About 30 local companies have expressed interest in participating in the 2023 Intra African Trade Fair (IATF) slated for Cairo, Egypt, from November 9 to 15.
Secretary for Trade Christina Zakeyu disclosed this in Lilongwe on Friday during a sensitisation meeting for Malawi representatives.
According to Zakeyu, the African Continental Free Trade Area (AfCFTA) has opened vast regional trade opportunities, as it has created a unified market with over 1.2 billion people and a gross domestic product (GDP) of $2.5 trillion.
She said, as a country, Malawi needs to be strategic on how best it can exploit the opportunities presented by the AfCFTA agreement.
“Having access to the integrated African market under the AfCFTA allows us to expand our export destinations beyond the traditional markets. But for us to achieve that, we need the private sector to take the leading role while the government and other trade-related public institutions provide the necessary support to ensure that this happens.
- Advertisement -
“The IATF is a perfect platform for us. If we are strategic enough, this event has the potential to open doors for increased exports, attract impactful foreign investments and, most importantly, establish Malawi as a hub for trade and economic activities,” Zakeyu said.
According to Zakeyu, Malawi needs to actively participate in regional trade fairs and exhibitions to showcase its products and build networks with potential buyers and partners.
She observed that trade fairs provide opportunities for visibility, market access as well as confidence to Malawi’s private sector, especially those engaged in farm produce production because market led production is what the government is advocating for.
“Our presence at the IATF should be more than a showcase; it should be a commitment to action. The country is expecting that we should return not with mere agreements but with sealed deals that carry the weight of substantial progress and mutual benefit.
- Advertisement -
- Advertisement -
“Let us not just exchange business cards; let us bring home impactful deals that will resonate with our economic landscape. Let us all strive for outcomes that will redefine our economic narrative,” Zakeyu said.
Malawi Investment Trade Centre (MITC) Chief Executive Officer Paul Kwengwere underscored the need for Malawi to boost its production base so as to meet demand on the international stage.
Export Development Fund Chief Executive Officer Fredrick Chanza said Malawi needs to move with speed and be serious with large scale production to meet the growing demand for its products on the international scene.
“So far, the companies that have been interested are small scale, which is good. But if we are going to the African continent market, we need large-scale companies because it’s a game of economies of scale. So, let’s participate,” Chanza said.
The last IATF was held in Durban, South Africa, in 2021 when Malawi came back with over $1 billion worth of investment and export deals.
