Dr Chakwera was speaking at Matambo, Tete Province in Mozambique during the launch of the project.
The Malawi leader said the effects of Tropical Cyclone Anna have affected the country's electricity supply and the country needs urgent and strategic solutions. The Project will cushion Malawi against future power losses. He added that the project will help to speed economic growth and improve people's livelihoods in the two countries.
Through the project, Malawi will get connected to the Southern Africa Power Pool which will enable the country to tap or export power.
Once completed Malawi will be able to get 50 Megawatts from Mozambique with an opportunity of adding 60 megawatts using the line.
The Malawi leader said this is a milestone in the bilateral relationship between Malawi and Mozambique.
The President said the launch of the project will accelerate economic development between the two countries and improve their living standards and it's a step towards the realisation of the Malawi 2063 Agenda of which energy is one of the enablers.
"This interconnection will assist in closing the gap between power supply and demand in Malawi which is adversely affecting our agriculture, the manufacturing industry and delivery of services. We are confident that the line could become a source of revenue for Malawi shortly when the country will be exporting power to the region, once the domestic supply is met," said Dr Chakwera.
In his remarks, President Nyusi said the project is a true trademark of a fruitful bilateral relationship between Mozambique and Malawi. He said Malawi and Mozambique share common interests and working hand in hand will enhance trade and improve transportation among others. He further said, "It is pleasing to note that Dr Chakwera is making efforts to rehabilitate the railway connection which was cut decades ago.
"This will strengthen the image of the region as a block and improve people's, livelihoods in the two countries," said Nyusi.
Malawi lost 129 Megawatts of power due to the effects of cyclone Anna and this has resulted in continuous load shedding.
Currently, plans are underway to increase energy supply by 1000 Megawatts to the national grid in the next four years and this seems to be a positive step in that direction.