BLANTYRE-(MaraviPost)-United Transformation Movement (UTM) leader and the presidential candidate in the September 16 general elections,Dalitso Kabambe, has pledged a MK500 billion annual investment in the country’s industrial sector over the next five years after elected the president.
In an interview with Maravi Post, Kabambe said the investment aims to revitalize the nation’s economy and create millions of jobs, addressing concerns over the mismanagement of previous development funds.
His investment plan announcement comes amidst growing public anger over the performance of the National Economic Empowerment Fund (NEEF).
He highlighted the K8.4 billion in loans disbursed to entrepreneurs, of which over 80% remain unrepaid.
This, he argued, represents a significant waste of public resources and highlights the difficulties faced by aspiring entrepreneurs in accessing crucial funding.
“This mismanagement is unacceptable as the K8.4 billion could have been used to establish ten factories, each costing MK840 million, creating over 1000 jobs and generating substantial revenue for the government. This highlights the potential that exists but has been squandered,”he said.
The UTM leader criticized the current government’s broader approach to economic development, citing a consistent failure to support Malawian ingenuity and entrepreneurship.
He pointed to the example of William Kamkwamba, a young innovator who successfully developed wind-powered electricity generation, yet lacked sufficient government support.
Kabambe argued that adequate investment in such initiatives could have simultaneously addressed country’s energy crisis and stimulated economic growth.
The former Reserve Bank of Malawi (RBM ) Governor added that the proposed K500 billion annual investment seeks to rectify these past failures.
said Kabambe:”The plan envisions the establishment of diverse factories across all districts, from Nsanje to Chitipa, producing a range of goods and reducing reliance on imports.
“The initiative aims to create millions of jobs, promote Malawian ownership and operation of businesses, and decentralize economic activity, thereby reducing the urban-rural divide.
“This is not a fantasy.This will become a reality if you elect me.We need a leader who is not only intelligent and insightful but also deeply understands the challenges facing our people. We had an opportunity in 2019, and we missed it. This time, let us not make the same mistake.”
He concluded by urging voters to support his candidacy for a more prosperous and advanced Malawi.