RBM urges investors to embrace the ATM strategy.
Reserve of Malawi(RBM) says the country stands to benefit alot from investments if only investors embrace the ATM strategy which the country has launched recently.
Central Bank governor Wilson Banda said investments in the field of Agriculture, Mining and Tourism(ATM) pose to boost the country’s economy as the sectors would help to generate alot of foreign exchange and job creation opportunities among others.
Banda was speaking this in Blantyre on Monday during the press corporation plc shareholders’ engagement.
“Private sector is an engine of economic growth and development of this country. Therefore, it is imperative for the sector to embrace the concept of ATM strategy so as to help the country in foreign exchange generation and create job opportunities among the youth,” said Banda
The governor said the country need to borrow a leaf from other neighbouring countries such as Zambia, Zimbabwe, Tanzania and South Africa where the economy has grown hugely from investments in the sectors of Agriculture, Tourism and Mining.
Banda said he was noted with concern to see many players in the private sector investing in short term and in sectors that drain forex rather than those that generate foreign exchange.
” Government is here to create a conducive environment for the private sector to strive. Government cannot generate foreign but manages the forex that the private sector generate,
Therefore, we should not blame government on forex challenges but the private sector for investing in non forex generation sectors, ” he said
The governor, who was the guest of honour at the shareholders engagement, also advised the press corporation to consider investing in the mega farms strategy, where he said has potential to boost the the conglomerate as well as the country as a whole.
On his part, the chief executive officer for press corporation plc Dr Ronald Mangani disclosed that the long term plans to establish the press energy to bolster it’s expanding portfolio was at an advanced stage.
Mangani said that the press energy aimed to develop a 50 megawatts solar farm in Dowa district with partners already lined up for collaboration.
“This has been a long time dream which has now becoming a reality. We have had some unforeseeable hitches to establish the energy firm long time ago, ” he said
Mangani also highlighted that the conglomerate is presently realigning it’s strategic direction emphasizing profitable portfolio management as a key pillar of this strategy.
Among others, Mangani said the corporation was looking into investing in other viable sectors with it’s Mk400 billion that it has currently in it’s coffers.
Press corporation plc it’s one of the very old conglomerates in the country.
The corporation consists of National Bank plc, TNM, Macsteel, Puma, MTL, Ethco, Press cane, Limbe leaf and Lifeco limited as it’s subsidiary companies.
Follow and Subscribe Nyasa TV :