Private Sector Involvement Crucial for Economic Growth

By Nellie Kapatuka – Mana.

The country’s Vice-President, Saulos Chilima, has challenged private sector heads in the country to reposition themselves if the country is to register meaningful economic growth.

The VP made the remarks in Lilongwe on Friday during the inaugural annual Chief Executive Officers’ Summit at Bingu International Convention Centre (BICC) where he was a keynote speaker.

He said the country needs mutual collaboration between public and private sectors to sail through its economic turbulence.

“It should transcend our minds that the gravity and magnitude of the relationship between these two should inevitably take a similar form for coexistence, survival and growth,” said Chilima adding that this can best be done following the current national agenda.

The second citizen cited land, labour and capital as key elements of production, hence government’s request to the private sector to mobilise finances from within and outside the country if the country is to overcome its economic challenges.

“The private sector has a huge role to play in the transformation of the country. Private sector players can leverage on the stock market, cloud funding, banks and even pension fund which keeps growing,” he said.

Chilima stressed on government’s commitment to maintaining peace and stability for the business environment to thrive for the country’s economic growth.

The Vice-President also explained on the country’s Vision 2063 which he said is a huge milestone the country will attain.

He has since called on people in the country to think highly of themselves as critical stakeholders and elements in the realisation of the country’s dream.

In his remarks, Standard Bank Chief Executive Officer, Phillip Madinga, said the private sector remains an engine for any country’s economic growth.

Madinga said time has come for Malawi to change her narrative by beginning to respond to the challenges she is facing.

“As a country, we have been in turbulence for a very long time since 1964, but time has come for us to move on by using the challenges before us to reposition ourselves and build [the country] better,” explained Madinga.

Dr. Candida Nankhumwa, Country Director for the Foundation of Smoke-Free World Agricultural Transformation Initiative (ATI), said the country’s agricultural sector needs to be transformed as it is the backbone for the country’s economy.

While Malawi is setting up the stage for success, Nankhumwa said the country’s overdependence on rain-fed agriculture, lack of proper mechanisms and also that of structured and guaranteed markets remain some of the huge limitations to the growth of the sector.

“We need proper structure throughout the value chains where among other things, farmers should be growing crops that their agro-ecological zone is good for,” explained Nankhumwa.

He further wondered why districts like Karonga and Nkhata Bay keep producing maize instead of rice and cassava respectively as the districts are best suited for those crops.

Managing Executive for Wealth Magazines which organised the event, Harry Chima, said it was high time every Malawian realised the dream the country has.

He said poverty alleviation has been a subject of discussion for a long time, hence the need to shift the discussion to wealth creation to turn the country’s dream into reality.

Established in 2016, Wealth Creation Malawi produces quarterly entrepreneur and business magazines apart from hosting Wealth Creation series that include the Wealthy Woman Summit and the Youth Agriculture Entrepreneurship.

The summit is being held under the theme “Transcending the Economic Turbulence through Private Sector-Led Growth.”

Mana/nyk/thz