Malawi President Dr. Lazarus Chakwera announced that his administration is focused on reclaiming factories and banks sold by the previous government, aiming to stabilize the nation’s currency.
Speaking at the launch of the Magwero Industrial Park Project in Area 55, Lilongwe, on Saturday, Chakwera attributed many of the country’s current economic challenges to the loss of these vital institutions, which could have played a crucial role in currency control.
“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,” Chakwera said.
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.
Minister of Trade and Industry, Sosten Gwengwe, said the project is important in building Malawi.
“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.
President for Malawi Confederation of Chambers of Commerce and Industry, Wisely Phiri, said the project is an opportunity for vocational skills and mutual development.
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 a 400 hactare land, will have different industries specialized in agro-processing, chemical and plastic and is expected to help advance the country’s economy as envisioned in the Malawi 2063.
Government acquired US$200 million from Afrexim Bank for the project whose area will be developed by Arise Integrated Industrial Platform.
The launch was held under the theme “Catalyzing Industrialization in Malawi”.
