Chinese consul to Malawi Qu Lixian has disclosed that his country will be investing US$25m in the country’s cotton industry.
The venture, which will see the establishment of a modern cotton plant, is also expected to benefit around 55,000 farmers besides giving employment to over 1000 locals.
“Chinese presence in the country will help Malawi move out of the poverty trap,” said Lixian during a meeting the Chinese Consulate organized in collaboration with the Malawi Confederation of Chamber of Commerce and Industry (MCCCI).
He said the Chinese government intends to promote Malawi’s cotton industry, which has a capacity to produce more cotton for export.
“We want Malawi to take a step further in its cotton industry; much as cotton can be exported we want the country to be able to add value. When the project takes off the ground, Malawi will manufacture its own cooking oil from the cotton seeds,” explained Lixian.
One of the MCCCI counselors, Edward Kalua said this is a huge opportunity for the Malawi cotton industry.
He said cooking oil production from cottonseeds would help end Malawi’s dependence on imported oil.
The Chinese consulate’s Economic and Commercial Secretary Mou Zhengang also invited Malawian private sector to take part at this year’s China Yiwu International Commodities Fair which commerce on October 21 and end on October 25.
During the time this fair will be taking place, another fair Canton would have started on October 15 and end on November 6.
“Malawians interested to participate at these fairs should contact the economic and commercial counselors’ office in Lilongwe,” said Zhengang.
Kalua said this is the only opportunity Malawi can take to collaborate with Chinese investors.
A 46-strong Chinese delegation is visiting Malawi from May 13, 2008 to May 16 to explore investment opportunities in country.