Monday, February 26, 2024
HomeBusiness and FinanceMITC doubles efforts to increase exports

MITC doubles efforts to increase exports

PUBLISHED BY

Ministry of Trade and Industry has begun to implement various strategies aimed at increasing export promotion, facilitation, and development in the country.

This was revealed on Wednesday at Parliament Building in Lilongwe when the Committee on Industry, Trade, and Tourism met Malawi Investment and Trade Centre (MITC) to discuss export projections and why they continue to be low.

Acting Director of Trade and Facilitation at MITC, Lovemore Ndege said various action points are being undertaken in order to address the lack of export culture, export challenges such as low productivity, and the malpractice of smuggling.

He hailed Malawi for fairing relatively well with exports in the range of US$ 1.2 billion (over K1.2 trillion) per year from products such as tobacco, grains, and horticulture in contrast to imports which are pegged at around US$ 2.1 billion (over K2.1 trillion )

“We need to have mega farms to address production issues, then ensure there is access to finances for exporters. We have resolved to also have our security agencies and customs authority work together to ensure that our borders and roads are being policed to curb smuggling.

Ndege: we need to have mega farms Photo_Frank Mtambalika

“Am glad to report that Malawi Revenue Authority has created a law, that requires companies to export from bonded warehouses,” Ndege said.

The Acting Director highlighted that Malawi was set to begin the exportation of soybeans to China following the signing of a protocol.

“We are finalizing our vital sanitary procedures which means our unlimited tonnage of soybeans has to be free of non-soy bean material. China also sampled 4 of our warehouses that will be exporting, we are now waiting for approval to begin exports as we continue to negotiate for protocols of macadamia nuts, ground nuts, chili, ornamental fish, and sesame as well,” he said.

MITC lobbies the Government for more funding to fulfill their mandate of finding able markets with ease and asked for consideration to benefit from the country’s imports.

Chairperson for the committee, Member of Parliament for Kasungu North North East, Paul Nkhoma said timely intervention from the government would improve the export situation.

“We support the Export Promotion Act which has been at the Ministry of Justice for the last two years, MITC wants the introduction of a levy on their services so that they cease to be a subverted organization like other state-owned enterprises therefore,” he said.

According to MITC the markets with the greatest potential for Malawi’s exports of all products are South Africa, India, and the United States of America.

RELATED ARTICLES

Air Cargo Mw geared to upscale gemstone exports, engages Mzimba miners to cement relations

One of the country’s key players in the air freight industry, Air Cargo Malawi Limited, says greater collaboration between local investors in the mining sector and financial service providers is key to the growth of exports in the extractive and mining industry.

Old Mutual leads in boosting pension awareness levels in Malawi

Malawi’s leading financial services provider in Malawi, Old Mutual (Malawi), has expressed satisfaction with the strides made in "Kuitsata Pension Yanu" campaign launched in October 2022.

Reunion Insurance partners with MCCCI towards 2023 Lakeshore Business Leaders’ Summit

Reunion Insurance Company Limited has sponsored the 2023 Malawi Confederation of Chambers of Commerce and Industry’s (MCCCI) Lakeshore Business Summit with MK3 million financial package.

Latest Posts

popular posts

Mchinji’s agriculture committee emphasises on collaboration

Mchinji District Agriculture Extension Coordination Committee (DAECC) has stressed the need for strong relationships and collaboration among stakeholders to sustain agriculture initiatives being implemented in the district.

Woman drags Nankhumwa to court over child maintenance issues

A little known woman, Letina Kamwamba, has dragged Leader of Opposition and Democratic Progressive Party (DPP) presidential aspirant, Kondwani Nankhumwa, to court over child maintenance issues.

2024 Aviator Strategy and Tips to Win (TESTED AND VERIFIED)

With the recent surge of users on Premierbet Malawi Aviator; we keep seeing many Facebook and Twitter posts about whether there’s a strategy of some sort for the Aviator game. We haven’t seen any definite answers to this which pushed us to answer this, using a program that compiles the results and gives you an idea of different strategies and numbers to try on Aviator.

MCP publicist Reverend Maurice Munthali resigns

Publicity Secretary for the Malawi Congress Party (MCP) Reverend Maurice Munthali has resigned from his position, citing the prevailing governance atmosphere marred by persistent corruption allegations and related scandals as reasons for his resignation.

MK17.28bn Mzuzu Civic Office Complex construction at 45%

Plem Construction Limited (PCL) has disclosed that progress of the construction of the first ever Mzuzu Civic Office Complex is at 45 percent.
Nthanda Times