Malawian authorities urge farmers to tap Chinese markets for growth-Xinhua

Malawian authorities urge farmers to tap Chinese markets for growth

Source: Xinhua| 2024-04-20 21:00:45|Editor: huaxia

LILONGWE, April 20 (Xinhua) -- Authorities in Malawi are urging local farmers to tap into the tobacco and soybean markets in China to boost the country's foreign exchange reserves and strengthen the economy.

Alfred Mwenifumbo, controller of Agriculture, Extension and Technical Services, made the call during the Agriculture Investment Conference on Friday in Lilongwe, which was part of the Agriculture, Tourism and Mining Week declared by President Lazarus Chakwera to showcase investment opportunities in these sectors.

Malawi's tobacco industry, largely driven by smallholder farmers, could benefit greatly from the Chinese market, Mwenifumbo said. He encouraged large-scale farmers to join the industry to improve the quality of Malawian tobacco and compete with other countries.

Additionally, he highlighted the untapped potential for soybeans in China, stressing the need for Malawi to exploit this market opportunity.

The official suggested that Malawi could significantly increase its forex earnings by 20 to 30 times if more commercial farmers with large landholdings entered the industry and accessed the Chinese market, noting that existing investors are ready to support local farmers in expanding their operations to seize market opportunities.

The conference also discussed the investment potential in crops such as macadamia nuts, groundnuts, wheat and maize, highlighting their significant returns.