By Andrew Mkonda in Seoul, South Korea
The Government of Malawi and the Government of the Republic of Korea signed a Trade and Investment Promotion Framework (TIPF) in Seoul, Korea, during the Korea-Africa Heads of State Summit.
Minister of Trade and Industry Sosten Gwengwe and his counterpart Korean Minister of Trade, Industry and Energy Inkyo Cheong signed the TIPF on Tuesday, June 4th at Lotte Hotel in South Korea.
Speaking during the ceremony, Gwengwe said 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 Lazarus Chakwera’s vision for economic transformation.
The Minister further extended an invitation to his counterpart to visit Malawi with a business mission in the near future.
Gwengwe 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 Malawi Government and to visit the country 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 the promotion of business relations between Malawi and Korea.
The late Malawi Vice President Dr Saulos Chilima led the Malawi delegation at the Summit which wound up on 5th June 2024.
