Rwanda and Madagascar on August 7 signed an agreement forging private sector cooperation between both countries as crucial contributors to economic development.
The agreement was signed between Jeanne-Françoise Mubiligi, the acting Chairperson of the Private Sector Federation (PSF), and Guy Foka, the President of the International Commission of Groupement des Entreprises de Madagascar (GEM).
The development is part of the Rwanda-Madagascar Business Forum that attracted about 30 delegates of business players representing 20 companies from Madagascar to meet and exchange with their counterparts in Rwanda.
The delegation is led by President Andry Rajoelina of Madagascar who is on a three-day state visit, since on August 6, at the invitation of his Rwandan counterpart, President Paul Kagame. The leaders were scheduled to, among others, discuss issues of mutual interest, cooperation, and ways to further enhance economic ties between the two nations.
The private sector will capitalize on opportunities in market expansion, strategic partnerships, and business development, noted Mubiligi.
"To realize our mutual objectives, we will work together to identify priority sectors of investment, for our small and medium enterprises to have a solid foundation to expand their activities in our countries and regions," she said.
The recent economic crises, she noted, revealed the critical role of the private sector in the development of economic strategies and innovative solutions, hence the need to take on the challenge of promoting digital solutions that revolutionize economies and increase financial inclusion.
Lantosoa Rakotomalala, Chairperson of the Board of Directors at the Economic Development Board of Madagascar (EDBM), said that the signing of the agreement marks yet another step in collaboration not only between Madagascar and Rwanda but other African countries at large.
"Over the course of our discussions, we are going to focus on investment attraction between our countries, enforcing our trade ties which should be increased, and assisting business-to-business exchanges from both sides."
Tahina Ramaromandray, the Administrative Director at Groupe Filatex, an energy-producing company in Madagascar, looks forward to knowledge exchange with business people in the energy sector as well as learning the best practice when it comes to special economic zones.
Rwanda Development Board (RDB) also signed an implementation plan of an MoU signed in February 2019 which primarily aimed to boost the flow of investments between Rwanda and Madagascar by facilitating the development of exchanges between the two organizations, promoting capacity building and enhancing professional skills.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
Clare Akamanzi, the CEO of RDB, said that the forum provides an opportunity to identify synergies and explore opportunities in various priority sectors for both economies such as ICT, mining, tourism, infrastructure, and manufacturing, among others.
"Our shared vision of a prosperous future is founded on the spirit of entrepreneurship, the exchange of knowledge and skills, as well as expertise. This forum provides a platform for meaningful dialogues, networking, and forging lasting partnerships," she said.
Akamanzi showcased different frameworks and eased regulations put in place to facilitate investment flows - including no restriction on repatriation of capital in Rwanda, ease of registering a business, and the scale of economic growth over the past years.
