Madagascar's head of state says the country seeks partners for complete and sustainable projects, opening doors to Egyptian investors. This ambitious stance comes amid tensions with parts of the local private sector. Colonel Michaël Randrianirina, head of state, concluded his opening remarks during a meeting with Egypt's General Authority for Investment and Free Zones (Gafi) on Thursday, during an official visit to Egypt: "Now is the time to invest in Madagascar."
Within Egypt's economic landscape, Gafi plays a regulatory and investment promotion role. The Iavoloha resident used the opportunity to roll out the red carpet for Egyptian investors. He stated that what he observed during his stay convinced him of Egypt's expertise and capabilities.
"During my stay in Egypt, I witnessed many remarkable achievements. These major infrastructures show that vision becomes reality when based on clear planning, mobilized financing, technical expertise, and rigorous oversight. This progression from vision to project to concrete realization is precisely what Madagascar wishes to strengthen," he declared.
With this in mind, Colonel Randrianirina stated: "Dear Egyptian investors, Madagascar invites you to bring your capital, expertise, and proven experience in implementing complex, large-scale projects." He emphasized that "cooperation between African nations is key to Africa's development." Beyond South-South cooperation advantages, he highlighted Madagascar's strategic resources and human capital strength.
Madagascar's geostrategic position as an ideal launchpad for global market access was also part of his argument. However, he clarified that "during this Refoundation period, Madagascar seeks not merely financing. We seek complete, well-structured, and sustainable projects." He added: "We seek companies ready for long-term commitment, ready to implement and maintain projects, transfer technology, train personnel, and invest jointly with Malagasy enterprises."
The head of state acknowledged that Madagascar faces structural challenges in attracting investors, including energy, logistics infrastructure, and administrative burden. "We don't intend to hide these problems, but we don't consider them insurmountable," he defended. Colonel Randrianirina added that "Refoundation must improve public action organization and implement major structural projects to address these challenges."
Before Gafi, the Iavoloha resident raised the question of trust between state and investors. "For the state, trust means state support, effective coordination between ministries and public administration, and genuine willingness to address investor obstacles," he stated.
In this spirit of mutual trust, he asked Egyptian investors to respect laws, tax regulations, and environmental standards. He also listed state expectations: job creation and cooperation with Malagasy enterprises. According to the Refoundation presidency communiqué, about ten Malagasy operators accompanied the senior officer during this Gafi meeting.
However, Colonel Randrianirina's advocacy resonates particularly in a context of latent tensions between the state and parts of the local private sector. The Groupement des entreprises de Madagascar (Gem), the country's main employers' organization, suspended its participation in all public-private dialogue mechanisms in late June.
The reason: what Gem calls "prolonged denial of justice" affecting its five representatives on the board of the National Social Security Fund (CNaPS). They are implicated in the CNaPS-SMGD (Municipal Digital Management Company) affair. Gem conditions dialogue resumption on state guarantee restoration.