VP sees Korea summit unlocking potential
Vice-President Saulos Chilima has described the inaugural Korea-Africa Summit as crucial to unlocking the capacity of African countries, including Malawi through mutual cooperation.
In his address to the summit yesterday in Seoul, South Korea, he said the meeting offers fruitful engagement to strengthen bilateral ties and foster cooperation between Malawi and Korea.
Chilima, who is representing President Lazarus Chakwera at the summit, said Malawi is eager to transform into “an inclusively wealthy, self-reliant and industrialised upper middle-income country by 2063” as envisioned in the country’s national development strategy, Malawi 2063.
He said: “To achieve the desired transformation, the Malawi Government has devised a strategic approach termed the ATM Strategy that is emphasising investments in the growth sectors of agriculture, tourism and mining.
“These sectors have been identified as key drivers of economic growth and development, with the potential to rapidly advance food security, job creation, and wealth generation.”
Chilima also said by prioritising investment and implementing targeted interventions in these critical areas, the country aims to unlock their full potential and accelerating progress towards national development goals.
He said Malawi is pleased with Korea’s commitment to provide $14 billion (about K24 trillion) in export financing to Korean companies by 2030 to promote trade and investment in Africa.
Speaking earlier during the official opening of the summit, South Korean President Yoon Suk Yeol said his country seeks 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 towards regional economic integration through the African Continental Free Trade Area (AfCFTA) launched in 2019 by the African Union Commission.
Said Yoon: “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.”
The summit has drawn 48 African countries, including Sierra Leone, Tanzania, Malawi, Ethiopia, Lesotho, Ivory Coast, Mauritius, Zimbabwe, Togo, Rwanda, Mozambique, Sao Tome and Principe, Guinea-Bissau and Cape Verde.
The summit is being held under the theme ‘The future we make together: Shared growth, sustainability and solidarity’.
