LILONGWE-(MaraviPost)-The governments of Malawi and Korea have signed a Trade and Investment Promotion Framework (TIPF) which will boost trade and businesses between the two countries.

The agreement was made in Seoul, South Korea during the Cheong Heads of State where a Malawian Delegation is lead by the country’s Vice President Saulos Chilima.

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

In his remarks, Gwengwe said that he is looking forward to implementing 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 Chakwera’s vision of economic transformation.

Gwengwe also invited his counterpart to visit Malawi with a business mission shortly.

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

“The MoU cooperation is in trade facilition, investment promotion, supply chain, economic and industrial cooperation, amongst others,”said Gwengwe.

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 the business and investment opportunities in Malawi.

The TIPF will be instrument to promote business relations between Malawi and Korea.

The government of Korea is availing about $14 billion export financing facility for the Korean private sector willing to do business in Africa.