Antananarivo, 29 August 2017 (ECA)- The blue economy and industrialization are potential drivers of sustainable and inclusive growth in Madagascar, while growth is accelerating in the country, rising from 3.1 percent in 2015 to 4.3 percent in 2017.
This new growth dynamic should help meet the challenges faced by Madagascar in terms of preserving natural resources and fighting poverty, which still affects 71.5 percent of the population.
Mr. Zalahafy Yingh Vah, Madagascar Minister at the Presidency in charge of Mines and Petroleum, reaffirmed the importance of these key sectors in a workshop organized jointly by the UN Economic Commission for Africa (ECA) and the Malagasy government. The three main objectives of the workshop held from 29 to 31 August 2017 in Antananarivo were to present the country profile of Madagascar published by ECA, to initiate the process of developing a national strategic framework on blue economy and to launch a national mining vision.
Madagascar has immense potential in terms of natural capital: natural resource rents represent 12.8 percent of Malagasy GDP in 2015 (compared to 1.7 percent for the rest of the world). Over the last decade, the mining sector has experienced exceptional growth, reaching 3.5 percent of GDP in 2016, compared to less than 0.5 percent in 2007. Mining products (nickel and chromium in particular) now account for more than one third of exports. In this regard, Madagascar wishes to establish a national Africa mining vision, in partnership with the African Minerals Development Center, with the aim of increasing the mining sector's share in the economy.
The blue economy is essentially based on the optimization of several sectors such as the mining sector, port infrastructure, maritime transport, fisheries, tourism and renewable energy. It enhances intersectoral coordination and sustainable management of the resources involved in all the sectors. For Madagascar, the blue economy, which is one of the pillars of regional integration within the Indian Ocean Commission, holds considerable potential to sustain socio-economic growth.
The country profile shows that Madagascar experiences stronger and more inclusive growth, through the National Development Plan (2015-2019). However, the economic recovery remains fragile due to environmental risks, persistent poverty and structural weaknesses in the economy. The industrial free zones could play an important role in the country’s growth and strengthen the Malagasy economy.
The launch of the country profile in Antananarivo was followed by a presentation of the new industrial policy law by the government of Madagascar.
For more information, you can download:
1. Madagascar Country Profile on: https://www.uneca.org/sites/default/files/uploaded-documents/CountryProfiles/2017/madagascar_cp_eng.pdf
2. Africa's Blue Economy: A policy Handbook: https://www.uneca.org/publications/africas-blue-economy-policy-handbook
Issued by:
Office for Eastern Africa of the Economic Commission for Africa