Africa-Press – Malawi. Economic experts have reiterated the need for the country to revisit its export planning needs and take decisive action on value addition, diversification and industrialisation.
This follows revelations that the country was able to realise K301 billion in export earnings in the first half of 2022 while recording an import bill of K789 billion.
Malawi Economic Justice Network (Mejn) Southern Region Coordinator Mike Banda said the situation is worrisome but not surprising. He said the country lacks seriousness in its quest to become a predominantly producing and exporting nation.
“Heavy reliance on agriculture, especially tobacco as a major foreign exchange earner is not paying us enough dividends and we need to move out of our comfort zone and begin to invest in productive sectors.
“We need to check our appetite for foreign products, build our forex reserves, invest into productive sectors including energy, fast track the establishment of the Malawi Mining Company and The Mining Authority as a top priority,” Banda said.
Another expert, Donasius Pathera said export planning is the ability to investigate what market you can penetrate with products which is lacking in the Malawi situation.
“Malawi should concentrate on its competitive advantage; find products that can make Malawi competitive on the market. The world is looking for renewable energy, do we have sources of renewable energy. If the answer is yes, how do we market the product and make it competitive,” Pathera said.
The country is implementing the five-year Malawi Export Strategy aimed at making Malawi a competitive, compliant, diversified and sustainable sourcing destination for goods and services for the regional and global marketplace. Malawi aspires to increase exports’ share of the Gross Domestic Products from 14.6 percent to 20 percent within five years.
The export plan further aims at increasing the contribution of exports to the economic and social transformation of Malawi, promoting diversification of products and markets, and enhancing the international competitiveness of Malawi’s industries.
For More News And Analysis About Malawi Follow Africa-Press
