Africa needs foreign investment not debt-Chakwera

President Chakwera is stressing the need for investment in Africa and not debt, if the continent is to be delivered from the shackles it is in.

He delivered his key note address at the opening ceremony of the Third China-Africa Economic and Trade Cooperation (CAETE) Forum.

According to Chakwera Africa should be taken out of the burdens of chronic debt and, instead, invest in the continent.

“CAETE is a defining moment for the global economy” and China and Africa are partners in common pursuit of prosperity, hence the need for continued support and partnership,” said the Malawi leader.

The President stressed that it is time for Africa to reject and, indeed, do away with deals designed to impede and limit progress of the continent, adding that the growth must be seen and outrun external forces such as economic effects brought by climate change.

In his speech, Vice President of the People’s Republic of China, Han Zheng, said China has always considered solidarity and cooperation with African countries an essential element of its foreign policy and, as such, it is ready to reinforce mutual support with African countries on issues involving core interests and major concerns for both parties.

The Chinese vice president, added that the two sides have, for long, valued people to people exchanges so that Chinese people and African people know each other.

The China Africa Economic and Trade Expo is a 4-day event where African businesses will showcase their products and sell them to Chinese investors.

Apart from opening the event, President Chakwera will meet different officials for bilateral talks.