This aerial photo shows scenery of Lake Malawi in Mangochi, Malawi, May 28, 2023. (Photo by Joseph Mizere/Xinhua)
Malawi's soya industry has made a breakthrough into the Chinese market as the southern African country seeks to increase agricultural exports to boost the economy.
LILONGWE, May 6 (Xinhua) -- Malawi's soya industry has made a breakthrough into the Chinese market as the southern African country seeks to increase agricultural exports to boost the economy.
Malawi Investment and Trade Center Chief Executive Officer Paul Kwengwere confirmed to local media Friday that a 240-metric-ton trial consignment by Paramount Holdings Limited, a local company, was exported to China.
This was a culmination of efforts by various stakeholders, including government agencies, private enterprises, and Chinese representatives, he said.
Paramount Managing Director Mahesh Ghedhia told local media that the successful trial will lead to exportation of 20,000 metric tons of soybeans by his company.
"This shipment opens a door for Malawian exporters and we plan to increase our volumes because the Chinese market is looking for 100,000 metric tons of soya. We signed a 20,000-metric-ton contract," Ghedhia was quoted as saying.
According to Ghedhia, the exports are subject to waivers that the Ministry of Trade and Industry and the Ministry of Agriculture would give to exporters as the produce is under export restrictions.
People are seen on a boat in Lake Malawi in Mangochi, Malawi, May 28, 2023. (Photo by Joseph Mizere/Xinhua)
Minister of Finance and Economic Affairs Sosten Gwengwe told local media that the export deal with China was a government-to-government agreement, and so far protocols have been signed on soybeans, macadamia nuts, dry chillies.
He described the deal as a game-changer to transform the export base currently dominated by tobacco.
Malawi earned 6.9 million U.S. dollars from soybean exports in 2023, according to the country's 2024 economic report. ■