Ugee

The governments of Malawi and China have signed a memorandum of understanding (MOU) which would now engage the private sector from the South Asian country to invest in the southern African country's various investment sectors including cotton and tobacco.

Malawi’s Minister of Industry, Trade and Private Sector Development Henry Mussa and China’s Deputy Minister of Commerce Gao Hucheng signed the MOU on industry, trade and investment before a highly powered delegation of private sector members from the two countries.

The MOU allows the private sector in China to invest in the Warm Heart of Africa’s integrated cotton sector, tobacco, fertilizer and cement production, infrastructure, mining, tourism, professional services—banking and insurance among others

The signing of the MOU follows the Southern African country’s President Bingu wa Mutharika’s visit to China two months ago which led to Malawi’s offer of duty free status to some 440 products.

  Mussa said Malawi is an agricultural country and currently relies on crops such as tobacco, tea and sugar for the bulk of its foreign exchange.

 “In this regard, it is our wish that these products find markets in your great country. Consequently, we will be requesting for an expansion of the list,” the Trade minister told Malawi’s premier daily of the Daily Times.

China has also provided Malawi 40 scholarships for short courses in various fields of economic management.      Hucheng said he was happy to lead the 43-high-powered private sector delegation to Malawi.

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