Business News

Two industrial parks ready for development

Minister of Finance and Economic Affairs Sosten Gwengwe says feasibility studies for Matindi Industrial Park in Blantyre and Magwero Industrial Park in Lilongwe have been completed and investors can now start developing the two sites.

The minister said this on Tuesday in Lilongwe when he addressed business captains at a workshop on project preparation facilities jointly organised by the Export Development Fund (EDF) and the African Export-Import Bank (Afreximbank).

Gwengwe: It will drive industrialisation

Gwengwe said the partnership between EDF and Afreximbank will drive the industrialisation plan by offering technical and financial support to government as well as potential investors whose investment project proposals prove to be worth investing into.

He said: “I believe that this partnership will increase the quantum of resources available for project preparation services, raise the profile and attractiveness of the prepared project for bankability and financial clause, expand the source of financing for our domestic high value development projects from global financiers and provide an avenue for capacity building for our own EDF and other practitioners in this area.”

Afreximbank director Oluranti Doherty said the fund has spent $6 million (about K6.09 billion) to prepare of the two industrial parks and targets to attract $900 million (about K913.5 billion) through investment.

He said: “This is a huge investment and through this, we are targeting to create over 24 000 jobs in the two industrial parks and we are calling on potential investors to come and invest. This is a rare and golden opportunity.”

In his remarks, Minister of Trade and Industry Mark Katsonga-Phiri said government seeks to revamp trade through enhancing business studies and promoting processing of raw materials to be exported in a high-value state.

He said: “We are already in talks with the Ministry of Education to introduce business studies from primary school all the way to secondary school so that by the time our youth reach the tertiary level, they should be equipped with business skills.

“Apart from that, we want to promote processing so that we stop exporting raw products.”

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