Maravi

(NYASATIMES) Bingu’s salvo misplaced -Indian businessmen

COMMENT - Again, see here the failure of neoliberal economics, and the blind allegiance to FDI and GDP. Only local economic growth is reliably tied to the local economy.

Bingu’s salvo misplaced -Indian businessmen
By Nyasa Times
Published: November 17, 2010

Elite Indian businesspersons have described President Bingu Wa Mutharika’s outburst that the Indians are siphoning Malawi’s forex as “outrageous and disgusting.” Mutharika on his return from a three day state visit from India and G20 summit in Seoul South Korea attacked Indian businesspersons in Malawi that they are behind the drain of forex reserves in Malawi.

“Indians are externalising our forex, let’s accept it. They do business on daily basis and when you check their bank balances, they have little money. I will close some shops,”he warned.

But an outspoken Indian businessman who opted for anonymity said the President is sending wrong signals and contradicted himself on the allegations.

“He told us that he enticed our brothers and sisters in India to invest in Malawi and yet we are being accused of causing foreign exchange shortages, does this add up to you?” said the businessman.

He said Malawi has an influx of many nationalities who are in business entrepreneurship therefore point a figure at the Indians (amwenye) was disgusting.

Bingu: Blames 'amwenye' for forex shortage

“We have the Chinese, the Nigerians, the Somalis the Burundians why only targeting amwenye (Indians) is this morally correct? And he expects our business brothers in India to be happy with that?” the businessman said.—(Reporting by Ellen White, Nyasa Times)

Labels: BINGU WA MUTHARIKA, INDIA

posted by MrK @ 4:50 AM