa from the Malawi Investment and Trade Centre told the gathering that while Malawi’s economy was at one time ahead of some countries in the region, the country was lagging behind today.

Nthakomwa said although the country has for the past 20 years provided resources in a bid to diversify the economy, the response had not been encouraging.

“Exports have not outstripped imports. Government and the private sector must form a strong partnership to address the constraints,” he added.

The meeting was held behind closed doors after the presentations.

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