Ministry of Mining has signed a memorandum of understanding (MoU) with Chinese multinational, Hunan Sunwalk Technology Group which will trigger for a US$7 billion investment into the mining industry.
In a statement, the Ministry said they signed the MoU on June 16 at the company’s headquarters in Changsha, China on the sidelines of the China-Africa Economic and Trade Expo.
Reads the statement in part: “The signing ceremony was led by Malawi’s Minister of Mining, Hon Kenneth Zikhale Ng’oma, who headed a delegation from his ministry.
“This agreement signals a new era for Malawi’s mining sector, anchored on sustainability, innovation and inclusive growth. The agreement aims to strengthen bilateral cooperation in the mining sector with a focus sustainable investment, technological innovation and capacity building.”
The statement said Hunan Sunwalk Group Founder Hou Xingwang described the MoU as a milestone in enhancing investment between the two countries.
“This partnership will facilitate the flow of the capital, advanced technology and skilled human resources. It also opens opportunities to invest in other sectors such as agriculture, thereby, creating jobs and contributing to Malawi’s economic development,” he said.
In his remarks, Minister of Mining Ng’oma said they engaged Hunan Sunwalk following thorough evaluations of the company’s capacity.
Said the Minister: “The company brings not only financial capital but also expertise in high-standard mining equipment and technology transfer. They have a proven track record in confidence like in Zimbabwe, which gives us confidence in their ability to deliver.”
He also said this is the first time for Malawi to sign such a comprehensive MoU with a multinational corporation in the mining sector.
“We have followed the right procedures, ensuring that the interests of Malawians are safeguarded. This is a major step towards realising the vision of His Excellency (the President) Dr Lazarus McCarthy Chakwera to develop and transform the mining industry,” he said.
Pictures courtesy of Ministry of Mining
