Lack of finance affecting tourism growth—Minister
Minister of Industry, Trade and Tourism Joseph Mwanamvekha says tourism is failing to grow in the country because of many challenges, including lack of access to finance.
Speaking on the sidelines of a Malawi Tourism Council (MTC) Annual General Meeting (AGM) in Lilongwe on Friday, he said government is aware of the challenges affecting the sector’s growth and is putting in place measures to solve them.
He said: “Some of the challenges that I have been briefed by the private sector include lack of sector specific incentives for investors, visa issues, lack of skilled workers in the sector and lack of access to finance.
“We are currently discussing with the Ministry of Finance, Economic Planning and Development on issues to do with incentives, and as such, proposals for the tourism sector shall become part and parcel of a comprehensive tax review.”
Mwanamvekha said the Department of Tourism is in the process of developing a Tourism Investment Master Plan which will guide the development of the sector. The plan will also include mapping and zoning of potential tourists sites nationwide.
MTC chairperson Florentine Kabwafu agreed with the minister on the lack of financing, saying it is affecting sector’s growth.
Tourism is touted as one of the areas that can help to grow the economy.
