Malawi has taken a major step towards its economic development strategy following a landmark agreement signed at the Xidian International Stock Exchange (XISE) forum in Changsha, Hunan Province.
Kruger Phiri, Director General of the Malawi Investment and Trade Centre (MITC), delivered a compelling investment pitch to an audience of over 300 prominent Chinese business leaders gathered at Hunan WanJiaLi International Hotel.
In a historic moment for Malawi’s international investment efforts, MITC signed a Special Economic Zone development agreement with XISE. The deal commits an estimated $5 billion to the development of Chipoka in Salima into a Chinese-style model city. The investment will be rolled out in phases, with an initial $1 billion in foreign direct investment expected to flow into Malawi within the next 12 months.
Officials hailed the agreement as one of the most significant economic milestones in the country’s history, with the potential to transform Chipoka into a hub for industrial growth, trade, and bilateral cooperation.
