Reported By Catherine Tembo:
Minister of Finance Simplex Chithyola Banda has called upon microfinance institutions and banks to develop tailored financial products for agribusiness investments to boost the country’s economy and generate more foreign exchange.
He was speaking at the National Product Magazine (NPM) MID-Year Award Presentation and 115th Edition ceremony which took place at Bingu International Conference Centre (BICC) on 21 June, Saturday in LIlongwe.
This year’s theme was” Connecting Industries, Fueling Exports, Enhancing Malawi’s Forex Reserves through Agriculture, manufacturing and Transport”.
However the minister noted that access to affordable financing is a major challenge for potential investors, hindering their ability to increase production and profits.
Banda emphasized that quality is key to winning international recognition in the market, highlighting the need for value addition in agribusiness.
“Any investment requires financing, which is affordable to increase production and profits in the country as well as value addition, is the only way that helps to boost the country’s economy and generate more Forex,” he said.
He further explained that exporting finished products requires financing, and that focusing on quality and value addition is crucial for expanding export-based industries.
In an interview with CEO and Managing Director of National Product Magazine Arthur Steve Chinyamula said the 115th National Product Magazine focuses on promoting Malawian products for the international market.
He stressed that it’s an open secret that Malawi is struggling with Forex yet the country relies much on agriculture as the main hub of the country’s economy.
However Chinyamula noted that there is a need to promote local industries to use locally material to help to increase exports and generate more Forex.
“Our role is to make sure we provide necessary information to relevant sectors such as financing, hence farmers will be equipped and be able to do the right thing, we believe promoting locally source materials the country will produce and export more hence fixing the current challenges of forex in Malawi” Chinyamula said.
He stated that collaboration between agriculture, manufacturing, finance, and transport sectors is key to improve Malawi’s export performance.
The National Product Magazine (NPM) MID-YEAR Award Presentation featured participation from companies in Zambia, Zimbabwe, and Mozambique where 80 percent of companies were nominated about 70 percent from Malawi and 30 percent representing SADC countries.
Some of the winners in each Category are as follows, The best manufacturer of energy saving bulbs “Dek engineering, Best spirit brand in Malawi and International is Cape Stars from Cape maclear, Best lending financial institution in Malawi is Vision Fund.
Top women Furniture Sector, Lefunati Tambala while Excellence awarded in fuel services to Malawi is Petroda fuel services.
The best manufacturer of coffee in Malawi Usingini Coffee, Excellence fertiliser manufacturer in Malawi SFFRFM and The best Finance Bank in Agriculture Manufacturing NBS Bank just to mention a few.
