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Wednesday, June 19, 2024

New Mining Sector Strategic Plan to stimulate exports, import substitution

By Edwin Mauluka

Coal Mining in Malawi

The newly developed Strategic Plan for the Ministry of Mining is expected to stimulate exports and contribute to import substitution in the country.

In a press statement announcing the joint launch of the Strategic Plan and the National Petroleum (Exploration and Production) Policy (NPEPP), Secretary for Mining Dr. Joseph Mkandawire has indicated that the fresh strategic direction, provides a new operational framework with a clear mission vision and strategic objectives along with clear performance indicators.

“The development of this plan follows Government’s interest for the mining sector to contribute to the sustainable socio-economic growth and development of the country. Therefore, the aim of this Plan is to promote growth and sustainable development of the mineral sector with a view to stimulating exports and contributing to import substitution.” Said Mkandawire

According to Mkandawire the period for the new blueprint document is 2022 to 2027 and has been developed to respond to some key challenges in the mining sector.

Regarding NPEPP, the Secretary for Mining indicated that it’s development will provide a new policy direction and guidance in the implementation of interventions in the upstream petroleum subsector.

“This policy has come at a time when there is renewed interest in the development of the upstream petroleum subsector in the country as well as the rest of Great Rift Valley Region.” He said adding that the policy will be in sync with the developments and new practices in the sector.

Mkandawire said the sector has potential to transform the country’s economy as proper management of the petroleum resources can among others generate revenue, support foreign currency reserves, employment creation, as well as transfer new technologies and skills.

According to the statement, joint launch of the Strategic Plan and NPEPP is expected to take place in Lilongwe on Monday, 29th May, 2023 at Golden Peacock Hotel.

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