Malawi has secured enhanced technical cooperation with the United Nations Conference on Trade and Development (UNCTAD) to accelerate industrialisation, create jobs, and increase export value. This development follows a meeting between Foreign Affairs Minister George Chaponda and UNCTAD Deputy Secretary-General Pedro Manuel Moreno at the UN General Assembly in New York. The cooperation aims to support Malawi's economic transformation through various initiatives.
One of the key areas of support is mineral value addition, where UNCTAD will provide expertise to identify minerals that can be processed locally into higher-value products. This will enable Malawi to move away from exporting raw materials and retain more economic value from its natural resources. The initiative is also expected to identify related investment opportunities and job potential, which will contribute to the country's economic growth.
Another area of support is digital trade, where UNCTAD will conduct an eTrade Readiness Assessment. The assessment will identify gaps in digital payments, regulations, consumer protection, and logistics that hinder businesses from accessing regional and international markets. This will provide a roadmap for reforms to expand digital commerce and Small and Medium-sized Enterprises (SME) exports, which will contribute to Malawi's economic diversification.
The cooperation will also focus on debt and development financing, where Malawi will be invited to join the UN Borrowers' Platform. This platform will enable Malawi to share experiences and access knowledge on debt and development financing, which will help the country to strengthen its capacity to attract investment and finance development. UNCTAD has also encouraged high-level Malawian participation in the World Investment Forum.
The technical cooperation forms part of Malawi's economic diplomacy strategy to attract productive investment, expand exports, strengthen domestic productive capacity, and reduce dependence on external support. This strategy is expected to support Malawi's economic transformation from developing new mineral-based industries and jobs to opening digital markets for SMEs and strengthening capacity to attract investment and finance development.
The support from UNCTAD is expected to have a positive impact on Malawi's economy, particularly in the areas of industrialisation, job creation, and export growth. The country's economic growth has been hindered by its reliance on raw material exports, and this cooperation is expected to help Malawi to diversify its economy and increase its economic resilience.
The cooperation between Malawi and UNCTAD is a significant development in the country's efforts to accelerate economic growth and development. With the support of UNCTAD, Malawi is expected to make significant progress in its economic transformation, which will have a positive impact on the lives of its citizens.
Key points
- Malawi to benefit from UNCTAD technical cooperation to accelerate industrialisation and increase export value.
- UNCTAD to provide expertise in mineral value addition, digital trade, and debt and development financing.
- Cooperation to support Malawi's economic transformation and reduce dependence on external support.
