Malawi Confederation of Chambers of Commerce and Industry (MCCI) has expressed concern over company closures and has since urged the government to put in place sound economic policies to avert the situation.
MCCI president Karl Chokotho said this in Blantyre when Trade minister Joseph Mwanamveka met some business people and officials from the chamber.
“It is sad that companies continue to down size their operations, whilst others are closing down completely,” he said.
He said the government needs to come up with sound economic policies to save the situation saying inflation and interest rates remain extremely high posing a great threat to industrialization and manufacturing.
MCCI hailed the ‘Best Buy Malawian’ Initiative as a welcome development urged the government to come up with policies on this.
Chokotho said the initiative can be senseless if Malawians continue to produce low quality products.
Industry and Trade minister Mwanamveka said there was need to change mindset, saying he was of the view Malawians have potential to produce quality products that can compete favourably on the international market.