Mutharika calls for an industrialised economy:  Mission to make Malawi economy more productive

President Peter Mutharika has emphasised the need for the country to embrace industrialisation, arguing that it remains an important mechanism to the growth of the economy.

Malawi International Trade Fair (Mitf), which was officially opened by President Peter Mutharika

Mutharika at Rab Processrs pavillion

Speaking on Thursday during the opening of the 30th Malawi International Trade Fair on Thursday in Blantyre, he noted that industrialisation was the only strategy through which the country could break the cycle of poverty.

“Industrialisation must be the next step for Africa. Africa must industrialise. African countries cannot progress and breakup the cycle poverty if we do not embrace industrialisation.

“Investing in industrialisation is one of the best ways of supporting the private sector. The industry is the engine for the private sector and the private sector is the nerve centre of the economy,” Mutharika emphasised.

The President said currently government has stepped up efforts towards industrialisation by stabilising the economy resulting into the reduction of inflation to single digit which has led to predictable and stabilisation of prices of basic commodities.

“We have maintained a healthy foreign reserve account and the local currency has been stable against other currencies. We have reduced interest rates to enable the business community have access to loans from commercial banks more easily,” he pointed out.

Mutharika added that, “Our vision remains to make the country a predominantly producing and exporting nation which demands for innovative industry. Our mission is to make the economy more productive where citizens participate in growing it. This means we are set to nurture the private sector as a productive unit of the economy.”

He assured that government would continue to provide a conducive environment to the private sector through the public-private-partnership arrangement to ensure sustained national economic growth.

Minister of Industry, Trade and Tourism, Henry Mussa said the theme of this year’s Trade Fair resonates well with sustainable development goals as well as the Malawi Growth and Development Strategy 111 since it emphasises on a resilient economy to global ‘shocks.’

He said it was necessary for the country to put much emphasis on industrialisation and competitiveness because the two elements were critical to growing national economy.

“Government is implementing various policies aimed at accelerating trade at all levels,” Mussa said. “One of such policy is the National Industrialisation Policy and the Special Economic Zones.”

Malawi Confederation of Chambers of Commerce and Industry (MCCCI) President, Prince Kapondamgaga said industrialisation could be an effective tool for growing the country’s economy to produce and trade in goods with value addition.

“Malawi is rich in natural resources and other raw materials, yet the level of Malawi’s industrialisation is negligible. Industrialisation will contribute to sustained wealth creation as Malawi natural resources and other raw materials will be converted into value added products for export to international markets,” he said.

Kapondamgaga added that evidence from other countries has shown that industrialisation was a very important means of mopping unemployment in the economy.

“It has also historically provided a good foundation for the acquisition of skills, provision of industry linkages and basis for innovation and learning,” he pointed out.

The theme for this year’s Malawi International Trade Fair is: “Industrialisation: Basis for Trade Competitiveness.’

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Munthalika
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Munthalika

The other day a friend ordered plastic pipes from a company in Blantyre, for a construction project. The company couldn’t fulfill the order in a timely manner because of frequent blackouts. It took a whole month! Another business I know failed to generate sufficient capital because with interest rates of 30%, it’s almost impossible to make profit. Most of the companies that succeed in Malawi raise capital from outside. This is why only Indians prosper while Malawians languish in petty businesses like selling airtime and second hand clothes. The lucky ones like Mulli who get billions from Malawi Savings Bank… Read more »

Dagobert
Guest
Dagobert

PLEASE vote this Chakwera or Chilima guy in, this Dada is completly insane!

Fodoi
Guest
Fodoi

Magesi mr president. You seem to live in a totally different environment. We need electricity before you can speak of industrialization. Wake up from your slumber sir. Don’t listen to the likes of ka Ben Phiri and think they are geniuses

Petulo
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Petulo

Wayambatu misala uyu

Kibaki
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Kibaki

Bwana President, H.E Prof. Arthur Peter Mutharika, kindly ask ur boys from Information ministry to provide you with your yesterday’s speech

Ndendeuli
Guest
Ndendeuli

Learn this equation:
No electricity=No industrialization

Ijahman
Guest

Whatever kind of weed this president smokes makes him want to squeeze 4 years into 11 months.

winston msowoya
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winston msowoya

President Muthalika,what kind of industrialised economy you need to introduce in Malawi when people are soon going to the polls?Right now what kind of the economy Malawi has?Pathetically Mr.President,we do not have any standing economy since independence some 50 years ago.As the people of Malawi are nearing to cast their votes,Muthalika is endeavoring to propel the feelings of the people of Malawi in thinking that he has novel notions while he is short of economic knowledge that would kick-start the economic movement which in turn,could commence creating jobs for thousands of our people.As long as wanton economic corruption is not… Read more »

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