Following negotiations President Dr Lazarus Chakwera earlier had with Ahmed Elsewedy President and CEO of Egyptian multinational electrical company, Elsewedy Electric, the country has signed a US$1 billion (K816 billion) deal.
Minister of Trade, Sosten Gwengwe signed the MOU on behalf of the Government on Tuesday 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.
“Among other deals signed so far at the ongoing IATF, this is the biggest deal,” said Gwengwe.
Meanwhile, Malawi has also secured other trade deals within the African Continental Free Trade Area like Angola, Botswana, South Africa, South Sudan and Cote d’ Viore.
“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 $168 million from the previous $127 million making a total of $295 million. We also have a deal with Angola worth $50 million, Botswana $40 million, 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 Cote d’ Viore worth approximately $59 million. BADEA and Reserve Bank have signed trade finance of $30 million to facilitate the above trade deals,” said the Minister.
Gwengwe added local SMEs participating at the fair have managed to record enquiries worth $4 million.
Dr Chakwera earlier said Malawi should have a presence at such international forums because they are platforms where significant deals that can propel the country on a better economic footing are signed.
The seven-day 2021 Intra-African Trade Fair (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.