Standard Bank Malawi Chief Executive Officer Phillip Madinga says history has proven that investment in the private sector is a key factor in national development.

Madinga made the sentiments while sharing his thoughts on the K3.5 billion allocation for industrial parks in the proposed 2022-2023 national budget.

He said the  allocation will assist small and medium enterprises as well as other players in private sector that want to venture into manufacturing.

“This 3 Billion that will go towards Industrial Parks will be a key boost to the private sector but also support the small businesses that want to go into manufacturing and other areas,” Madinga said.

Further to this he said this will also support other functions of the public sector such as the creation of jobs and export diversification among others.

Madinga said: “It also supports some of the work of the private sector, we are talking about job creation, how we can support export diversification.”

“I Believe that these industrial parks go a long way in aggregating and getting some of these small businesses to actually begin to manufacture.”

Madinga also stressed that in past the country developed as a result of the private sector which was working alongside the agricultural sector.