Investors and traders from Rwanda and Madagascar will gather on August 7 in Kigali to explore potential opportunities in the two countries that they can venture into.

The two sides will be meeting under the Rwanda-Madagascar Business Forum. Both will be showcasing the business and investment opportunities in their respective countries and explore potential partnerships to tap into the opportunities.

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Also, the forum is expected to facilitate meaningful engagements between government officials and private sector players from both countries, fostering greater economic cooperation.

The roots of this upcoming business forum can be traced back in February 2019 to a prospecting mission carried out in Rwanda by a team from the Economic Development Board of Madagascar (EDBM). During this visit, a memorandum of understanding (MoU) was signed between EDBM and the Rwanda Development Board (RDB). The primary objective of the MoU was to boost the flow of investments between Rwanda and Madagascar.

The partnership between EDBM and RDB aims to strengthen bilateral economic ties and foster knowledge exchange. The MoU that was signed in 2019 intends to facilitate the development of exchanges between the two organizations, promoting capacity building and enhancing professional skills. In particular, RDB will share its experiences with EDBM in investment promotion, marketing strategies, and communication campaigns, further promoting economic growth in both countries.

"I am delighted with the strengthening of cooperation between Madagascar and Rwanda, a model of development in Africa. The flow of investments between our two countries will be accentuated thanks to this new memorandum of understanding," said Andry Rajoelina, President of Madagascar, expressing his enthusiasm for the increased partnership.

In light of the development, President Rajoelina arrived in Rwanda on August 6, for a three-day state visit at the invitation of his Rwandan counterpart, President Paul Kagame. During his visit, President Rajoelina is scheduled to engage in high-level meetings with President Kagame and other senior government officials to discuss issues of mutual interest, cooperation, and ways to further enhance economic ties between the two nations.

Rajoelina is also accompanied by members of the private sector from Madagascar who will be part of the business forum.