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.
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.’Follow and Subscribe Nyasa TV :