Government is reviewing laws governing business investments to encourage more local investment and increased employment levels among Malawians.
Speaking in Blantyre as Chloride Batteries (CB) clocked 45 years of operation since its inception in 1967, Minister of Industry and Trade, John Bande expressed optimism that a postmortem on the laws would promote continued and enhanced private sector investment.
“Government is looking at a bigger picture here. If more of our investments were locally owned as is the case with Chloride (Batteries), most of the returns would have remained in the country unlike investments from other countries which benefit the investor’s country,” said Bande.
The Industry and Trade Minister revealed that about 40 pieces of legislation have so far gone through parliament adding that more are to follow.
“We would like to have more local entrepreneurs at the helm of businesses employing locals and this can only happen if the laws are in tandem with the improved business climate,” reckoned Bande.
He commended CB for being exemplary in its operations saying being a local owned conglomerate, the company has set an impeccable record wealthy emulating.
CB Chief Executive Officer (CEO), Osward Lutepo said the company was face with a counterfeit challenge asking government to intervene to prevent the industry from being exploited.
Said Lutepo: “Chloride is a company for the present and the future. However it is faced with different challenges one of which is the influx of counterfeit batteries on the market that I feel poses a great danger to well established companies.”
Chloride Batteries Limited started its operations in the country under British ownership on Wednesday July 26, 1967.
The company which started operations under the brand name of Battery Makers Limited, is now wholly owned by Malawians under the banner O and G group investments with an employment base of 35 against 15 branches that has grown from the five they started with during take over.
O and G group Investments operate different subsidiaries namely Chloride Bateries, Flexmail and Wolget Cotton among others.
During the event, the company awarded longest serving members with CB branded clocks and monthly salaries depending on the period served.
Adini Saizi who has served for 25 years got four months salary and a company branded wall clock with his name inscribed on it.Follow and Subscribe Nyasa TV :