Supporting local industries and opening up to FDI

At the National Private Sector Conference, the Madagascar Industries Union (SIM), through its representative Hassim Amiraly, reiterated its commitment to the country’s reindustrialization.

During this meeting dedicated to presenting the Private Sector Development Strategy (SDSP), Hassim Amiraly spoke about Madagascar’s rich industrial past. He mentioned the tomato concentrate factory in Ambato-Boeny and Sotema in Mahajanga, which employed 3,400 citizens. He lamented the disappearance of these major industrial enterprises and the repercussions of the lack of strategic vision.

In this context, SIM recommends a balanced approach between supporting local industries and opening up to foreign investments. According to Hassim Amiraly, a favorable framework plays a crucial role in the sustainability of Malagasy enterprises. Agribusiness is an essential element of industrial development, supported by the country’s natural resources. This business leader highlighted the importance of leveraging unique strengths rather than imitating unsuitable models.

The ambitious goal of the SDSP is to increase the industry’s share of GDP by 30 % by 2040. To achieve this goal, SIM emphasized two priorities: secure access to energy and efficient road infrastructure. These foundations are considered essential for building a solid and attractive industrial ecosystem.