* Some of the challenges the country is facing generates from the selling of factories and banks
* That would have assisted to control the country’s currency. I do not have time to fight with anyone
* But to ensure that the lost economy is restored — the companies and factories that were sold should be brought back
By Elia Chibwe, MANA
At the launch of Magwero Industrial Park project at Area 55 in Lilongwe Lilongwe yesterday, President Lazarus Chakwera said his government is working on restoring factories and banks that were sold by the previous administration as one way of controlling the country’s economy.
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Chakwera said some of the challenges the country is facing generates from the selling of factories and banks that would have assisted to control the country’s currency.
“I do not have time to fight with anyone but to ensure that the lost economy is restored,” he said. “The companies and factories that were sold should be brought back.”
He stated that the rise in product prices and services is due to the unwise sale of government-owned companies, resulting in inflated market prices, which has affected the people in the country.
He, therefore, cautioned against abusing power to delay the project, saying such behavior is not condoned and those found doing that will be brought to book.
The President said the Magwero Industrial Park project launch — held under the theme ‘Catalyzing Industrialization in Malawi: Transforming the Nation’s Economic Landscape’ — underscored the need for increased investment in Malawi’s industrial sector to benefit farmers and citizens in the country.
He commended Africa Export-Import (Afrexim) Bank and all partners for their trust in making the Magwero Industrial Park a reality and urged AfreximBank to expedite the opening of other industrial parks across the country.
Minister of Trade and Industry, Alfred Sosten Gwengwe, described the officiation of the industrial park project as laying the foundation for economic prosperity in the country
He thus urged citizens to buy Malawian products, emphasizing that the Magwero Industrial Park Project will help the country generate foreign exchange and create a platform for import substitution, benefiting the country’s economy.
“This is important to any investor. Those who invest in these parks and do production, should also have the markets locally and they will be supported,” Gwengwe said.
In his remarks, the President and Chairman for Africa Export-Import (Afrexim) Bank, Professor Benedict Oramah, expressed that the project will transform Malawi’s economy and that Afrexim Bank will work collaboratively with the government to turn Malawi into a developed country.
Benedict Oramah
On behalf of the private sector, chairperson for the Malawi Confederation of Chambers of Commerce, Wisely Phiri hailed the collaboration between the government and the private sector in realizing the project, emphasizing its significance in enhancing the country’s production agenda.
Member of Parliament for Lilongwe City Centre, Alfred Jiya, hailed government for the project, saying it will accord employment to the youth and impart skills among people.
“I see piped water and electricity coming here and I see youth getting jobs from this park,” he said.
The park, which sits on 400 hectares of land, will have different industries specialised in agro-processing, chemical and plastic and is expected to help advance the country’s economy as envisioned in the MW2063 Pillar of Industrialisation as well as Agricultural Productivity & Commercialisation.
Government acquired US$200 million from AfreximBank for the project whose area will be developed by Arise Integrated Industrial Platform and its chief executive officer, Gagan Gupta emphasised that the project will foster industrialization, prosperity, and sustainable economic growth.
He thus appealed for more financial support from both local and foreign financial institutions to help realize President Chakwera’s vision.
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