The Magwero Industrial Park project launched on Saturday in Lilongwe, raising hopes for the country’s industrialization drive and export economy goals as outlined in the Malawi 2063 agenda.
The project is expected to generate about $600 million (K1.1 trillion) in annual revenue from manufactured products.
This is according to the financial backer of the project, Afreximbank which has partnered the well-known industrial parks operator, ARISE.
President Lazarus Chakwera launched the project whose construction is expected to commence in a few weeks.
According to Chakwera, the project is expected to boost exports, address foreign exchange shortages, and create job opportunities for youth and value addition for farmers.
In his remarks, Afrexim Bank president Benedict Oramah said the park, being developed under the Special Economic Zone legal framework, will attract $300 million in direct investments and a similar amount coming indirectly.
“The project will turn Malawi from an agrarian economy to one that manufactures and exports products and that will help to transform the economy,” Oramah said.
On his part, Minister of Trade and Industry Sosten Gwengwe praised the development partners, noting that the project will increase exports and address Forex shortages.
Weighing in the development, Malawi Confederation of Chambers of Commerce and Industry, president Wisely Phiri expressed optimism that the project will help the country meet international trading standards.
“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.
Magwero Industrial Park is expected to be the country’s manufacturing hub, producing agro- based products in light industries.
For the industrial park, raw materials could be one of the major bottlenecks but that will be a responsibility of ARISE, a government partner in the project.
