FDH Bank says Malawian owned businesses have capacity to penetrate and make the most of the international market opportunities if existing trade challenges are addressed.
FDH Bank Limited Managing Director, Eric Ouattara, said this at the opening of an international trade workshop the bank organized for its customers in Blantyre.
Ouattara singled out high cost of transportation among major challenges faced by business to penetrate the international market.
He, however, recommended that players first make the most of existing opportunities within the regional bloc as a window to get through hrough the global market.
“When we are talking of international trade, we are talking of first within Africa. Malawi is well located in terms of international trade but business operators can do more. Malawi can do more by first making use of opportunities in neighbouring countries like Tanzania, Zambia, Zimbabwe and Mozambique,” Ouattara said.
According to Ouattara, high cost of transportation has remained a stumbling block to most operators to exploit opportunities on the global marketplace.
He said businesses should in turn consider alternative means of minimising cost of exports.
“Malawi is landlocked and it is more difficult to do transactions with other countries. We have to first make use of countries within our reach.
“Cost of import and export becomes more important. There are a lot of transport and logistics companies in the country that must offer technical support,” Ouattara said.
He then called on players in the business sector to desist from complaining over the prevailing woes, but in turn come up with solutions to the problems.
According to Ouattara, the private sector remains pivotal in revamping the country’s economy, hence, the need for aggressive business operation.
“Growth of the economy can come from the international trade. Companies should not only focus to receiving goods and services but also export,” he said.