The agreement entered on Monday 7th August 2023, was part of the Rwanda-Madagascar Business Forum, which brought together 30 delegates from 20 companies in Madagascar to meet and exchange with their Rwandan counterparts. President Andry Rajoelina of Madagascar led the delegation on a three-day state visit, upon the invitation of President Paul Kagame of Rwanda.

The focus of the private sector cooperation will be on market expansion, strategic partnerships, and business development. Mubiligi emphasized the importance of identifying priority sectors of investment to strengthen small and medium enterprises in both countries and regions.

Lantosoa Rakotomalala, Chairperson of the Board of Directors at the Economic Development Board of Madagascar (EDBM), highlighted the collaborative efforts not only between Madagascar and Rwanda but also between other African countries.

Tahina Ramaromandray, Administrative Director at Groupe Filatex, expressed interest in knowledge exchange within the energy sector and learning best practices in special economic zones.

The Rwanda Development Board (RDB) also signed an implementation plan of a previous MoU from February 2019, aiming to facilitate investment flow between Rwanda and Madagascar through capacity building and professional skill enhancement.

Clare Akamanzi, CEO of RDB, emphasized the forum’s role in identifying synergies and exploring opportunities in priority sectors such as ICT, mining, tourism, infrastructure, and manufacturing.

Akamanzi showcased Rwanda’s investment-friendly frameworks and eased regulations, including no restriction on capital repatriation and simplified business registration, supporting the country’s economic growth in recent years.