The Tananarive cable car soon to be operational
The President of the Republic Andry Rajoelina made a first trip by cable car, last June 21, above Antananarivo.
Five days before the national holiday, he wanted to demonstrate to the inhabitants of the capital that his cable transport project was about to succeed. However, no official date has been announced for the commissioning of the first line., which will connect the Anosy district to that of Ambatobe (northeast of the city).
The project was the subject of an agreement signed by the French and Malagasy governments on September 20, 2021, relating to two loans amounting to 152 million euros : a first granted by the French Public Treasury and a second guaranteed by the Public Investment Bank (BPI) France export. The French manufacturer Poma and the Colas group were selected to create the infrastructure.
Cable transport should remain reserved for the Tananarivian elite, due to the price of the ticket, which could be between 3,000 and 5,000 ariarys (0,6 and 1 euro), six to ten times more expensive than a bus ticket. The Malagasy state must soon choose the shareholders of the future cable car operating company, for which Poma has already positioned itself, as well as another French company specializing in cable transport, Stem International.
275 companies in free zones
In June, the Big Island had 275 free businesses, according to figures published by the Economic Development Board of Madagascar, the national investment promotion agency. Among them, 208 are industrial processing companies, 18% of service companies, 4% of basic production companies and 2% of promotion and exploitation companies. They are mainly based in Antananarivo and its surroundings.. The Group of Free Companies and Partners represents around 100,000 jobs, 70% in the textile sector and 18% in the information and communication technologies sector. The rest is distributed between agribusiness and various other sectors.
Emirates arrive
Emirates will serve Antananarivo from September 3, 2024, taking off from Dubai and passing through the Seychelles. These flights will be operated four times a week with Boeing 777-300 ER offering three classes. By authorizing the Emirati company to serve the Big Island, the Malagasy authorities hope to reach new tourist customers, while creating new business opportunities. Emirates will also offer 22 tonnes of weekly cargo capacity between the Dubai hub and the Malagasy capital.
Société Générale is leaving
The French bank announced on August 5 the sale of the 70% of shares it holds in its Malagasy subsidiary., Société Générale Madagasikara. La Bred Banque populaire (BPCE group) committed to resuming all its activities, its employees and its client portfolio. It is already present in Reunion, in Mayotte and Djibouti. Société Générale has also decided to sell the shares it holds in its Benin subsidiary and its Togolese branch..
Oman, official fuel supplier
The Sultanate of Oman won the contract to supply fuel to Madagascar, from June 2024 to May 2025. OQ Trading, the country's commodities trading arm, will deliver to the four fuel distribution companies operating in Madagascar, with the same products and at the same prices. Pour 2024, the Malagasy Hydrocarbons Office forecasts a total consumption of 1,2 million m3 of petroleum products.
Foreign investments are stagnating
Foreign direct investments in Madagascar in 2023 are estimated at $415 million by UNCTAD (United Nations Conference on Trade and Development), figure down compared to that of 2022 ($468 million). This flow had momentarily jumped under the presidency of Marc Ravalomanana, in the second part of the 2000s, before falling again and stagnating since 2014. According to the United Nations, Madagascar now ranks among the least attractive countries for foreign direct investment.
A contested highway project
Around forty organizations representing Malagasy civil society requested in mid-July the suspension of the construction of the highway which will link Antananarivo to Tamatave. This very opaque project, the production of which was entrusted to an Egyptian company, must in particular cross two zones of primary forests. Associations involved in the management of protected natural areas are sounding the alarm, local communities fear losing valuable agricultural land. Faced with this discontent, the Malagasy government announced that the route of the highway was not yet final in its most contested part.
