Economic Overview & Business Opportunities in Madagascar
A country located just off the Southern Coast of Africa, Madagascar is an island of undiscovered business opportunities. But first, let’s look at its economic overview to get an idea of what you can expect.
Before you think about starting a business in Madagascar, it is important to understand the background of the country. Madagascar may not be at the top of everyone’s business investment list yet, but that doesn’t mean opportunity is lacking. On the contrary.
Economic Overview in Madagascar
Driven by the agricultural sector, a lot of Madagascar’s livelihood depends on the steady growth of this industry. Approximately 80% of the country’s population is employed within this sector alone. As a hefty contributor to a lot of the region’s agricultural needs, Madagascar is responsible for 80% of the world’s natural vanilla.
Aside from the agricultural side, Madagascar is rich in natural resources. These include crude oil, rubies, emeralds, and sapphires. However, a lot of this sector still remains untapped. Something potential investors could probably consider if they want to think about starting a business in Madagascar.
With a lot of potential within the energy, mining, fisheries, and agricultural sector, Madagascar is expecting a rise in both public and private investments. The Madagascar Emergence Plan 2019/2023 is poised to stimulate such growth. The ultimate aim of the plan is to give the country’s economy a boost, improve its governance, and strengthen its human capital.
What might strike investors at first glance is the poverty that is faced by the nation. Like many other countries around the world, Madagascar felt the effects of the Covid-19 pandemic. The pandemic brought its four-year economic growth target to a halt. But now, Madagascar is back and ready to get back into the swing of things. The Government is certainly keen to bring on board more foreign investment, especially businesses that could help develop the nation.
Business Opportunities in Madagascar
A lot of Madagascar’s current population depends on the agricultural sector, so there are definitely business opportunities available in this sector. This is just one of the many sectors. For investors keen to develop the country’s infrastructure sector, there are plenty of opportunities available here too. Especially given how Madagascar’s current infrastructure system could use some improvement.
Investors who are keen to dabble in Public-Private Partnerships can consider business opportunities in the energy and telecommunications sector. There is also a lot of untapped potential lying in wait within the tourism, mining, ICT, renewable energy, agribusiness, and textiles sectors.
As the largest textile exporter in the European Union, investors could potentially benefit from venturing into this market. Business opportunities can also be found in the dairy processing sector too.
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