Ambassador’s Remarks at the Trade Promotion Event
(Antsirabe, 26 July 2024)
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Governor of Vakinankaratra Region H.E. Mr. Vyvato Rakotovao,
President of the Chamber of Commerce and Industry of Antsirabe Mr. Anselme Antonio Andrialalanirina,
Excellencies, Ladies and Gentlemen,
Namaste, Salama, Good Afternoon. It is my pleasure to visit the beautiful city of Antsirabe, renowned for its beautiful lakes and thermal springs. I am glad to join today’s special event for promoting trade-economic cooperation between India and Vakinankaratra Region. I would like to convey my special thanks to the Governor, President of the local Chamber of Commerce and Industry and other dignitaries for their support for today’s event.
2. You might be aware of the remarkable economic transformation currently underway in India, under the visionary leadership of Prime Minister H.E. Mr. Narendra Modi. Now, India has become not only the world’s 5th largest economy but also its fastest growing major economy. Indian spacecraft “Chandrayaan-3” made a soft landing near the Moon’s South Pole in August last year, making India the only fourth country in the world to land smoothly on the Moon. Another Indian spacecraft “Aditya- L1” is observing the Sun from a distance of 1.5 million km from the Earth since January this year. With more than 110 Unicorns, India is home to the world’s third largest start-up eco-system even while India has become the global leader in real-time digital payment transactions with its Unified Payments Interface (UPI) accounting for more than 117 billion transactions last year.
3. I am glad to note that India-Madagascar bilateral trade has grown steadily in recent years, amounting to US$ 423 mn in FY 2023-2024. Top exports from India to Madagascar were rice, pharmaceuticals, textiles, sugar, machinery, vehicles etc while major imports from Madagascar were cloves, cow peas, graphite, nickel, essential oils etc. I take this opportunity to encourage the companies from Vakinankaratra Region to take advantage of India’s Duty Free Tariff Preference Scheme for 98.2% of the tariff lines and further strengthen India-Madagascar trade ties.
4. I would also like to mention a few sectors for stronger trade-economic cooperation between India and Vakinankaratra Region:
Agriculture: India is one of the largest producers and exporters of agricultural, dairy, meat and fish products in the world. India is also the largest producer of milk and the second largest producer of rice, fruits and vegetables in the world. I am glad to note that last year Madagascar had exported cloves worth more than US$ 100 mn to India. There is scope for further enhancing trade between India and Vakinankaratra Region, especially in rice and vegetables.
Textiles: India is one of the largest producers of cotton, silk, jute and technical textiles. Textiles industry is the 2nd largest employer in India, providing direct employment to 45 mn people. The size of Indian textile and apparel market is estimated at US$ 165 bn in 2022 and is expected to grow to US$ 350 bn by 2030. Handloom weaving is one of the largest economic activities in India and more than 90% of the world’s hand-woven fabrics are made in India. We could explore greater cooperation between India and Vakinankaratra Region in the field of textiles.
Mining: India is among the largest producers of iron ore, steel and is a major importer of gold, diamonds, precious stones etc. India stands ready to share its experience and expertise with Madagascar in the exploration, extraction and processing of minerals in Madagascar in a sustainable manner for the benefit of the local population.
Tourism: India is one of the largest tourist destinations of the world, attracting 9 million tourists last year. I am glad to note that India is a favored destination for medical tourism for the people of Madagascar. With rising disposable incomes of its middle-class population, India is also becoming a source for out-bound tourism. I hope to see more Indian tourists exploring the beautiful landscapes of Vakanankaratra Region. I also take this opportunity to invite you all for the yoga event at Velodrome stadium tomorrow morning.
5. In conclusion, I would like to mention that as a close neighbour and partner in the Indian Ocean region, India desires to see the emergence of Madagascar as a thriving nation. Embassy will work closely with Government of Madagascar and other agencies to further enhance India-Madagascar cooperation in the areas of agriculture, energy, education, health, information technology, transportation, tourism etc. Thank you once again for taking part in today’s event!
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