Malawi and the Republic of Korea on Tuesday signed a memorandum of understanding (MoU) on trade and investment promotion.
Trade Minister Sosten Gwengwe signed the MoU on behalf of Malawi on the sidelines of the Korea-Africa Summit while Korean Trade, Industry and Energy Minister, Inkyo Cheong, signed the memorandum on behalf of his government.
The Republic of Korea has set aside $14 billion to be invested in Africa.
Gwengwe told The Business Times on Tuesday that to push the agriculture, tourism and mining agenda, the MoU seeks to attract investment levels from Korea.
He said the Koreans currently have investments in education and health sectors but that Malawi wants them to embrace other sectors like the ATM.
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“The industralisation agenda is one sure way to create more jobs and more wealth.
“The MoU is testament that with the Chakwera ATM strategy, Malawi’s economy can stabilise and grow,” Gwengwe said.
On his part, Cheong said he would be putting a group of Korean investors together for a Malawi visit to appreciate the opportunities.
The Korea-Africa Summit is being held under the theme ‘The Future We Make Together; Shared Growth, Sustainability and Solidality’.
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Vice President Saulos Chilima is leading the Malawi delegation at the summit.
