Illovo Sugar (Malawi) Limited has unveiled plans to establish alternative sugar markets in Africa through the recently signed Tripartite Free Trade Area (TFTA).
The TFTA brings to three regional economic communities of Common Market for Eastern and Southern Africa (Comesa), East African Community (EAC) and Southern Africa Development Community (Sadc) into a common market from Cape Town in South Africa to Cairo in Egypt.
With a combined population of 625 million people, covering 17.3 million square kilometres, a gross domestic product (GDP) estimated at $1.3 trillion, the TFTA will provide a wide market for countries in the region such as Malawi.
The Malawi Stock Exchange (MSE)-listed sugar manufacturer’s commercial manager Geoff Mkandawire told Business News last week that Illovo Malawi will look beyond Sadc for markets with the new pact in place.
“Currently, we are bounded to the Sugar Corporation of the Sadc Trade Protocol. So, with the coming in of TFTA and Sadc being the surplus sugar producing bloc, we should be able to create a wider market,” he said.