- Malawi has signed several business deals at the seven-day 2021 Intra-African Trade Fair (IATF).
- Egyptian multinational electrical company, Elsewedy Electric, has signed a US$1 billion deal with Malawi.
- Malawi has also secured other trade deals with Angola, Botswana, South Africa, South Sudan and Cote d’ Viore.
Malawi has signed several business deals at the seven-day 2021 Intra-African Trade Fair (IATF) jointly hosted by The African Export-Import Bank (Afreximbank) the African Union Commission (AUC) and the Government of the Republic of South Africa.
During the Fair, Egyptian multinational electrical company, Elsewedy Electric, has signed a US$1 billion deal with Malawi. Minister of Trade, Sosten Gwengwe who signed the MOU on behalf of the Government of Malawi said that Elsewedy’s investments in sectors like energy, manufacturing, tourism among others will help to boost Malawi’s economy.
Malawi has also secured other trade deals with Angola, Botswana, South Africa, South Sudan and Cote d’ Viore. It was reported that export deals of $371 million were signed for the supply of various commodities like maize, beans, and rice to the African markets. An export deal with South Sudan to supply mostly maize, beans, and rice, worth $168 million was signed. Other deals include the supply of rice to Angola worth $50 million, Botswana $40 million, and South Africa $20 million. The country has also received a serious inquiry to supply 60, 000 tonnes of rice and other grains to Cote d’ Viore worth approximately $59 million. The Minister added that BADEA and Reserve Bank have signed a trade finance agreement of $30 million to facilitate these trade deals. Malawi SMEs participating at the fair managed to record inquiries worth $4 million.
