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• GDP: US$5 billion (2006).
• Main exports: Coffee, vanilla, shellfish, sugar and cotton.
• Main imports: Capital goods, petroleum, consumer goods and food.
• Main trade partners: France, USA, China, Mauritius and Germany.
• Main exports: Coffee, vanilla, shellfish, sugar and cotton.
• Main imports: Capital goods, petroleum, consumer goods and food.
• Main trade partners: France, USA, China, Mauritius and Germany.
Economy
Agriculture accounts for more than 25% of GDP and employs 80% of the population. Coffee is produced for foreign exchange, rice and cassava for domestic consumption. Deforestation and erosion, aggravated by the use of firewood as the primary source of fuel, are serious concerns. The country suffers from frequent cyclones which have done severe damage to agriculture in the past.
Madagascar has appreciable mineral deposits which are being exploited, whilst the manufacturing industry, mainly textiles and food processing, accounts for 15% of GDP.
The economy grew by 4.7% in 2006, with inflation at 10.8%. The country continues to rely heavily on loans and grants. In 2005, Madagascar became the first state to receive development aid from the US under a scheme to reward nations that Washington considers to be promoting democracy and market reforms.
Exports of apparel have boomed in recent years primarily due to duty-free access to the US.
Poverty reduction and combating corruption will be the centerpieces of economic policy for the next few years.
Madagascar has appreciable mineral deposits which are being exploited, whilst the manufacturing industry, mainly textiles and food processing, accounts for 15% of GDP.
The economy grew by 4.7% in 2006, with inflation at 10.8%. The country continues to rely heavily on loans and grants. In 2005, Madagascar became the first state to receive development aid from the US under a scheme to reward nations that Washington considers to be promoting democracy and market reforms.
Exports of apparel have boomed in recent years primarily due to duty-free access to the US.
Poverty reduction and combating corruption will be the centerpieces of economic policy for the next few years.
Business Etiquette
Lightweight suits are advised. If arranged far enough in advance, the embassy can arrange interpreters for business meetings.
Office hours: Mon-Fri 0930-1700/1800.
Office hours: Mon-Fri 0930-1700/1800.
Business Contacts
Fédération des Chambres de Commerce d’Industrie et d’Agriculture de Madagascar
20 Rue Henri Razanatseheno, Antaninarenina, Antananarivo 101, BP 166, Madagascar
Tel: (20) 222 0211.
Website: www.tana-cciaa.org
20 Rue Henri Razanatseheno, Antaninarenina, Antananarivo 101, BP 166, Madagascar
Tel: (20) 222 0211.
Website: www.tana-cciaa.org
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