The industrialization of Madagascar: a new horizon for the economic development of the country
In Madagascar, the private sector and the state recently signed a historic pact to promote the country’s industrialization. This collaboration between the main Malagasy employers’ organizations and the Ministry of Industrialization, Trade and Consumption aims to double the contribution of industry to GDP by 2040.
This industrial programming pact focuses on the transformation of local resources and improving the competitiveness of Malagasy companies. For the first time, a long-term vision is put in place for the country’s industrial sector. Five growing sectors have been identified as priority targets: agro-industry, textiles, essential oils, mining processing and energy.
In order to guarantee the proper implementation of this agreement, a National Industrialization Council will be created, bringing together the different signatories. This will enable progress in each area of activity to be tracked and controlled.
It is important to emphasize that the success of this pact is closely linked to the continuity of the State, particularly in the context of the upcoming presidential election. The signatories underline the importance of a firm commitment, even in the event of a change of regime, in order to guarantee the pursuit of the objectives set.
To realize and encourage the necessary investments, the private sector is impatiently awaiting the publication of the implementing decree of the law on industrial development, as well as the establishment of the National Fund for Industrial Development, which will support major industrial projects in the country.
This initiative could represent a major turning point in the economic development of Madagascar. By promoting industrialization, the country will be able to diversify its economy, create numerous jobs and stimulate growth. It remains to be hoped that concrete measures will be quickly put in place and that this promising pact will be fully exploited for the good of all Malagasy economic players.
In conclusion, the signing of this pact for the industrialization of Madagascar opens new perspectives for the country and constitutes an important step towards sustainable economic development. All that remains to be seen is how this collaboration between the State and the private sector will materialize in the coming years and what impact it will have on the Malagasy economy as a whole.