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Indian President Droupadi Murmu has said Malawi and India have resources and opportunities that the two governments can leverage to catalyse economic growth in their respective countries through trade.
The Indian leader arrived in the country yesterday and was speaking at the Malawi-India Business Roundtable in Lilongwe which brought together government officials, representatives from trade associations, investors and small and medium enterprises (SMEs) for a dialogue on the best practices to facilitate trade.
Murmu (C) with Gwengwe during the meeting in Lilongwe
In her opening remarks at the dialogue which was also attended by Minister of Trade and Industry Sosten Gwengwe, Murmu said India has a big population that can provide a steady market for Malawian products.
She said: “Malawi has abundant land and water resources to create a vibrant agricultural sector that can support millions of people with assorted agricultural products.”
The president, who is on the third leg of her State visits to Mauritania, Algeria and Malawi, said she was committed to continue the existing trade relationship with Malawi and facilitate investment in pharmaceuticals, automobiles and agriculture.
Speaking at the same event, Gwengwe observed that while India has been a valuable trade partner to Malawi, there are some bottlenecks that have limited trade between the two countries.
He, therefore, urged officials from the two countries to resuscitate negotiations to conclude the Investment Promotion and Protection Agreement (IPPA) to promote and facilitate investment between the two countries. The negotiations began in 2018 and officials from the two governments exchanged texts.
“It is time to finalise the same in order to have a good tool for facilitating and promoting investments in all sectors,” said Gwengwe, adding that the investment from India, an emerging market economy, could provide the impetus to address the production challenges facing Malawi.
On his part, Malawi Confederation of Chambers of Commerce and Industry (MCCCI) president Wisely Phiri hailed the summit for providing an opportunity for local businesses to partner with industry captains to build a robust manufacturing sector locally.
“This is an opportunity for industry captains in India to set up businesses in Malawi,” he said. “For example, we can have fertiliser manufacturers set up factories in Malawi or hospitals here. Instead of people going to India for operations, we can have operations here.”
Agreeing with Phiri, Rajneesh Dabral, country head of Agri-Value Chain Limited, said the “relevant” business delegation would create opportunities for Indian investors to finance critical projects in agriculture, tourism and mining.
The Indian President arrived in the country for a three-day visit running until Saturday.
According to a statement from the Ministry of Foreign Affairs, President Lazarus Chakwera will host a State Banquet at Kamuzu Palace this evening in honour of Murmu which will also mark a celebration of 60 years of diplomatic relations between Malawi and India.
Chakwera and Murmu will also hold bilateral discussions aimed at strengthening relations between Malawi and India.
When she was sworn in in July 2022, Murmu became that country’s second female president after Pratibha Patil.
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