One of the world’s fastest growing economies, Madagscar is an island nation lying off the south east coast of Africa. Of the 25 million people who live in Madagascar, around 1.6 million live in Antananarivo, the island’s capital.
82% of Madagascar’s workforce is employed in agriculture. Agricultural products – banana, cassava and beans – account for the bulk of Madagascar’s exports.
If one were to sum up Madagascar’s economic prospects in a single word, that word would be: ‘potential’. Madagascar is blessed with abundant natural resources, and offers investors a wealth of untapped potential, including a competitive workforce.
In recent years, Madagascar has worked hard to attract foreign investment. The country runs a number of Export Processing Zones. Most of the country’s garment exports – an important source of national income – originate here.
Following the financial crisis of 2002, the government developed a recovery plan in concert with foreign governments and investors, establishing a steering committee to oversee foreign investment. In addition, the government identified its foremost priorities as road infrastructure, land reform and the fight against corruption.
Madagascar is blessed with an extraordinarily diverse ecosystem – around 150,000 species native to the island are found nowhere else on earth. Ecotourism is a growth industry and a strong potential source of foreign income.
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