Professor Mutharika was speaking when he officially opened the 30th Malawi International Trade Fair at Chichiri Trade Fair Grounds in Blantyre. He said investing in industrialization is one of the best ways of supporting the private sector.
“Industrial growth can only happen within a growing economy. We can only grow competitive industries when our economies are on the producing end and not on the receiving end. The first step we have taken as a country is to stabilize the economy. We have reduced inflation to the single digit and made prices more stable and predictable. We have kept our local currency stable and business planning more possible,” said Professor Mutharika.
The Malawi Leader described the Private sector as the backbone of the economy hence needs to be prioritized. He however described the trade fair as time for the Nation to showcase its products.
The President said for private sector to perform better there is need to end power blackout which the industry is facing because Malawi neglected expanding power generation for fifty years. At this juncture, the Malawi Leader said his administration has long lasting solution to the problem.
“I know how painfully you feel power cuts in the industry. I know that your pain is real, and I feel your discomfort,” said the President.
The Malawi International Trade Fair (MITF) which is a flagship event for the Malawi Confederation of Chambers of Commerce and Industry (MCCCI) will run up to 3rd June 2018 at the Chichiri Trade Fair Grounds in Blantyre, Malawi.
The Fair attracts exhibitors from SADC, EAC, COMESA and the rest of the world and provides a rare opportunity for exhibitors to showcase goods and services as well as a platform for international participants to interact with Malawian businesses and negotiate business deals.
The fair is held under the theme: ‘Industrialization, Basis for Trade Competitiveness’. On this, President of MCCCI Chris Kapondamgaga said this year the Fair is focusing on export-oriented industrialization as a basis for achieving trade competitiveness.
Over 250 exhibitors are participating at this year’s Malawi International Trade Fair with 13 international exhibitors.