Malawi President Dr Lazarus McCarthy Chakwera on Saturday launched the Malawi's flagship project dubbed Magwero Industrial Park Project which took place on Saturday in the area of traditional Authority Chitukula in area 55 in Lilongwe.

Addressing the gathering President Chakwera said the project will help to enhance manufacturing of local products.

He said prices of goods will automatically go down when the project is in motion.

The president accused previous Governments for selling companies which where helping to create forex.

He said the sold companies were doing great job in generating forex.

He said this is the reason why his Government has partnered Afrixim Bank to develop the Industrial park.

He said by same month next year "We will be here to commission some of the development projects

Analysts have since hailed the launching of of Magwero Industrial Park project saying it is crucial in rebuilding the economy is GB

The Chakwera led administration is currently developing industrial parks in the cities of Blantyre, Lilongwe and Mzuzu to drive industrialisation and stimulate economic growth in the country.

The move is also in line with Vision Malawi 2063 pillar number 2, which seeks to transform the country into a prosperous, self reliant, inclusively wealthy and industrialized nation by the year 2063.

Industrial parks have proved to be the key engines for economic growth in both developing and underdeveloped economies because they are an ideal catalyst for industrialization and economic development since they help put into place an infrastructure that fosters and attracts investors.

The ceremony was held under the theme "Catalyzing Industrialization in Malawi: Transforming the Nation's Economic Landscape."