By Brenda Kayo:
Minister of Finance Simplex Chithyola Banda has emphasised the importance of partnerships towards achieving economic growth and development, particularly with Malawi’s entry into the African Continental Free Trade Agreement (AfCFTA).
Chithyola said Malawi’s accession to AfCFTA opens access to a market of over 1.4 billion people and a gross domestic product of $3.4 trillion, presenting immense opportunities for the country.
He was speaking on Wednesday during a stakeholders’ engagement forum organised by Export Development Fund (EDF) to discuss the country’s stand in the global market.
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According to the Minister of Finance, the meeting aimed to leverage collective efforts to face global market challenges, focusing on private sector involvement in developing Malawi’s economy.
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Chithyola Banda urged Malawians to boost productivity, add value and enhance quality to unlock the country’s potential.
He hailed EDF for facilitating value addition, promoting intra- Africa trade and increasing access to affordable trade finance.
Chithyola Banda then assured stakeholders that the government would continue to collaborate with EDF and other stakeholders to create policies and frameworks enabling businesses to thrive and exports to flourish.
“Malawi’s economy is private sector-led but we face challenges in production quality and quantity. We need to produce more, add value and improve quality to withstand global competition.” Banda said.
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In his remarks, EDF Managing Director Frederick Chanza said Malawi’s entry into AfCFTA market presents significant opportunities with potential to boost intra-African trade by 52.3 percent by 2025.
He said with coordinated efforts, Malawi could become a competitive player in the global market, lifting millions out of poverty and driving economic growth.
“We want to focus on promoting intra-African trade, value addition and export manufacturing while increasing access to affordable trade and development finance,” Chanza said.
The stakeholder engagement event seeks to spur ideas and find lasting solutions for Malawi’s economy.
The meeting brought together participants from various sectors to agree on parameters for Malawi’s global competitiveness.
Malawi’s 2063 vision aims to transform the economy through agriculture commercialisation, industrialisation and urbanisation support from organisations.
