Indians ready to invest in Madagascar

By Xinhua

Antananarivo (Madagascar): Indian businessmen are ready to invest in different sectors in Madagascar, an Indian business leader has said, according to the French language daily, Tribune, published here Monday.

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The dialogue between Madagascar’s President Marc Ravalomanana and local leaders as well as representatives of donors and international organizations last month convinced Indian traders to invest in the country, Azeez Arabathickal, president of Indo-Madagascar Chamber of Commerce and Industry (IMCOCI), told the media here Friday.

Indian entrepreneurs had already worked out five development projects in Madagascar and were waiting for permission from the government before they could start their implementation, he told a press conference.

The projects concern different sectors including agriculture, rural development, communication and media, health, road and rail infrastructures.

One of the biggest projects, estimated at $3 billion, was the construction of railways linking some regions in the island country.

When completed, Arabathickal added, it would facilitate the movement of people and goods especially agricultural and mineral resources from many isolated areas in the country.

The Indian investors have also plans to use the Pangalanes Channel in eastern Madagascar for promoting tourism.