Malawi, Korea sign Trade Pact
By Our Reporter
The Malawi and Korean Governments have agreed to work together in promoting trade and investment between the two countries.
This follows the signing of a pact on a Trade and Investment Promotion Framework (TIPF) in Seoul, Korea on the sidelines of the ongoing Korea-Africa Heads of State Summit.
Minister of Trade and Industry Sosten Alfred Gwengwe said he looked 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.
“We will share bankable projects as well as a list of products to qualify for duty-free treatment into the Korean market.” explained Gwengwe.
The Trade and Industry Minister added that the pact is in line with the President Lazarus Chakwera administration’s vision of economic transformation.
He therefore invited his counterpart to visit Malawi with a business mission in the near future.
In his remarks, Inkyo Cheong, Minister of Trade, Industry and Energy of the Republic of Korea promised to work with the government and visit Malawi with a team of various business professions in the shortest period possible to explore the business and investment opportunities in the country.
The Vice President, Dr. Saulos Klaus Chilima is leading the Malawi Delegation to the Korea-Africa Heads of State Summit taking place from 4-5 June 2024, in Seoul.
Government of Korea is availing about $14 billion export financing facility for the Korean private sector will to business Africa.
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