LILONGWE-(MaraviPost)—Paramount Holdings Limited (PHL) says Malawi can capitalise on global markets that local agriculture produces including Soya beens is to fetch much needed forex
This comes as Malawi has exported an initial consignment of 235 tonnes of soya beans to China under the Forum on China- Africa Cooperation.
The commodity could be worth US$3.1 million at the daily trading price of US$13.23 recorded on Tuesday on the China market, according to www.markets.businessinsider.com.
Established in 2018, the forum is an effort to establish a multi-lateral coordination mechanism between African countries and China.
The exports are being coordinated by PHL for Malawi local agriculture produces export.
PHL managing director Mahesh Ghedia described the development as a significant milestone for Malawi’s agricultural sector.
Ghedia said the company secured the opportunity to export soybeans in response to an import request made by a Chinese company to the Malawi Agricultural and Industrial Investment Corporation (Maiic).
“Malawi, with an annual soybean production of around 300,000 tonnes, can capitalise on this global market, opening new avenues for agricultural trade and collaboration,” Ghedia said.
Malawi Investment Trade Centre (MITC) Chief Executive Officer Paul Kwengwere told The Daily Times that the country has strengthened bilateral relationships with Malawi neighbours and other countries and eyes increasing exports within the next two years.
“We have also made strides in penetrating in the non-traditional markets such as China where a lot of Malawian companies have been certified to export non traditional exports such as soybeans, macadamia nuts, ground nuts and chillies,” Kwengwere said.
In October 2023, MITC received preferential quotas and duty-free market access to enhance exports to China, fostering economic and trade cooperation between the two nations.
Figures from the International Trade Centre Trade Map show that Malawi’s soybean exports declined to US$25.8 million in 2022 from a record US$109.5 million in 2021 representing a 76.4 percent decline.
Source: Daily Times