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.

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.