Trade minister attributes lack of forex to trade imbalance
Minister of Trade and Industry, Simplex Chithyola is attributing the persistent scarcity of forex in the country to trade imbalance, saying the country imports more than it exports.
Chithyola was speaking Monday in Mwanza during a familiarisation tour at Malawi Revenue Authority (MRA) offices and MRA’s One Border Post which is under construction.
He said there were more trucks loaded with goods that enter the country through different borders, including Mwanza than those that exit the Malawi borders.
Chithyola said his office will now start putting emphasis on local industrialisation with value addition so that the country can start exporting more.
On the One Stop Border Post, the minister said this will fast track trade between Malawi and other countries as several business transactions will be carried under one roof alongside Mozambique, thereby promoting bilateral relations between the two countries.
MRA Manager for Marketing and Communications, Wilma Chalulu, said that after constructing Mwanza One Border Post, MRA will undertake construction of Songwe, Chiponde, Muloza and Dedza Border Posts, adding that Mchinji was opened already.
Malawi is expected to have six One Border Posts that will facilitate business operations in addition to dealing with smuggling.Follow and Subscribe Nyasa TV :