Tchereni challenges indigenous businesspeople to venture into manufacturing

Malawi: Betchani Tchereni, an economist at the Malawi University of Business and Applied Sciences (MUBAS), believes that the closure of foreign-owned chain stores could provide an opportunity for enterprising Malawians to open their own factories, writes Watipaso Mzungu.

Tchereni was responding to reports that the South African-based retail chain Shoprite plans to close its stores in Malawi due to a lack of foreign exchange.

"Rumours that a South African chain store may close shop in Malawi do not bother me; rather, they manifest the unsustainable business model it has been running. Given the currency situation, this was largely expected. They are a waste of forex for commodities that we can insist on producing for import substitution in Malawi," he responded.

Tchereni challenged officials at the Ministry of Trade and Industry to encourage Malawians to enter the manufacturing industry.

He believes it is time for Malawi to begin producing the commodities its citizens require rather than relying on imports.

"This is where the Minister of Trade and Industry's suits and neckties are no longer required; it's no longer a boardroom matter. It is used for foot soldiers. Malawi must have factories producing those commodities,” he said emphatically.

"That is a model that will endure." I'm sure the producers of those commodities will notice the drop in demand and will set up subsidiary factories in Malawi to produce locally. Profitability is reported in Malawi Kwacha. It is our responsibility as Malawians to get down to earth and start manufacturing."

"As long as we continue to use the Malawi Kwacha and rely on subsistence farmers for foreign exchange generation, there will be no import business in Malawi," he added. It is past time to abandon all cosmetic survival methods and stop pretending. Short-termism will not get us anywhere."

Meanwhile, Felix Chienda, a senior official with the National Youth Council of Malawi (NYCOM), has challenged young people to mobilize and take advantage of the various initiatives and programs that the government has planned.

Chienda cited the recently launched Agribusiness Deal Room as one of the doors that youths can use to improve their social and economic well-being.