Malawi is open for business: The East African country is pursuing various investment and trade deals to help boost their economy and in line with this have signed a $1 billion deal with Egyptian multinational electrical company, Elsewedy Electric.
Following negotiations between President Dr Lazarus Chakwera and President and CEO of Elsewedy Electric, Ahmed Elsewedy, the Minister of Trade, Sosten Gwengwe signed the memorandum of understanding (MoU) on behalf of the government in Durban, South Africa.
Gwengwe said Elsewedy will bring flagship investments into Malawi in sectors like energy, manufacturing, tourism among others that will help to boost the country’s economy.
Malawi has also secured other trade deals within the African Continental Free Trade Area with Angola, Botswana, South Africa, South Sudan and Côte d’Ivoire.
“So far we have recorded $371 million worth of export deals for the supply of various commodities like maize, beans and rice to these regional markets.”
“Specifically, we have struck an additional deal with South Sudan to supply various commodities, mostly maize, beans and rice, worth $168m from the previous $127m, making a total of $295m. We also have a deal with Angola worth $50m, Botswana $40m, South Africa $20 million deal for the supply of rice. We have also received a serious enquiry to supply 60,000 tonnes of rice and other grains in Côte d’Ivoire worth approximately $59m. BADEA and Reserve Bank have signed trade finance of $30m to facilitate the above trade deals,” said the Minister.
These deals were facilitated at the Intra-African Trade Fair (IATF). Dr Chakwera said Malawi should have a presence at such international forums because they are platforms where significant deals that can propel the country into better economic footing are signed.
The IATF is being hosted by The African Export-Import Bank (Afreximbank) in liaison with the African Union Commission (AUC) and the government of the Republic of South Africa.