* Korean business investors will be welcomed to Malawi to establish industries in various sectors of the economy
* Including agriculture, tourism, and mining in line with Malawi’s vision for economic transformation.
By Andrew Mkonda, MANA in Seoul, South Korea
The governments of Malawi and Korea have signed a trade and investment promotion framework (TIPF) on the sidelines of the Korea-Africa Heads of State Summit.
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Minister of Trade & Industry, Sosten Gwengwe and his Korean counterpart, Inkyo Cheong signed the TIPF on Tuesday at Lotte Hotel where Gwengwe said he is looking forward to implement the framework in which Korean business investors will be welcomed to Malawi to establish industries in various sectors of the economy, including agriculture, tourism, and mining in line with Malawi’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 and 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 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 delegation includes Minister of Information & Digitalisation, Moses Kunkuyu, who asked Korea and African countries to take issues of information, communication & technology (ICT) seriously to transform the lives of the rural masses on the continent.
During a panel discussion on the solidarity strategies for achieving Sustainable Development Goals (SDGs) though digital innovation, Kunkuyu said there is need for well-developed countries like Korea to embrace African countries so that they too develop in ICT.
“It is a fact, if you leave someone behind, then digitalisation is not complete. Similarly, if you leave Africa behind, then ICT is incomplete,” he said, adding that many African countries are facing challenges of connectivity, infrastructure, skills and fiber insecurity issues, saying if these can be rectified, then Korea and Africa will be connected easily.
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In his remarks, Minister of Science & ICT for the Korea Republic, Lee Jong-Ho assured African countries that his country is committed to work closely with African countries in ICT issues.
“We are living in a global world, and we do not want any African country to remain behind in ICT in areas of Agriculture, Education and many more.” he said
The 10th Global ICT Leadership Forum, which was held under the theme; ‘Strengthening Global Solidarity in the Sophisticated Digital’, brought together several African countries such as Malawi, Tanzania, Lesotho, Uganda, Sierra Leone, eSwatini.
Malawi Vice-President Saulos Chilima lead the delegation at the Summit which is expected to wind up today and this morning, Chilima made a courtesy visit to the Korean Prime Minister, Han Duck Soo at his official office in Seoul.
In 2023, Malawi and South Korea signed a memorandum of understanding (MoU) on various sectors of development during a one-day visit to Malawi of Prime Minister Duck-Soo.
Through the MoU, Malawi is expected to benefit in diverse areas of development including agriculture, health, education and technology.
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