By Sheminah Nkhoma

Lilongwe, May 29, Mana: Malawi Investment and Trade Centre (MITC) has signed a landmark of US$5 billion investment deal to develop Chipoka in Salima as a Chinese Model City.

Speaking after the signing which took place at Hunan WanJiaLi International Hotel in China, MITC Director General, Kruger Phiri said  the project is about reshaping Malawi’s future through innovation, infrastructure, and industrial transformation.

He said this transformative agreement comes just two years after President Dr  Lazarus Chakwera unveiled Chipoka as one of Malawi’s eight emerging secondary cities.

“As Malawi intensifies its global investment drive, the world is beginning to take notice and Chipoka is set to be the heartbeat of this new era,” said Phiri.

The signing ceremony attracted over 300 influential Chinese business leaders, eager to explore new frontiers for investment in Malawi.

This phased investment is expected to inject US$1 billion in Foreign Direct Investment (FDI) into Malawi over the next 12 months marking one of the most significant economic deals in the country’s history.

Meanwhile, Kings Group has committed US$100 million to establish a state-of-the-art fertilizer plant, further anchoring Malawi’s agri-industrial ambitions.

In addition Liaoning Jingmao Quantum Technology Company Limited pledged US$520 million investment in infrastructure, pharmaceuticals and mining with execution starting as early as June 2025.

In attendance were senior representatives from the Hunan Provincial Foreign Affairs Office and the Hunan Provincial Bureau of Commerce, underscoring the event's significance.

Eight Chinese companies formalized cooperation agreements to participate in Chipoka’s development.