The National Planning Commission (NPC) has challenged young entrepreneurs to diversify their funding options if they are to enhance their productivity.
Head of Research and Capacity Building at NPC, Dr Andrew Jamali, made the call on the sidelines of Zantchito Entrepreneurship Voices Showcase II held in Lilongwe today.
Jamali said the EU-supported initiatives under Zantchito Entrepreneurship programme is a reflection of what Malawi 2063 is talking about particularly in its first 10 year implementation plan.
“We want to graduate the economy to lower-middle-income status by 2030 and we cannot do that without active small scale sector that has potential to grow private sector engagement,” he said.
He added that the forum provided a space for young people to share information about potential sources of finances which can help them to upscale themselves from small enterprises to large scale enterprises over time.
“Now everyone is running to the banks but there could be other financing institutions and the young entrepreneurs must be made aware of that,” said Jamali.
Head of Corporation for the EU Delegation to Malawi, George Dura, said entrepreneurship is the key driver for the country’s economic development and stressed the need to invest in young people who are key in driving the agenda.
“Malawi 2063 is a youth-centric vision, and EU wants to support these young entrepreneurs through government structures to leverage the space for youth entrepreneurship to grow,” Dura said.
One of the young entrepreneurs who showcased their products at the event, Chifuniro Stevens, emphasised the importance of investing in financial literacy to position the youth on the business and inspire them to consider entrepreneurship as a career path to spur the country’s social economic development.
“Financial institutions must be proactive in providing the much needed information to educate young people on how they can access finances,” she said.
During the event, Zantchito Entrepreneurship Voices also presented certificates of recognition to various media houses for their role in showcasing various interventions undertaken by young entrepreneurs across the country.
