The private sector is a key contributor to any country’s development ambitions, President Andry Rajoelina of Madagascar, said on Monday, August 7, during a bilateral business forum in Kigali. ALSO READ: Rwanda, Madagascar sign private sector agreement to boost economic cooperation The Rwanda-Madagascar Business Forum convened business executives as well as government officials from the two countries in discussions centered on identifying and fostering cooperation to invest in areas of mutual interest such as ICT, mining, tourism, infrastructure, and manufacturing. Rajoelina arrived in Rwanda, earlier on Sunday evening, for a three-day state visit. ALSO READ: Rwanda-Madagascar business forum to explore investment opportunities He held discussions with his Rwandan counterpart, President Paul Kagame, to further enhance economic ties between the two nations. Speaking at the business forum, he noted: “To industrialize a country, you need the private sector. We cannot develop a country without creating employment, producing, and adding value locally to all things that people need.” ALSO READ: Madagascar: A sneak peek into the “eighth continent,” home to rich cultural diversity He stated that Rwanda represents a model of development on the African continent by achieving remarkable milestones in different sectors, particularly in terms of economic development. “The collaboration between the two private sectors will undoubtedly abound in this aspect.” The forum saw the signing of an agreement between the Rwandan Private Sector Federation (PSF) and Madagascar’s Groupement des Entreprises de Madagascar (GEM) to harness collaboration in driving economic development. According to Jeanne-Françoise Mubiligi, the acting Chairperson of PSF, the agreement will create an enabling environment to allow business people in SMEs to expand their activities in both economies. In the past two years, Madagascar amended several structural reforms notably an investment act, passed a new mining code, and several reforms in the labor act aimed at reinforcing investments in Madagascar. Rajoelina said Rwanda has already traced the path to creating an enabling investment environment driven by the political will to develop and support the private sector, hence the need for knowledge exchange between both countries. He welcomed the initiative by the Economic Development Board of Madagascar (EDBM) and Rwanda Development Board (RDB) to set up a Business Council that will fast-track cooperation between the private sector of both countries. “I am personally committed to ensuring that measurable and quantifiable results are visible in order to contribute to the sustainable development of our two countries and to serve the well-being of our people.” Clare Akamanzi, the CEO of Rwanda Development Board, showcased different frameworks and eased regulations put in place to facilitate investment flows in Rwanda – including no restriction on repatriation of capital in Rwanda, ease of registering a business, and the scale of economic growth over the past years. “Our shared vision of a prosperous future is founded on the spirit of entrepreneurship, the exchange of knowledge and skills, as well as expertise. This forum provides a platform for meaningful dialogues, networking, and forging lasting partnerships.”
