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Trade portal to improve Malawi doing business ranking

Summary

The World Bank has said launch of the much awaited online trade portal will improve the ease of doing business in the country.

Updated on : 22-07-2016


Trade portal to improve Malawi doing business ranking

Trade portal to improve Malawi doing business ranking’

July 18, 2016 Vanessa Banda Business News

The World Bank has said launch of the much awaited online trade portal will improve the ease of doing business in the country.

Malawi is second in the region to launch such an online business platform after Botswana.

However, currently, the country is still ranked 141 out of the 189 countries on the World Bank Doing Business Index due to difficulties faced by private sector players in doing business.

Speaking on the sidelines of the launch in Blantyre, World Bank Country Manager Laura Kullenberg, however, said with the portal fully operating, the future of doing business in Malawi looks positive.

She said the hub would improve input from the private sector to the Gross Domestic Product (GDP) and woo additional Foreign Direct Investment (FDI) as it is the window to the international market.

“In the doing business index, Malawi has not been particularly imperative. There has always been a need to make it easier for private sector to do business and stand the competitive market. We hope the trade portal would influence the much needed change,” said Kullenberge.

Malawi Confederation of Chambers of Commerce and Industry (MCCCI) President, Karl Chokhoto, rated the introduction of the portal as timely as the nation attempts to invest heavily in trade and Industry.

“The portal helps in a way that there would be transparency in effecting business transactions,” said Chokhoto.

He was however; quick to point out that there was a need to iron out irregularities faced by players in the process of doing business in the country.

Minister of Industry, Trade and Tourism, Joseph Mwanamvekha, said the initiative would iron out concerns the private sector has faced for some time.

“It is clear that we must do better in order to be competitive at the international level. The trade portal is, therefore, one of the remedies aimed at enhancing the country’s competitiveness.

The portal has been developed with funding from the World Bank Group.


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