Power generator, EGENCO, is looking for foreign investors to boost Malawi’s energy capacity

THE UN is challenging Malawi to stimulate economic takeoff by encouraging private sector development and creating deliberate job opportunities for many of its unemployed youth.

A representative of the UN Economic Commission for Africa, ENECA, put forward the proposal in an address at the ongoing Malawi Investment Forum in the capital, Lilongwe.

Saidi Adejumobi’s challenge comes as the country continues to enjoy years of economic stability.

The UNECA representative also advised authorities to shift from relying from a labour intensive market to a skilled force that can help spur industrial production.

Adejumobi said they are significant positive signs that African companies can develop amid a very volatile world economy.

This, he proposed,provides Malawian firms enough hope that they can also achieve growth at the backdrop of a very tough environment.

He gave Malawian Airlines as an example of a local firm that is proven to be innovative and resilient in the midst of various development challenges facing the country.

Adejumobi said African firms like Shoprite, Ethiopian, MTN and Dangote should provide Malawian authorities enough proof that spurring local investment is paramount for sustainable economic growth.

The professor added that Malawi can build on peaceful transitions of governments in the region including Zimbabwe, South Africa and Botswana.

He asked Malawi to build and support local investors just like other nations on the continents have done.

This, he said, comesin the wake of radical political developments in both the US and Britain.

The two economies happen to be some of Malawi’s key trade partners after China.

In Adejumobi’s opinion Malawi now has a great opportunity to trade with countries within the SADC region and beyond in the face of an inward looking policy by President Trump’s administration in the US and Britain’s decision to leave the European Union.



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