Madagascar joins the International Francophone Investment Network
The Economic Development Board of Madagascar (EDBM) has recently become a member of the International Francophone Investment Network, marking a significant milestone for the Malagasy economy.
About the International Francophone Investment Network
Founded in Abidjan on 17 March 2014 under the presidency of Mr. Esmel Emmanuel, the International Francophone Investment Network aims to create a framework for the exchange of information and expertise. Its mission includes strengthening performance, cooperation, and solidarity among French-speaking investment promotion agencies. Mr. Anthonny NKINZO KAMOLE, the newly appointed president for 2022, aims to « create a chain of solidarity and effectively tackle the challenges of attracting investment. »
Network Overview
With 417,686 members spanning 3 continents and 21 countries, including Côte d’Ivoire, Burkina Faso, Congo-Brazzaville, Comoros, Burundi, Mali, Senegal, Guinea, Morocco, Lebanon, Benin, Republic of Congo, Chad, France, and Madagascar (the latter joining the EDBM on 7 November), the International Network of Francophone Investment has significantly grown in influence.
One Small Step for EDBM, One Giant Leap for the Malagasy Economy
EDBM’s membership in the network signifies a new impetus for its activities, aiming to consolidate international cooperation and facilitate interactions with potential investors. This move is expected to have a positive impact on the Malagasy economy. Through this network, the Malagasy Investment Promotion Agency reaffirms its commitment to facilitating investment and promoting economic development in Madagascar.
Meanwhile, foreign direct investment (FDI) has shown encouraging trends over the past two years, reaching 358 million USD in 2021 and projected to increase to 400 million USD in 2022. This suggests a promising outlook for further growth in foreign investment in Madagascar.
J.J.R.
