Adopting Export-Driven Economic Growth
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To enhance foreign exchange earnings, Malawi is deliberately shifting from tobacco dependency to a diversified export market, focusing on high-value agricultural products.
This diversification seeks to address bottlenecks in creation of jobs and wealth by expanding opportunities across the emerging sectors of the economy.
President Chakwera has since frontloaded Agriculture, Tourism and Mining as lead sectors to have Malawi adopt an export-driven development agenda via regional, continental and global trade protocols.
Problems to be solved
This has minimized overreliance on tobacco as major export crop hence adapting to widespread realities of global anti-smoking campaigns and erratic prices
Opening of more international markets for Malawi products and services
Restructuring of a tariff regime that fosters growth of smaller economies like Malawi within the Africa Continental Free Trade Area (AfCTA)
Opportunities to unlock
Tenfold growth in agricultural exports to India, with a focus on sesame, groundnuts, and guan seeds.
Expansion into new export markets, including: Coffee exports to the United Kingdom, Soybeans and groundnuts to China, Sesame to India, Gemstones to Belgium, Minerals to the USA.
Large-scale wheat production expansion on 15,000 hectares, expected to reduce imports and increase exports.