The Hindu : Madagascar seeks foreign investments

Online edition of India's National Newspaper
Sunday, Feb 22, 2004

Tamil Nadu

Tamil Nadu

Madagascar seeks foreign investments

By Our Staff Reporter

CHENNAI, FEB. 21. The African nation of Madagascar has initiated measures to attract investment for industrial development, including tax incentives and permission to foreigners for purchasing land.

The commitment of the sub-Saharan island to develop infrastructure, including telecommunication, offers prospects and opportunities to the investors, senior officials of Madagascar told a meeting here. Apart from facilitating the process for the investors, the island nation had developed a domestic economic policy, the officials told the inaugural function of the Indo-Madagascar Chamber of Commerce and Industry.

"Madagascar has laid the foundations for international economic cooperation by opening up further to foreign investment and providing investors protection and security," its president, Marc Ravalomanana, was quoted in a handout as having said on the opportunities in the country.

The nation, which specifically offered opportunities for investors in tourism, textile/garments, mining, agri-business and fisheries, handicrafts and Internet technology, assured investment guarantee — member of the Multilateral Agency for the Guarantee for Investments — to protect investors against non-commercial risks. It also initiated action to identify state-owned land for development as industrial or tourism area.

Inaugurating the chamber, S.K. Krishnan, judge, Madras High Court, said agriculture was the backbone of Madagascar's economy and its export earnings were primarily from the small-scale sector, with many of the units engaged in textiles and agro business, including processing.

Azeez Arambathickal, president of the chamber, said there was scope for developing business ties between the countries, especially in small-scale units.

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