Foreign Affairs and International Cooperation, Minister Emmanuel Fabiano says Malawi must intensify investing in industrialisation to balance its trade deficit with various countries including China.
Fabiano said this in Lilongwe during a dinner organised to celebrate the success of China-Africa Cooperation Summit for small and medium income countries.
Fabiano further hailed China for awarding scholarships to a lot of Malawians saying adequately trained people can easily venture into business projects which in turn spur economic boom on both the individual and national levels.
“For us to be able to export more than we are exporting now, we need to invest in manufacturing and value addition so that we reduce the trading gap between Malawi and China,” said Fabiano.
Concurring with Fabiano, Chinese Ambassador to Malawi Shi Ting Wang, pledged his government’s commitment to continue supporting Malawi’s industrialisation.
Said Shi Ting Wang: “Malawi has very good agricultural products, all what is needed is that they are added value, and we believe that if we support this country to set-up such food processing industries Malawi would be able to eport the end products to China thereby balancing the trade deficit.”
At the Forum on China Africa Cooperation (FOCAC) in Johannesburg in January last year Chinese President Xi Jinping proposed a series of major initiatives designed to usher in a new era of ‘win-win cooperation’.
Jinping pledged US$60 billion to support goals such as poverty reduction, agricultural modernisation, and public health which was a 12-fold increase on 2006 commitments.
Officials highlighted increased industrialisation in Africa as essential and advantageous for both parties, and in line with this, in February last year, China’s central bank announced a new China-Africa industrial capacity cooperation fund.