In December 2017, the USAID Hub led a capacity building workshop for Madagascar’s investment promotion agency, the Economic Development Board of Madagascar (EDBM). The workshop presented best practices for attracting foreign direct investment and helped participants develop action plans to address gaps in EDBM’s operations. By improving EDBM’s investment facilitation and project profiling ability, EDBM will be better positioned to attract and sustain new private sector investment that can support Malagasy firms’ growth.
The capacity building workshop highlighted the best practices in investment promotion and facilitation exemplified by leading investment promotion agencies (IPAs) such as the Board of Investment Mauritius (BOI), which was cited by the World Economic Forum Global Competitiveness report 2016 as the best performing agency in Africa.
“The training was very interesting, I got a lot of information regarding foreign direct investment, best practice and tools used in investment promotion. I will use this information to satisfy the requirements of investors. Personally, the training improved my knowledge concerning investment facilitation,” said Rakotoniana Sahondra, Representative of the Ministry of Foreign Affairs in charge of issuing transformable visas for investors.
The Hub is working to attract $100 million of new investment into East Africa. Helping IPAs to showcase opportunities contributes to this goal. The Hub has supported the closure of $57 million in investments over the life of the project and currently has $10 million of potential deals under review for Madagascar in the textile and agro processing sectors.
In addition to supporting Madagascar’s IPA to improve its best practices, the Hub is working with Malagasy small- and medium-sized enterprises (SMEs). In September 2016, the Hub identified Malagasy companies that could benefit from the Hub’s two-year project designed to increase regional exports and investments through tailored business support. Watch a recap of the workshop below.