The Indigenous Business Association of Malawi (IBAM) President, Mike Mlombwa, has commended President Lazarus Chakwera for terminating the shipping contract with Mota Engil, stating that it did not benefit Malawians.

On Monday, Chakwera signed executive orders, including one that revoked Mota Engil’s 35-year shipping concession through Malawi Ports Company, which managed the country’s ports.

As a result, Malawi Lake Services Limited, a Malawian-owned company, will take over port management within five days.

Reacting to the decision, Mlombwa told YFM that the move was long overdue and urged the government to reassess other major contracts that may not serve Malawians’ best interests.

He also called on the government to invest more in supporting Malawian-owned businesses by providing loans and other resources, emphasizing the importance of empowering local enterprises to drive economic growth.