Strengthening Ties: The Dubai-Madagascar Business Forum
Dubai recently played host to an impressive gathering of business leaders as it welcomed a delegation of 60 companies from Madagascar at the Dubai-Madagascar Business Forum. This significant event took place on May 27, 2023, at the headquarters of Dubai Chambers, aimed at exploring lucrative investment opportunities and fostering potential business partnerships between the two regions.
A Significantly Attended Event
The forum was underscored by the presence of Madagascar’s President Andry Rajoelina, who led a high-profile delegation that included various ministers, senior government officials, and prominent business figures. This assembly served not only as a diplomatic gesture but also highlighted Madagascar’s seriousness in expanding its economic horizons through collaborative efforts with Dubai.
Strengthening Economic Ties
During the forum, discussions were centered around the importance of fortifying economic relationships. The event served as a platform to advance cooperation across sectors deemed high-potential for trade and investment. Sultan bin Saeed Al Mansoori, the Chairman of Dubai Chambers, emphasized this partnership, stating, “The steady growth in economic ties between Dubai and Madagascar reflects our shared commitment to strengthening bilateral partnerships.” His words encapsulated the essence of the forum, affirming a mutual interest in levels of cooperation that would benefit both parties.
Direct Connections and Economic Growth
One of the noteworthy developments mentioned during the forum was the planned launch of Emirates Airlines’ direct service to Antananarivo, Madagascar’s capital, scheduled for September 2024. Al Mansoori lauded this initiative as a pivotal milestone expected to enhance bilateral trade, tourism, and collaborative ventures.
A landmark statistic shared at the forum revealed that Dubai’s non-oil trade with Madagascar surged by a remarkable 90% in 2024. The trade volume transitioned from AED 692 million in 2023 to AED 1.3 billion, emphasizing the increasingly robust economic relations between the two regions. Such growth not only signifies expanding trade but also suggests a burgeoning interest from both sides to explore various avenues of economic engagement.
Insights from Leadership
As the President and CEO of Dubai Chambers, Mohammad Ali Rashed Lootah took the opportunity to present a comprehensive overview of promising sectors that could foster bilateral investment and trade collaboration. He highlighted several key areas ripe for opportunity, including tourism, entertainment, logistics, real estate, information technology, and financial services. Lootah’s insights painted a picture of how businesses from Madagascar could leverage Dubai’s dynamic marketplace to unlock new avenues for growth.
Focus on Sustainable Growth
Throughout the event, it was evident that both Dubai and Madagascar were keen on fostering sustainable economic growth. The emphasis on exploring impactful cooperative opportunities resonates with global trends focused on sustainability and responsible business practices. Both parties seemed to acknowledge that strong partnerships must contribute positively to the socio-economic fabric of their communities.
Through these initiatives and dialogues, the Dubai-Madagascar Business Forum not only served as a conduit for immediate business interactions but also laid the groundwork for a future built on mutual respect and shared goals. The engagement between these two regions showcases the potential for a symbiotic relationship that promises to enrich their economic landscapes.
This not only resonates with the interests of investors but also positions both regions favorably on the global economic map. As Dubai continues to fortify its standing as a financial hub and Madagascar aims to propel its economic vision forward, collaborations like this undoubtedly play a crucial role in achieving shared success.
