NSO, MITC launch trade information hubs
The Malawi Investment Trade Centre and the National Statistical Office (NSO) have today launched web-based information hubs—NSO-run Trade Map and MITC-run Trade Information Portal hailed to improve trade intelligence for potential investors and traders.
Speaking during the double launch in Lilongwe, MITC Chief Executive Officer Clement Kumbemba said information on the hub and map was crucial for diversification of the economy by ensuring both foreign investors and local producers have access to vital trade information.
Kumbemba said the trade portal will also help policy makers to ensure policies that can improve trade prospects for the country.
“This will enable policy-makers to make better informed trade related decisions. Malawi has been facing challenges in collecting, packaging and disseminating trade information. This will improve accessibility and relevance of the information services by MITC,” said Kumbemba.
Kumbemba said the MITC has dedicated a team to be regularly updating the website and also respond to queries raised by investors and traders seeking feedback.
The European Union with technical support from International Trade Centre (ITC) has been facilitating the development of the two web-based centres as part of the Improved Trade Statistics and Information System programme.
EU Head of Delegation Marchel Germann said Malawi’s attempt to diversify the economy needs to be supported with initiatives such as the establishment of the information system.
“This is an excellent time to reflect on the importance of trade data and intelligence but also on the need for reliable and robust trade date and information. Those data enable the major stakeholders who determine Malawi’s economic activity to enhance the nation’s export diversification and development efforts,” said Germann.
He explained that EU invested €12 million (K7.5 billion) in the programme specifically to improve growth and promote diversification of the economic base.
He said the EU is also supporting development of governance structures in the mining sector and improved sector investment in mining.
Germamn further urged the country to urgently diversify the economy; warning that continued over-reliance on tobacco, whose sales currently face a global anti-smoking lobby, puts the country’s economic future at great risk
