Malawi, South Korea sign trade, investment promotion pact

Officials from the governments of Malawi and South Korea have signed a Trade and Investment Promotion Framework (TIPF) in Seoul, Korea during the Korea-Africa Heads of State Summit.

Minister of Trade Sosten Gwengwe and his counterpart Inkyo Cheong, Minister of Trade, Industry and Energy in South Korea signed the TIPF on 4th June, 2024 at Lotte Hotel.

In his remarks, Gwengwe said that he is looking forward to implement the TIPF where Korean business investors will be welcome to Malawi to establish industries in various sectors of the economy including agriculture, tourism, and mining in line with President Dr. Lazarus McCarthy Chakwera vision for economic transformation.

The Minister has further extended an invitation to his counterpart to visit Malawi with a business mission in the near future.

He also promised to share bankable projects as well as a list of products to qualify for duty-free treatment into the Korean market.

On his part, Cheong promised to work with the government and to visit Malawi with a team of various business professionals in the shortest period possible to explore business and investment opportunities in Malawi.

The TIPF will be instrumental in promotion of business relations between Malawi and Korea.

Vice President of the Republic of Malawi, Dr. Saulos Klaus Chilima is leading the Malawi Delegation at the Summit which is expected to wind up on 5th June 2024.