The term “human capital” refers to the economic value of a worker’s experience and skills. It includes assets such as education, training, intelligence, skills, health, and other things employers value, such as loyalty and punctuality.
This week and the next, President Reverend Lazarus Chakwera is attending the SADC 43rd Ordinary Summit of Heads of State and Government on Thursday, August 17, 2023, in Angola, followed by the 15th BRICS Outreach Plus summit from August 22 to 24, where Malawi is one of the 67 non-member countries invited to attend.
Chakwera says the SADC summit is an opportune moment to assert Malawi’s development aspirations within the region and widen our economic prospects through meaningful regional integration and cooperation. The President is therefore heading to Angola to align with fellow SADC leaders on how best Malawi can use human and financial capital to drive sustainable industrialization within the bloc.
I am obliged to comment by briefly taking a look at human capital that could drive sustainable industrialization in Malawi so that we have a small picture of why the State President has traveled.
Examples of human capital
Examples of human capital include the education, technical training, or problem-solving skills that a person offers to a business. Education is one of the most important elements of human capital, as it often leads to increased economic output, higher individual income, and increased economic mobility for families.
Human capital management
Human capital management is essential for hiring, managing, training, and retaining talented and high-performing employees. It plays an important role in the recruitment process, ensuring that human resource professionals hire individuals who really deserve to be in the organization.
Sustainable development
Sustainable development is the development that meets the needs of the present without compromising the ability of future generations to meet their own needs. It is a broad concept that encompasses economic development, social development, and environmental protection.
Human capital and sustainable development
Human capital is essential for sustainable development. A well-educated and skilled workforce is essential for innovation and economic growth. A healthy and productive workforce is essential for social development. And a sustainable environment is essential for the long-term well-being of all people.
Malawi and human capital
Malawi has a young and growing population, which is a potential asset for sustainable development. However, Malawi also faces challenges in terms of education, health, and infrastructure. These challenges need to be addressed in order to realize the full potential of human capital for sustainable development in Malawi.
Conclusion
The President’s attendance at the SADC and BRICS summits is an opportunity to learn from other countries and to share Malawi’s experiences. It is also an opportunity to build partnerships and to promote regional integration. By investing in human capital, Malawi can achieve sustainable development and create a better future for its people.
