Africa’s emerging mineral power searching ‘quick wins’ with Lanka
Saturday, 20 July 2013 00:05
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We see many opportunities for us here: Ligoya
Huge unrealised trade potential: Rishad
Sending strong biz delegation to Colombo soon: Ligoya
Malawi, the emerging mineral and uranium power in East Africa, is eager to score some quick wins with Sri Lanka. “As a virgin market, Malawi offers lots opportunities for Sri Lankan exporters. We want some quick wins as soon as possible,” declared an eager Dr. Perks M. Ligoya, the Malawian High Commissioner to Sri Lanka on 10 July.
Ligoya was apprising Minister of Industry and Commerce Rishad Bathiudeen during his courtesy call on the Minister on 10 July at the EDB premises in Colombo. Malawi is an East African nation and is an emerging mineral and uranium supply power in Africa. It is also packed with both heavy and critical rare earth potentials, according to recent terrain surveys by international agencies. According to the Department of Commerce of Sri Lanka, bilateral trade between Sri Lanka and the landlocked Malawi in 2012 totalled only $ 0.24 million, a paltry amount, but in that, this level also highlights enormous, unrealised trade potential between both economies.
“Our trading is mostly skewed towards the neighbouring countries and we are keen to diversify our trade partnerships, including Sri Lanka. As a virgin market, Malawi offers lots opportunities for Sri Lankan exporters. We see many opportunities for us here. In fact, we want some quick wins as soon as possible. I stress there are lots of opportunities for Sri Lankan investors and exporters in Malawi’s surging mining and tourism sectors. We import almost 100% of ICT and computer software and we like to start creating them in Malawi. There is a huge unfulfilled demand for rubber and rubber products in Malawi, which Sri Lanka can address,” said Ligoya, and added: “Our agro sector is almost 40% but the problem we have is that most of our agro exports are raw, rather than value added. Also our industry sector is in infancy at 9% where Sri Lankan machinery exporters can explore opportunities. Also, we have almost done with the liberalisation of our current accounts and are open for FDI. I believe that joint ventures are a viable model of cooperation between Lanka and Malawi and to this end, we will send a strong private sector delegation from Malawi to seek new opportunities in Colombo.”
“We warmly welcome the Malawi business delegation for which we shall extend our fullest assistance. I invite a strong business and trade delegation for the forthcoming CHOGM trade fair in Colombo coming in November,” said Minister Bathiudeen, addressing Ligoya. “The low trade volumes show that there is huge, unrealised trade potential that could jointly be explored. In fact, Sri Lanka’s single export to Malawi is rubber tyres. We see a virgin market in Malawi. Sri Lanka’s apparels are world class. Premium labels such as Dorothy Perkins, Victoria’s Secret and Marks & Spencer and we are world’s number one ethical apparel sourcing destination. Therefore I believe there is a market and joint venture potential in this segment for both countries,” Minister Bathiudeen added.
