Malawi Confederation of Chambers of Commerce and Industry (MCCCI) says the country’s economic recovery will depend on increased production, industrialisation and stronger support for local businesses.
But the private sector lobby group said this direction is facing challenges as companies continue to struggle with high inflation rate at 24.3 percent, persisting foreign exchange shortages and high operating costs.
Speaking during the official opening of the 36th Malawi International Trade Fair at Chichiri Trade Fair Grounds in Blantyre yesterday, MCCCI president Ronald Ngwira said the country’s long-standing dependence on exporting raw materials instead of importing finished goods has weakened economic growth and industrial capacity.
He said reliable energy, affordable financing, improved infrastructure and policy consistency remain critical for business growth and investment.
Ngwira, who is also Illovo Sugar (Malawi) plc managing director, said: “The reality is that we know what needs to be done and, as a country, we possess the resources and potential to transform our economy.
“What is required now is decisive action anchored in high levels of integrity and accountability. Surely, the future of our economy lies in industrialisation and the enhancement of productivity.”
A recent MCCCI Business Climate Survey showed that most firms are operating below capacity, with about 51.9 percent reported utilisation below 50 percent, 37 percent between 50 and 75 percent, and only 11.1 percent above 75 percent.
In his address, Minister of Industrialisation, Business, Tourism and Trade Simon Itaye, who officially opened the fair, said government is prioritising policies and investments aimed at strengthening domestic industries, promoting value addition and reducing import dependence to stabilise the economy.
He outlined interventions such as special economic zones, the Buy Malawi Strategy, small and medium enterprises reforms and trade facilitation programmes to help create jobs, boost exports, improve forex generation and position Malawi as a producing and exporting economy in line with the Malawi 2063, the country’s long-term development strategy.
“The path towards sustainable economic recovery and stabilisation lies in enhancing production, strengthening local industries, promoting value addition and accelerating industrialisation,” said Itaye, a former corporate executive.
One of the exhibitors, Mzuzu Coffee Planters Cooperative Union Limited e-business communications and technology officer Joseph Chidwala said they hope to secure export markets through the fair, which has brought over 200 exhibitors, with international participation from India, Tanzania and Mozambique.
The fair is being held under the theme ‘Promoting economic stability through enhanced production and industrialisation’ and will run up to May 29.
