Old Mutual Malawi Limited has called on policy makers to strengthen collaboration with the private sector as the country works to overcome economic challenges and return to higher growth.
Group Chief Executive Officer Tavona Biza said the private sector has a critical role to play in supporting economic transformation through strategic investments, while government should create an enabling environment through sound policies.
Speaking in Lilongwe during a dinner event organised for clients and their spouses, Biza said financial planning and collective action were essential for individuals and businesses navigating the current economic environment.
“The reality about it is that those that run together have a better chance of achieving their goals. Today, the importance of making sure that you are aligned, you are focused and you move together is really important,” said Biza.
He said Malawi was facing economic difficulties, but opportunities remained available for those willing to innovate and invest.
“We are in an environment that is so challenging, looking at the state of the economy, but behind every challenge there is also a set of opportunities that you will be able to try to pursue,” he said.
Biza said external shocks affecting economies around the world had also impacted Malawi, but the resilience of Malawians remained a source of hope.
“Malawians have been very resilient. We have continued to come on and move forward, and I really think that the future is bright,” he said.
He said Old Mutual had positioned itself as a long-term investor by expanding beyond traditional financial markets into productive sectors of the economy.
“As an insurance company and an asset management business, we harness a lot of funds together. We have invested in agriculture, we have invested in tourism, and we continue to invest in those areas,” Biza said.
He added that the company was exploring further opportunities in sectors such as mining and other industries to contribute to economic development.
“We are looking at mining and a lot of things that we can do. We want to generate that growth. If we just keep investing in the stock market, then we are not helping the economy as much as we should,” he said.
Biza said Old Mutual would continue developing financial solutions that respond to the needs of Malawians, including pensioners and policy holders.
The dinner event was aimed at engaging clients on financial planning, investment decisions and strategies for managing wealth during challenging economic times.
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