Madagascar is hoping to attract a Moroccan fertiliser investment that could jumpstart its agricultural sector. President Andry Rajoelina recently announced that he is seeking a $50 million investment from Morocco’s OCP Group, the country’s largest producer of fertilisers.
The potential investment from OCP Group could be a major boon for Madagascar, which is home to 25 million people and relies heavily on agriculture for its economy. Currently, the country imports nearly all of its fertilisers, which are essential for crop production. The investment from OCP Group would allow Madagascar to produce its own fertilisers and become more self-sufficient in this critical area.
In addition to providing a major boost to Madagascar’s agricultural sector, the potential investment from OCP Group would also create jobs and help spur economic growth. According to President Rajoelina, the $50 million investment would create 200 jobs in the country and lead to a 25 percent increase in agricultural production. This would be a major boon for the country, which is still emerging from the economic downturn caused by the pandemic.
The potential investment from OCP Group is part of a larger effort by President Rajoelina to attract investments from around the world. He has stated that he is open to foreign investments in a variety of sectors and is actively courting potential investors.
Ths prospect strike is the latest example of a foreign company looking to invest in Madagascar. In recent years, several other companies have invested in the country, including the development of a new port in the capital city of Antananarivo and a new mining project in the south of the country.
The potential investment from OCP Group is a major step forward for Madagascar’s agricultural sector, and it could lead to increased economic growth and job creation. If successful, it could be a major catalyst for the country’s economy and a sign of the country’s growing attractiveness to foreign investors. President Rajoelina and the government of Madagascar should be applauded for their efforts to attract investment from around the world.