By Burnett Munthali
Ecobank has trained small businesses in essential business management skills and how to leverage export opportunities through the African Continental Free Trade Area aimed at enhancing the business landscape in the country.
The comprehensive training program covers financial planning, marketing strategies and navigation of international trade regulations.
Speaking in Lilongwe, the bank’s Head of Commercial Banking, George Phuza, said the initiative aims at bridging the knowledge gap that has prevented businesses from thriving internationally consequently affecting the country’s foreign exchange generation strategy.
Phuza emphasized the importance of equipping local entrepreneurs with the necessary tools and knowledge to compete on a global scale, which in turn will contribute to the overall economic growth of the nation.
One of the small and medium-sized enterprise owners, Katie Chisambi, hailed Ecobank for organizing the program, which brought together SMEs from across the nation.
Malawi offers a business environment with political stability, a market-oriented and liberalized economy, competitive labour markets, preferential access to several markets, an investor-friendly climate, improving infrastructure and untapped investment opportunities.
Investment opportunities in Malawi include the agriculture, mining, and tourism sectors. Agriculture is the mainstay of Malawi’s economy, with majority of the population relying on it for their livelihoods.
The different types of companies in Malawi are categorised as follows:
1) private limited liability companies, 2) public limited liability companies, 3) companies limited by guarantee and, 4) state owned companies (SOCs).
