17 May 2018

Madagascar: Mauritius and Madagascar Discuss Investment Opportunities

press release

An interactive working session with key stakeholders of the economic landscape in the margins of the first session of the Joint Commission between Mauritius and Madagascar, was held yesterday in Port-Louis in presence of the Secretary for Foreign Affairs, Ambassador Mrs U. C. Dwarka-Canabady.

The Deputy Chief Executive Officer of the Economic Development Board, Mr Ken Poonoosamy, and the Director of Promotion and Economic Intelligence of Economic Development Board of Madagascar, Mr Johary Rajosefa, were also present.

The objectives of the Joint Commission are to consolidate bilateral relations between the two countries and promote cooperation in sectors such as agriculture, trade, fisheries, education, research, culture, energy and health, among others.

In her address, Ambassador Dwarka-Canabady, recalled that the absence of permanent dialogue between countries can hinder proper communication and slow down progress as regards possibilities of investment. To this end, she emphasised that key players should continuously exchange and come up with effective strategic tools to facilitate partnership for common potentials.

She pointed out that the interactive session will enable stakeholders to discuss avenues of cooperation as well as challenges faced by economic operators and propose remedial actions for investment and business related opportunities.

For his part Mr Ken Poonoosamy spoke of the existing diplomatic relations and friendly ties between the two countries while adding that they have worked together with the objective of bringing these relations to new heights. He expressed confidence that the special economic zones will provide further opportunities to both countries to attract foreign investments in different key sectors while close collaboration will further lead to the expansion of economic and commercial exchanges.

According to Mr Johary Rajosefa the Economic Development Board of Madagascar is committed to improving business climate in the country so as to attract international investors. He added that although Madagascar has tremendous potential, it has to overcome barriers to investment and thus needs to pool its resources for the economic progress of the country.

He dwelt on the current business climate in Madagascar and outlined the various legislations governing business, labour, corporate field and investment.

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