Pact for industrialization in Madagascar: A key step towards economic development
Madagascar, one of the richest islands in natural resources, has recently taken a major step in its journey towards industrialization. After more than a year of talks, the private sector and the state have signed a historic pact to boost the country’s industry and economy.
This partnership, which involves Madagascar’s nine main employers’ organizations and the Ministry of Industrialization, Trade and Consumption, is a significant step forward in doubling the industry’s contribution to the country’s GDP by 2040.
The industrial programming pact is based on two essential pillars: the transformation of local resources and the improvement of the competitiveness of Malagasy businesses and industries. For the first time, Madagascar has a programmatic vision of the industry over the long term, which gives a boost of hope for sustainable development and a solid economy.
The agreement targets five key sectors for industrialization: agro-industry, textiles, essential oils, mining processing and energy. These sectors were chosen because of their growth potential and their ability to create jobs and generate income. The pact aims to promote their development and strengthen their competitiveness on national and international markets.
In order to guarantee the monitoring and control of the implementation of this pact, a National Industrialization Council will be created. This independent structure will represent each signatory and ensure the effective coordination and supervision of initiatives and industrial projects.
However, the success of this pact also depends on the continuity of the state, especially in the run-up to the presidential election. Economic actors insist on the importance of political stability to ensure the smooth implementation of this plan, even in the event of a change of regime.
To support investments and facilitate the implementation of commitments, the private sector is eagerly awaiting the release of the decree implementing the law on industrial development, promulgated in 2018, as well as the text on the National Fund for Industrial Development. . These measures will help support major industrial projects in the country and ensure an investment-friendly environment.
This pact for industrialization in Madagascar opens up new prospects for the country. By promoting the development of key sectors, it will create jobs, increase incomes and reduce dependence on imports. This is a major economic commitment that will help transform the Malagasy economy and pave the way to a prosperous and sustainable future