Dubai Chamber Hosts Dubai-Madagascar Business Meeting
In Dubai today, a high-level delegation of 60 companies from Madagascar was welcomed by the Dubai Chambers, marking a significant expansion in economic ties between the two nations. The event, known as the Dubai-Madagascar Business Forum, brought together government officials, ministers, and business leaders from both sides.
The gathering, attended by Madagascar's President, Andry Rajoelina, emphasized the Malagasy government's eagerness to bolster bilateral cooperation in key sectors.
Sultan bin Saeed Al Mansoori, Chairman of Dubai Chambers, warmly received the delegation, accompanied by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and representatives from the emirate's private sector. Al Mansoori highlighted the remarkable 90% growth in non-oil trade between the two markets in 2024, with trade value escalating from AED 692 million in 2023 to AED 1.3 billion.
He also pointed towards the upcoming launch of Emirates Airlines' direct flights to Antananarivo in September 2024, which he identified as a crucial catalyst for future trade, tourism, and business expansion.
President Rajoelina lauded Dubai's global economic stature and reaffirmed Madagascar's dedication to advancing collaborative efforts in sectors like tourism, logistics, real estate, technology, and financial services.
Lootah showcased diverse investment prospects in Dubai, encouraging Malagasy businesses to delve into the dynamic and flourishing economic landscape of the emirate.
The forum underscored a shared ambition among both business communities to nurture sustainable economic partnerships and discover new avenues for mutual cooperation.
The agricultural sector, with Madagascar's vast agricultural resources, is a vital area for growth in the global market. Investment and collaboration in telecommunications are indispensable for improving connectivity and transaction facilitation between the two nations.
Financial sector collaborations are instrumental in supporting trade and investment by supplying essential financial infrastructure and services. The manufacturing and industrial sector provide opportunities for development, aiding economic diversification and growth.
Tourism, another crucial sector, seeks to foster travel and cultural exchange. Emirates Airlines has already commenced direct flights to Antananarivo, while strategic partnerships have been forged to boost tourism in Madagascar.
Notably, renewable energy collaborations, such as the installation of solar power, highlight the focus on sustainable development, with a project to add 150 MW of solar energy to Madagascar. Infrastructure development, including highways, bridges, housing, and special economic zones, remains a primary focus for attracting technical and financial investors from Dubai.
- The Madagascar government, as expressed by President Andry Rajoelina, is eager to boost bilateral cooperation in sectors like tourism, logistics, real estate, technology, and financial services.
- Sultan bin Saeed Al Mansoori, Chairman of Dubai Chambers, highlighted the 90% growth in non-oil trade between the two markets and the upcoming launch of Emirates Airlines' direct flights to Antananarivo as crucial catalysts for future trade, tourism, and business expansion.
- Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, showcased diverse investment prospects in Dubai, encouraging Malagasy businesses to delve into the dynamic and flourishing economic landscape of the emirate.
- Financial sector collaborations are instrumental in supporting trade and investment by supplying essential financial infrastructure and services.
- Infrastructure development, including highways, bridges, housing, and special economic zones, remains a primary focus for attracting technical and financial investors from Dubai, with a focus on sustainable development, exemplified by the installation of solar power projects in Madagascar.
