By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- …when both administrations meet at a point of equilibrium, Malawi Administration will commence to lining up potential producers and cooperatives which, after being screened, will be given the green light to start stocking the product, stated the Ministry of Trade of Malawi.
Mayeso Msokera – Spokesperson of the Ministry said, they are working with the Ministry of Agriculture and the Malawi Investment and Trade Centre to finalize the pact.
Msokera, nonetheless, denounced the illegal purchase of soybean by corruptible dealers while the crop is still in the field, alert that this is punishable by law.
“Soybean has been performing well for the past three years, in terms of export performance, and is one of the value chains offering strong potential for Malawi’s export diversification from traditional exports, hence the ministry would like to continue negotiating (with other countries) on more export market [deals] for the crop,” he asserted.
Farmers Union of Malawi Chief Executive Officer Jacob Nyirongo has applauded the administration of Malawi for commencing the action, telling the nation has for an extended time, been sending abroad agrarian products that have participated very little to its proportion of payment as major products tend to be of low value on the market.
Therefore, this has ushered to financial stagnation due to limited structural transformation of the Malawi economy.
“One hundred thousand metric tons of soybean represent about 35% of Malawi’s annual soybean production and if this is locally processed into soymilk, livestock feed and other products for human nutrition, it will generate positive multiplier effects in the economy and get better value if the processed products are exported.
“Malawi 2063 [vision] is developed on the premise that agriculture production and productivity will drive local industry and, therefore, government and private sector efforts must be directed towards achieving this goal,” Nyirongo announced.
Malawi shipped 157,684 metric tons of soya beans rated at K82.9 billion to nations comprising China in the 2021-22 financial year, according to the Malawi Government Annual Economic Report of 2022.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent