The Indian Government has identified agricultural processing, mining and renewable energy as three sectors Malawi could target at the forthcoming India–Africa Forum Summit.
Speaking at a brainstorming session in Lilongwe on Wednesday, India High Commissioner to Malawi Amararam Gurjar said the summit, scheduled for May 28–31 in New Delhi, will also feature the first Big Cat Alliance Summit alongside the India–Africa Business Dialogue and Exhibition.
remains modest. | George Lumwira
He noted that trade between the two countries remains modest, but the forum offers Malawian businesses a chance to court Indian investors through joint ventures and partnerships.
“India and Malawi bilateral trade is not high at $170 million [about K298 billion], so there are new areas both sides should work closely on, such as agriculture and food processing and mining, which are important and not yet explored by India,” said Gurjar.
He said that renewable energy could be transformative for Malawi, given the country’s persistent power shortages.
“It is a game-changer in the coming years to meet the growing electricity demand,” said Gurjar.
India exports manufactured goods and machinery to Malawi while Lilongwe mostly sends raw agricultural produce in return, a trade imbalance Gurjar suggested could be addressed by attracting investors into food processing.
“We are organising this India-Africa Business Dialogue to provide an opportunity for Malawian business persons to interact with Indian counterparts and convince them to create partnerships and joint ventures,” he said.
Ministry of Industrialisation, Business, Trade and Tourism Principal Secretary for tourism Jean Munyenyembe described the summit as a rare opportunity for developing countries such as Malawi to secure foreign direct investment.
“Such fora are key because you find a number of investors, buyers and producers meeting together,” she said, adding that Malawi could use the event to strengthen its trade links.
The summit, to be held at the Bharat Mandapam Convention Centre in New Delhi, will be the first in 11 years.
It will run under the theme ‘India–Africa strategic partnership for innovation, resilience and inclusive transformation’, with a focus on shifting from traditional aid and credit lines towards foreign direct investment, commercial partnerships and technology transfers.
India’s trade with Africa overall is more balanced, with exports worth $42 billion against imports of $40 billion. Indian investment across the continent stands at $80 billion.
Malawi’s exports to India include macadamia nuts, pigeon peas and mangoes while India’s exports to Malawi consist of textile yarns, fabrics, transport equipment, pharmaceuticals, and machinery.
