Malawi and the Republic of Korea has signed a Memorandum of Understanding (MoU) on trade and investment promotion.

Trade Minister Sosten Gwengwe signed the MoU on behalf of Malawi on the sidelines of the Korea-Africa Summit.

Gwengwe said that to push the Chakwera’s Agriculture, Tourism and Mining (ATM) agenda, the MoU seeks to attract investment levels from Korea.

“Currently the Koreans have investments in education and health sectors but that Malawi wants them to embrace others sectors like the ATM” said Gwengwe.

He also said that the industrialization agenda is one sure way to create more jobs and more wealth.

Gwengwe concluded that the MoU is testament that with Chakwera ATM strategy, Malawi economy can stabilize and grow.

The Republic of Korea has set aside $14 billion to be invested in Africa.