The governments of Malawi and Tanzania said there is need to support the private sector if the two neighbouring countries are to realise huge earnings from the bilateral trade.

Minister of Trade and Industry Simplex Chithyola Banda and Tanzania’s Permanent Secretary for the Ministry of Industry, Trade and Investment Hashil Abdallah said this on Friday at the end of the second Malawi and Tanzania Trade and Investment Forum in Mzuzu.

Chithyola Banda appreciates some
of the products

The two countries trade under bilateral cooperation arrangement as well as within regional arrangements where they are members such as the Southern Africa Development Community and African Continental Free Trade Area.

Ministry of Trade and Industry data shows that there is an increase in volume of trade from $85.3 million (about K88 billion) in 2017 to $86.7 million (about K89 billion) at the end of 2022.

Abdallah said the Government of Tanzania has created an enabling environment for business and investment and the management of macro-economic variables to reduce the cost of doing business to attract local and foreign investors.

He said: “The Government of Tanzania has been implementing various reforms which are geared to deregulation and lead to a smart regulatory framework.

“There are several initiatives aimed at reducing bureaucratic cost and facilitation centre where investors access services provided by most of regulatory agencies in one place.”

On his part, Chithyola Banda said the ministry has instituted reform measures to place the private sector at the centre and as a key player in economic activities.

“I would like to welcome investors and traders from Tanzania to come and invest in Malawi and do business and grow with us,” he said.

The three-day forum was organised by the Malawi Investment and Trade Centre, the country’s one-stop investment centre.

More than 300 businesses from Tanzania and Malawi participated in the forum and were drawn from sectors such as agriculture, fisheries and blue economy, manufacturing, tourism, banking and finance, transport, logistics and infrastructure, telecommunications, mining, education and medical tourism.

The forum was aimed at boosting trade, investment and information sharing between the two countries through strategic policies and practical interventions on trade and investments between the two countries.

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