Nyasa boss calls for Malawi exports to solve forex crisis

Nyasa Manufacturing Company L(NCM) managing director Konrad Buckle, whose company produce 100 percent local Malawian tobacco, says the country can solve the foreign exchange crisis by exporting more products and reduce importation of goods.

“Malawi imports is just about everything and exports is just about nothing,” he told Capital FM Straigh Talk programme monitored by Nyasa Times through streamline on Tuesday evening.

“We need to create forex.  We can’t just sit back and wait for government to supply forex in this country,” he added. “All the businessess in this country, the leaders of industry need to make an effort.”

Buckle: Malawi should be a producing nation. Photo credit: NPL

Buckle called on the captains of the industry “to start contributing and work with government hand in hand” to solve the forex puzzle.

Business

Nyasa boss said the current economic environment is not conducive to do business in the country and globally.

“It’s not easy to do business at the moment,” he said.

He however said Nyasa is “putting strategies to survive.”

Bucklesaid Nyasa will continue adding value to locally produced tobacco and explore more market opportunities for their products on the international market and generate foreign exchange cash.

He also prides Nyasa company for creating employment for local Malawians

During the interview, Brian Banda, asked Buckle if government was right to regulate tobacco prices.

Responding, he said bluntly that the “strategy was wrong, but the idea was right.”

“I think they had the right to step in but the strategy was not right,” said Buckle who felt dialogue whould have been the best route to take.

Nyasa as the  first company to produce local made brand of cigarette  also plans to invest $15 million (about K2.5 billion) in machinery for its cigarette manufacturing venture.

No hidden shareholders

Buckle also played down assertions that his business including the Group One Armed and Armoured Security Service, has senior government officials as shareholders.

“There is no government officials involved in Group One Armoured security, we are businessmen, we get loans from the banks,” he said.

According to Buckled the security firm has been established by a group of local entrepreneurs and one of the directors is Shadreck Namalomba and  company lawyer  James Naphambo

Group One has invested an initial capital of over K700 million ($4.2 million) and intend to pump in another K800 million ($4.8 million) within the next few years.

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