Malawi is expected to borrow the development strategy of the Republic of Korea (South Korea) as it seeks to move from the category of least developed countries (LDCs) to an upper middle-income economy by 2063.
Foreign Affairs Minister Nancy Tembo disclosed this Monday at Kamuzu Palace in Lilongwe when Malawi and South Korea signed a Memorandum of Understanding (MoU) which was witnessed by President Lazarus Chakwera and Republic of Korea Prime Minister Han Duck-Soo.
It is believed that at independence in 1964, the economies of Malawi and South Korea were at par, but 59 years later, the Asian nation is miles ahead of the southern African country.
Tembo said the MoU will see South Korea helping Malawi in areas of health, education, technology and agriculture.
She added that the agreement will ead to the establishment of a Joint Permanent Corporation between the two countries.
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“This is, for us, a momentous occasion because what it does is to help Malawi realise its 2063 vision. You heard the President saying that in 1964, Malawi and South Korea were at the same level.
“Today, South Korea is a developed country and we are still a developing country. And, so, this collaboration will help us to leapfrog to a better Malawi, a developed Malawi, learning lessons from South Korea,” Tembo said.
Associate Professor of Economics at the Malawi University of Business and Applied Sciences Betchani Tchereni Monday said it is a good thing to learn from those that have achieved greatness.
“However, for me, it is not about the strategy or blueprint; it is about how they made sure that such wonderful documents turned into reality. What we really need to learn from them is the art or science of implementation, discipline and focus on vision,” Tchereni said.
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During the meeting, Duck-Soo announced that South Korea would re-establish residential diplomatic relations with Malawi.
The last time Malawi and South Korea had a residential diplomat in Malawi was in 1992. Since then, they have had diplomats based in other countries.
