Ministry of Industry, Trade and Tourism says the draft National Economic Empowerment Policy (Neep) is ready for presentation to Cabinet.
In an interview last week, the ministry’s spokesperson Wiskes Nkombezi said this follows consultations to solicit input from stakeholders.
He said the policy aims to bring about socio-economic transformation to enable local Malawians make their own decisions to determine and control their economic destiny.
“We realise that no economy can grow by excluding any part of its people and an economy that is not growing cannot integrate all of its citizens in a meaningful way. We need higher levels of investment that generates a substantial amount of new wealth and economic opportunities for our people,” said Nkombezi.
According to the draft, Neep aims to increase participation of Malawian citizens in economic activities to contribute to increased income levels and reduction of inequalities between and within groups.
Over the past years, several economic empowerment lobby groups have expressed concern over government’s unwillingness to adopt the Neep, saying this has partly led to the widening of gaps that exist between the rich and the poor.
Indigenous Business Association of Malawi (Ibam) president Mike Mlombwa in an interview said they are upbeat that the policy will provide opportunity for businesses to grow.
Economic Empowerment Action Group (Eeag) president Lewis Chiwalo commended government for realising that it is a policy of this nature that could transform local businesses for the benefit of all Malawians and the wider economy. n