Malawi President Lazarus Chakwera has proceeded with the attendance of the Saudi-Africa summit scheduled for November 11, 2023 and African Export-Import Bank (AFREXIMBANK) Intra African Trade Fair engagements despite the last minute cancellation of the 5th Arab-Africa Summit.
President Chakwera was scheduled to attend two summits in Saudi Arabia namely the Saudi-Africa summit and the 5th Arab-Africa Summit, but the 5th Arab-Africa summit was postponed.
Announcing the 5th Arab-Africa Summit in the November 6, 2023 communique, the Royal Embassy of Saudi Arabia in Addis Ababa, Ethiopia indicated that the summit was postponed until further notice but the first Saudi-Africa summit scheduled for will continue as planned.
However, the cancellation of the 5th Arab-Africa Summit has insignificant impact on the President’s Saudi Arabia trip as the most important engagement—the Saudi-Africa summit—to discuss the ambitious construction of the Mangochi/Makanjira Road Project, was still on.
Minister of Information and Digitalisation in Malawi, Moses Kunkuyu on Tuesday briefed journalists on the President’s upcoming visits to Saudi Arabia and Egypt where he was scheduled to attend the two summits and participate in the African Export-Import Bank (AFREXIMBANK) Intra African Trade Fair, set to be hosted in Cairo, the Arab Republic of Egypt, on November 13, 2023.
Kunkuyu said the Saudi-Africa summit was significant as the President was expected to witness the signing ceremony of the impressive road project budgeted at a staggering 75 million Saudi Riyals, which translates to approximately $20 million or an impressive 22.45 billion Malawi Kwacha.
“The sheer magnitude of this funding highlights the project’s strategic importance in enhancing Malawi’s transportation networks, connecting communities, and promoting economic development,” he said.
Kunkuyu said Saudi Arabia has rapidly become a steadfast and friendly partner to Malawi, especially within the Middle East says that over the years, the country has demonstrated its commitment to supporting Malawi’s development agenda across multiple sectors, notably in infrastructure and agriculture.
“The support extends to critical areas like food security and agricultural productivity, which are fundamental in Malawi, an agrarian-based nation,” he said adding that the contributions have had a direct, positive impact on Malawian farmers, improving livelihoods and contributing to the nation’s overall food security.
He said President Chakwera’s visit to Saudi Arabia is more than just a diplomatic encounter; as it also symbolizes the strengthening of a valuable partnership that aims to foster growth and prosperity within Malawi.
“The witnessing of the Mangochi/Makanjira Road Project agreement is a notable highlight, reflecting the commitment of both nations to collaborative development and infrastructure advancement,” he said.
The Minister further said it is expected that the upcoming journey to Saudi Arabia will open doors for further collaboration, boost existing initiatives, and catalyze the mutual aspirations of both nations in the pursuit of socio-economic progress.
“The loan agreement signing is scheduled to be a momentous event and a testament to the enduring and friendly relations between Saudi Arabia and Malawi. As the preparations for this significant occasion continue, Malawians remain hopeful for a future marked by transformative infrastructure, economic growth, and strengthened partnerships with allies like Saudi Arabia,” he said.
After the Saudi Arabia engagement, the President is scheduled to participate in the African Export-Import Bank (AFREXIMBANK) Intra African Trade Fair, set to be hosted in Cairo, the Arab Republic of Egypt, on November 13, 2023.
Kunkuyu said Malawi’s participation at the AFREXIMBANK Intra African Trade Fair is expected to facilitate market identification and foster valuable connections for Malawian businesses, encompassing corporate companies and Small and Medium Enterprises (SMEs).
“The Malawian delegation will execute a robust exhibition strategy, designed to foster strategic investment agreements and bolster economic growth,” he said.
He further said the critical role that President Chakwera’s participation in this
International engagement will play in articulating the tangible benefits and trade opportunities that will emerge from this significant African collaboration.
“The President’s presence underscores Malawi’s commitment to expanding its global reach and enhancing trade partnerships with countries across the African continent,” he said.
The AFREXIMBANK Intra African Trade Fair is a collaborative effort between AFREXIMBANK, the African Union Commission, and the African Continental Free Trade Area (AfCFTA) Secretariat, marking a significant occasion for fostering continental unity and economic growth.
It will serve as an invaluable platform for businesses to access an integrated African market, encompassing over 1.3 billion people with a collective GDP exceeding US$3.5 trillion.
This integrated market is a direct outcome of the African Continental Free Trade Area, providing unparalleled opportunities for commerce and investment across the continent.
The fair is expected to attract key sectors and groups spanning Agriculture & Agro-processing, Clothing & Textiles, Construction & Infrastructure, Consumer goods, Creative Industries (including Entertainment), Education, Energy & Power, Engineering, Finance, Health & Pharmaceuticals, ICT, Innovation, Logistics, Manufacturing, Mining, Tourism, Transport (road, rail, maritime, air), and Youth Start-ups.
Kunkuyu said in preparation for the IATF2023, the Malawi Investment and Trade Centre (MITC) conducted a comprehensive stakeholder mapping exercise.
“The purpose was to assemble a well-coordinated delegation, uniting both the public and private sectors, with the aim of securing tangible trade and investment agreements,” he said.
The sectors that have been targeted for both investment and export include agriculture, agro-processing, mining, tourism and hospitality, manufacturing, energy, and information and communication technology.
