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Malawi geared towards growing its economy-Chilima

By Andrew Mkonda

Seoul- Korea, June 5, Mana: Vice President Saulos Klaus Chilima says Malawi aspires to undergo a profound transformation aimed at emerging as an inclusive, prosperous and self-reliant industrialized upper-middle-income nation by the year 2063.

Chilima made the sentiments on Wednesday, in Seoul- South Korea during the Korea-Africa Business Summit which was aimed at sharing ideas and inviting Korean Business gurus to invest in Malawi.

Chilima said:”The central strategy to this vision is our acknowledgment of Malawi’s abundant natural resources, rich cultural heritage and the vibrant energy of our youthful population comprising 80 percent of the population.”

The Vice President explained that the remarkable journey of the Republic of Korea, transcending from a developing country in the 1960s to a post-industrial global leader with high-tech industries today serves as a beacon of inspiration to many African countries.

He further said Malawi recognizes that strategic policies emphasizing on exports, investment in human capital and fostering innovation and technology have been instrumental in Korea’s phenomenal national development.

“The Government of Malawi extends heartfelt appreciation to the Government of Korea for its commitment to sharing these invaluable experiences with African nations including Malawi.

Such collaboration holds the promise of forging a future marked by shared prosperity, sustainability and solidarity where nations can collectively chart a path towards progress and mutual success,” he said.

In his opening speech at the first ever Korea-Africa Summit, Korean, President Yoon Suk Yeol said his government aims to expand trade and investment with Africa through a series of agreements such as Economic Partnership Agreements (EPAs) and Trade and Investment Promotion Frameworks (TIPFs).

He also vowed to support Africa’s efforts toward regional economic integration through the African Continental Free Trade Area (AfCFTA), launched in 2019.

“In terms of trade, we will speed up the signing of EPAs and TIPFs. On the investment front, we will expand investment protection agreements to promote exchanges between the two countries’ companies,” Yoon said

Some of the prominent people who were in attendance during the Korea-Africa business summit include; Prime Minister of the Republic of Korea, Dr. Han Duck-Soo, President of the Republic of Mauritania, Mohamed OuldCheikh El Ghazouani who is also the Chairperson of the African Union (AU) among others.

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