Malawi has joined other countries in a process which will lead to accelerated investment for agriculture development in Africa courtesy of the Group of Eight (G8), a forum for the governments of the world’s eight wealthiest Western countries.
President Joyce Banda announced the support Wednesday on departure for the World Economic Forum for Africa in Cape Town, South Africa at Chileka Airport in Blantyre.
She returns on Saturday through Kamuzu International Airport in Lilongwe.
Banda said the World Economic Forum, which will map out ways of how to speed up economic diversification, boost strategic infrastructure and unlock Africa’s talent, is a preparatory meeting for the G8 meeting where a formal announcement of the support will be made in June.
Meeting under the theme ‘Delivering on Africa’s Promise’, the 23rd World Economic Forum on Africa will provide an important platform for regional and global leaders from business, government and civil society to deepen the continent’s integration agenda and renew commitment to a sustainable path of growth and development.
Last month, the European Union announced that Banda sent a letter to the African Union Commission expressing desire to join the G8’s New Alliance for Food Security and Nutrition.
The G8 New Alliance for Food Security and Nutrition is a joint initiative involving African countries, private sector and development partners. Together, they aim to achieve sustained and inclusive agricultural growth and to raise 50 million people out of poverty over the next 10 years.
Malawi’s economy is heavily dependent on agriculture. It is not only the backbone of economy but also an essential part of its social fabric, estimated to employ 87 percent of the population and accounting for about 27 percent of gross domestic product (GDP).