Malawi Confederation of Chambers of commerce and Industrial (MCCI) has commended Special Economic Zone Project describing it as strategic towards new era of industrialization.
Speaking during the launch of special economic zone at Magwero in Lilongwe, MCCI President Dr Wisely Phiri commended President Chakwera for the initiative.
"Your Excellency, the Magwero Industrial Park is a strategic initiative that aims to propel Malawi into a new era of industrialization, economic diversification, and sustainable growth. It will serve as a magnet for both foreign and domestic investments and can be a catalyst in driving exports. As the voice of the private sector in Malawi, the MCCCI reaffirms its full commitment to the success of the Magwero Industrial Park. Our private sector is ready to seize the opportunities presented by this project with enthusiasm and determination. We stand prepared to invest, innovate, and expand our operations within this promising ecosystem," He said.
He said the launch was so historic signifying a new chapter in Malawis industrial and economic landscape. Phiri expressed deepest appreciation to the government for the transformational leadership, and vision that has created a working partnership with the Private Sector, to develop the industrial park. He said the special zone initiative demonstrates the wisdom, leadership and commitment to work together realizing the development agenda.
The president cautioned development partners, investors, and stakeholders, especially ARISE IIP and AFREXIM Bank, to continue supporting the initiative saying their initiative has invaluable contributions and belief in Malawis progress.
To the members of the Malawi Confederation of Chambers of Commerce and Industry and all business leaders,Phiri, said their unwavering commitment and proactive engagement for this cause will be paramount to the success of this endeavour.
On success of the project Phiri said "The success of the Magwero Industrial Park will hinge on our collective ability to work together, leveraging our strengths and addressing our challenges as a unified force,"
To ensure the successful development and operation of the industrial park, Phiri said there is need to address key enablers that facilitate robust private sector participation.
"And on behalf of the private sector in Malawi, I would like to highlight the following critical areas which we believe this industrial park will be a catalyst for addressing the key enablers," he said.
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As a matter of background, Special Economic Zones Malawi is establishing Special Economic Zones (SEZs) to fast-track industrialization, leading to sustainable economic growth and development.
This initiative is being championed by the Ministry of Industry and Trade (MoIT) through the Malawi Investment and Trade Centre (MITC).
The government has identified four sites for the development of these SEZs and Industrial Parks.
The four designated sites for the development of SEZs and Industrial Parks are as follows: Mzuzu (Dunduzu - 72 hectares), Lilongwe (Area 55 - 417 hectares), and Blantyre (Matindi - 130 hectares).
Additionally, Chigumula, located in Blantyre, spanning an area of 22.7 hectares, has been designated as an industrial park.
On top of that , Matindi and Area 55 will be developed using a Public-Private Partnership (PPP) approach, while the development of Chigumula is being funded by the government. Currently, the legal framework necessary for establishing the SEZs is being developed, with the draft SEZ bill already completed.
