Malawi Confederation of Chambers Commence and Industry (MCCCI) president Wisely Phiri has disclosed that the increase in the level of public debts in the country is crowding the private sector in terms of accessing funds, in turn clipping the industry.
Speaking during the official opening of the 35th trade fair in Blantyre on Thursday, Phiri said the private sector is meeting challenges to get funding from the banking sector, saying the banking sector prioritises giving funds to the government.
He further said despite MCI engaging with the Ministry of Finance and the Reserve Bank of Malawi in finding innovative solutions to this challenge, the increase in public debts remains a concern to the private sector.
“I will fail in my duty if I don’t raise an alarm of the increasing level of public debts in Malawi, this is crowding the private sector in Malawi…the private sector is meeting a lot of hurdles when we look at getting the funding from the banking sector because mostly they are prioritising to give this funding to the government,” said Phiri
He has further encouraged small and Medium Enterprises SMEs to formalize their entities and stimulate growth, which will create a thriving business environment.
“The exhibitors, this is your event and I urge you to make the best of it the trade fair is an opportunity for you exhibitors to show your products and services to customers and potential investors, it also provides a platform to foster mutual relationships and alliances in the sharing of information, technology and market” Phiri explained.
In his speech, Minister of Trade Vitumbiko Mumba said the increase in the number of exhibitors this year reflects how businesses are persevering through the challenges Malawi is sailing through.
The 35th International Trade Fair has attracted a total of 191 business exhibitors, an increase from last year’s 146 exhibitors; five of the total are from Zimbabwe, Zambia, Mozambique, Egypt and Tanzania, representing all key stakeholders of the economy.
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