Chakwera for more exports

By Kondanani Chilimunthaka

President Lazarus Chakwera has urged the Malawian business community to strive for more production that will be exported to other countries for economic growth of Malawi.

He made the remarks at Trade Fair grounds in the commercial city of Blantyre during the opening of the 34th Malawi’s International Trade Fair on Thursday 23rd May 2024.

Speaking during the event, the President said the period should be taken as a reminder on the importance of Trade in the development of Malawi.

In his speech, President Chakwera commended the Malawi Confederations of Chambers of Commerce and Industry (MCCCI) for collaborating with the Ministry of Trade and Industry in giving opportunity to various business institutions to exhibit their products during the Fair.

“I am happy to see that this Trade Fair has attracted the foreign business community that will promote local businesses to engage in export of more local products to other countries.

Malawi has for long been importing more than what it exports to other countries to the extent that in March this year, it imported goods worthy 194.4 million dollars more than what was exported. This drains forex and cannot grow our economy” said President Chakwera.

However, the President said Malawi is now on track to improve on export of its farm produce through implementation of Mega Farms, Irrigation farming and the Mechanized Agriculture which his administration has intensified.

Citing an example of the Tobacco industry, the Malawi leader said agriculture alongside tourism and mining, has the potential to change the economy of the country.

He then encouraged the Malawian business community to take advantage of the available markets through the AfCFTA, COMESA, SADC, and all other available international markets for more exports.

Speaking earlier, Minister of Trade and Industry, Sosten Gwengwe commended President Lazarus Chakwera for laying the foundation to address the challenges suffocating Malawi’s economy since the end of Kamuzu era.

Gwengwe said in recent times, the country has continued to experience negative trade balances due to worsening terms of trade for exports mostly through unprocessed agricultural products, and perpetual lack of consistent industrialization drive.

However, Gwengwe assured Malawians that his Ministry will continue protecting and supporting local manufacturing companies in their industrialization drive for import substitution.

The 34th Malawi International Trade Fair is being conducted under the theme “Boosting Malawi’s Export through Enhanced Production”.