Trade Minister Gwengwe advocates for strong trade ties
By Gift Chiponde
Lilongwe, August 21, MANA: Minister of Trade and Industry Sosten Gwengwe has encouraged Indian investors to explore opportunities in Malawi’s manufacturing sector, emphasising the necessity for the country to enhance the value of its commodities to facilitate exports.
Gwengwe made the remarks on Wednesday during his speech at the India-Africa Business Conclave’s Special Plenary Session in New Delhi, currently in progress in India.
Highlighting the escalating trade relationship between Malawi and India, Gwengwe acknowledged India as a pivotal export destination for Malawian commodities like pigeon peas, soybeans, mangoes, macadamia nuts, chilies, groundnuts, and pulses.
He underscored the urgent need for value addition in these exports, extending a cordial invitation to Indian manufacturing companies to make substantial investments in Malawi’s Manufacturing industry to effectively support the government in realizing the President’s Vision of Agriculture, Tourism, and Mining (ATM) Strategy.
While recognising India’s significant role as a source of foreign direct investment (FDI) in Malawi, with Indian investments prominently present in agriculture, trading, textiles, tourism, health, and ICT sectors, Gwengwe also highlighted several challenges impeding trade, such as high tariffs on key exports like mangoes and macadamia nuts.
Gwengwe further advocated for enhancements in preferential tariff schemes for Least Developed Countries (LDCs) like Malawi to amplify trade benefits.
He also expressed concerns regarding inadequate production in existing value chains and logistical hurdles encountered by land-linked Malawi in the transportation of goods to and from India.
He pressed for the establishment of consistent trading arrangements with minimal barriers, underscoring the necessity for decisive actions by relevant authorities to address these issues.
Reiterating Malawi’s commitment to fortifying its strategic partnership with India, especially amidst evolving global circumstances, Gwengwe invited Indian investors to leverage Malawi’s stable political environment and peace-loving populace, assuring them of lucrative returns on their investments.
He extended gratitude to the Government of India for their gracious hospitality and commended the event organisers for providing a platform to deliberate on pivotal trade and manufacturing industry-related matters, which, he emphasised, would significantly aid the government in realising the President’s Vision of Agriculture, Tourism, and Mining (ATM) Strategy.
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