President Peter Mutharika has said the government is set to split the inefficient and ineffective state run power utility company Escom, saying parliament will change the power house act when the House meets from Friday.
Mutharika said this on Tuesday when he opened Malawi International Trade Fair in Blantyre, saying Malawi is a land of investment opportunities and the country is at a turning point.
He said this was a clear example that the government is taking aggressive steps in addressing fundamentals for economic growth.
“This government is thinking business, we are dreaming business,” he said.
Mutharika therefore said the private sector should work with the government, saying both the government and the private sector should be partners in business.
He said in addition, the government wants to establish a national development commission, has established a ministerial committee on doing business and very soon there will be the launch of trade and industrial policy.
“We are also making comprehensive tax review…Malawi will be one of the best destinations to do business,” he said.
The Malawi leader therefore asked the private sector to invest in production instead of fighting for government tenders.
He said the economy can turn around for the better if the private sector invested in manufacturing which he said creates jobs, saying the government was ready to support such initiatives.
Mutharika also advised companies to stop doing things the old way, but change to new innovative ways.
“There is one principle, innovation. So as business you either become innovative or perish,” said Mutharika.
Trade and Industry Minister Joseph Mwanamvekha admitted that innovation in Malawi remains a challenge, pointing out that customers have become sophisticated and companies must adapt by becoming innovative.
“Malawi needs to embrace a culture of research and experimentation, explore new ways of doing things,” said Mwanamvekha.
He also said the private Sector must produce better products for both local and international markets as as utilise the ‘Buy-Malawi’ campaign
Malawi’s Trade Fair was launched in 1987, and is organised by Malawi Confederation of Chambers of Commerce and Industry (MCCCI).
There are at least 150 companies at the Trade Fair making their exhibitions with 15 foreign companies.
Officials from the Malawi Chamber of Commerce and Industry said more foreign companies are yet to come following the sudden change in the program as the fair was supposed to open on May 20.Follow and Subscribe Nyasa TV :