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Business Profile
Economy: The economy is almost entirely agricultural, with both subsistence and cash crops including tobacco, sugar, tea and maize being farmed. Manufacturing industry has grown steadily, accounting for about 15 per cent of economic output, and is concentrated in light industrial import substitution projects such as textiles, chemicals, agricultural implements and processed foodstuffs. Tourism is intended to become a major source of foreign exchange but growth will depend on improvements in basic infrastructure and political stability in the region. Economic policy has followed an orthodox course of privatisation and liberalisation: while this has had success in bringing down inflation, the associated expenditure cuts have had a severe impact on the country’s already limited basic services. Healthcare is among the areas to have suffered, which Malawi can ill afford as the HIV/AIDS pandemic continues to devastate the population. Between one-third and one-half of the working population are thought to be infected, with the inevitable economic consequences.
Malawi is normally self-sufficient in food, especially maize, the main staple. But it also has a vast balance of payments deficit and is heavily dependent on foreign aid, both bilateral and from the World Bank. These factors combined over a two-year period have resulted in a situation during summer 2002 where Malawi is, along with other southern African countries, facing mass starvation. In 2000, a year which produced a bumper maize crop, Malawi came under pressure to sell its maize surplus to meet debt repayments. Two years later, there were no reserves to meet the shortfall which followed a disastrous harvest.
Malawi is a member of the Southern African Development Community and, in 1993, signed the treaty establishing a Common Market for Eastern and Southern Africa (COMESA). The UK is Malawi’s most important single trading partner, taking one-third of the country’s exports and providing 15 per cent of Malawi’s imports. South Africa, Japan, Germany and The Netherlands are Malawi’s other important trading partners.
Business: Suits or a jacket and tie are suitable for business meetings in cities. Similar to the European system, appointments should generally be made and business cards are used. Offices tend to open early in Malawi. Best months for business visits are May to July and September to November. Office hours: Mon-Fri 0730-1700.
Commercial Information: The following organisation can offer advice: Malawi Confederation of Chambers of Commerce and Industry, PO Box 258, Chichiri Trade Fair Grounds, Blantyre (tel: 167 1988; fax: 167 1147; e-mail: mcci@eomw.net).
Conferences/Conventions: Malawi’s only dedicated conference centre is the Kwacha International Conference Centre in Blantyre, with seating for up to 500 persons. Details of this and hotels with conference facilities can be obtained from the Malawi Tourist Office (see Contact Addresses section).
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