UNDP Resident Representative Shigeki Komatsubara has hailed the Private Sector Labs which president Lazarus Chakwera has officially launched in LiLongwe on Friday.
Speaking at Bingu International Convention Centre, Komatsubara said the labs would be saying remove bottlenecks hampering economic growth such as shortage of forex, limited access to capital and others.
However, Komatsubara has noted that the country’s manufacturing sector is only contributing 11% of Malawi’s Growth Domestic Product (GDP).
He said more could be done to improve the sector.
The International Finance Corporation (IFC), a private sector arm of the World Bank, pledged at the same launch to work with the government of Malawi in supporting the development of the country’s private sector for economic growth.
IFC resident representative for Malawi and Zambia Madalo Minofu, made the commitment today during the launch of the Private Sector Delivery Lab organised under president Lazarus Chakwera’s Presidential Delivery Unit (PDU).
Minofu said they are geared to provide private sector financing for various investments including in the energy and agro-business sector.
President Lazarus Chakwera has today launched the first ever private sector labs at BICC in Lilongwe.
The labs are according to government meant to operate as a platform for structured interface between the private and public sectors to maximize development impact.