President Dr. Lazarus Chakwera has commended Bakhresa Malawi Limited for its investment, noting that it will help the country save millions of Kwachas previously spent on importing cooking oil.
He made the remarks on Wednesday during the official commissioning of the Bakhresa Sovereign Extraction Plant and Cooking Oil Factory in Blantyre.
Chakwera says the factory enhances the country’s capacity to produce affordable cooking oil locally, with potential for export to earn much needed foreign exchange.
Speaking earlier Minister of Trade and Industry Vitumbiko Mumba highlighted the significance of the Bakhresa Cooking Oil Factory describing it as more than just a manufacturing plant but a key driver of economic growth for the country.
Mumba stated that the factory provides a ready market for local farmers to sell their produce, particularly soya beans, which helps them repay their NEEF loans and become economically self-reliant.
He further challenged farmers to increase soya bean production to reduce the country’s dependency on imports and help both the government and Bakhresa Malawi Limited save millions of Kwachas.
The Minister also reaffirmed government’s commitment to creating policies that support local industries, promote import substitution, and drive Malawi’s industrialization agenda.
He concluded by calling on all citizens to unite and take the lead in investing in Malawi’s development.
In his remarks Bakhresa General Manager, Venkatesh Pattipati applauded Government for creating a conducive environment that supports investment and industrial growth in the country.
However, Pattipati raised concern over the growing challenge of smuggling, describing it as a serious threat to the private sector.
He noted that unscrupulous individuals are smuggling into the country products similar to those manufactured locally, while others are smuggling goods out of the country an activity that not only undermine local industries but also drain the country of much-needed foreign exchange.
In a bid to support consumers and promote local products, Pattipati announced that Bakhresa will reduce the retail price of its cooking oil by 20 percent.
The Bakhresa Sovereign Extraction Plant and Cooking Oil Refinery is built with money over 100 million US dollars with potential to crush 500 tons of soya beans a day, refining 500 tons of cooking oil a day and has directly employed 500 Malawians.
