Minister of Trade and Industry Simplex Chithyola Banda has disclosed that Government has allocated 1 billion Kwacha to fight smuggling which he says is affecting businesses and revenue collection in the country.
Chithyola Banda made the statement during the third edition launch of Business In-detail Magazine in Lilongwe on Thursday.
Speaking with reporters, Banda said that the allocation of the funds is a sign of seriousness and also commitment towards curbing the malpractice.
“When smuggling overtakes a functioning economy, it creates instability. This then discourages business and investments from coming into the area. For these reasons, and others besides, smuggling is highly illegal and results in fines and lengthy prison sentences. We are setting up a multi-sectoral taskforce where a number of enforcing agencies will come together to fight smuggling,” said Banda.
He then stressed on the need for promotion of local art and he commended availability of power supply in the country saying it is contributing to improvement of operation of business in the country.
On his part, Business Executive for In-detail Magazine Gospel Gerard Kanyama said that the magazine seeks to address challenges that business people in the country are facing which include shortage of forex.
Kanyama added that this edition is connecting different local businesses people with international ones so that they can share knowledge on how they can promote their businesses.
During the event, some companies were given awards for doing well in business. Motivational speaker Benedicto Bena Nkhoma and former Minister of Health Atupule Muluzi were among guest who attended the ceremony.
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