Latest news with #economicpartnership
The National
3 days ago
- Business
- The National
Madagascar looks to deepen investment ties with the UAE, says country's top diplomat
Madagascar is seeking to deepen investment co-operation and strengthen ties with the UAE, the country's top diplomat said during a visit as part of a high-level delegation to take part in a two-day business forum. The Madagascar Business Forum was held in Dubai this week. It brought together more than 60 Malagasy business owners and entrepreneurs to connect with Emirati counterparts. 'This forum is part of our efforts to reinforce both economic and diplomatic ties between our two nations,' Madagascar's Foreign Minister, Rafaravavitafika Rasata, told The National. 'These two days are dedicated to expanding our economic partnership with the UAE.' Over the past nine years, Madagascar and the UAE have cultivated a growing relationship marked by strategic co-operation across various sectors, including infrastructure development, humanitarian aid, economic investment and digital innovation. Madagascar views the Emirates as a strategic partner for economic recovery and development, while the UAE sees the island nation as a gateway to African markets and a partner in advancing sustainable development initiatives in the Indian Ocean region. Emirates Airline launched direct flights from Dubai to Antananarivo last year and increased its services from four weekly flights to six as of April, responding to demand for both passenger and cargo transport. 'This demonstrates growing confidence in our market,' said Ms Rasata. 'It is a huge opportunity to position Madagascar not only as a tourist destination but also as a land of opportunity for investors.' Untapped potential Situated in the western Indian Ocean, Madagascar is the fourth-largest island in the world – larger in land mass than Germany and Spain combined. Despite its size and natural wealth, the country remains relatively undiscovered by international travellers. Surrounded by well-known Indian Ocean holiday destinations like the Maldives, Seychelles and Mauritius, Madagascar stands out for its biodiversity and eco-tourism appeal. 'Our country has won the Indian Ocean's Leading Green Destination award seven times,' noted the minister. 'We're prioritising sustainable and community-based tourism that highlights local culture and biodiversity.' She also pointed to agriculture as a key area for potential Emirati investment, particularly in the context of food security. 'Madagascar is a vast country – I would even call it a quasi-continent,' she said. 'With nearly 600,000 square kilometres of land, and 36 million hectares of arable land, there is immense potential for agribusiness and agricultural transformation.' Regional engagement Madagascar sits at a strategic location along key Indian Ocean shipping lanes, serving as a maritime crossroads between Africa, Asia and the Middle East. Its position near major east-west trade routes makes it a potential hub for maritime commerce, naval logistics and regional connectivity. 'We're extending our main port in Toamasina, and this expansion, expected to be completed by 2026, will further cement our role as a trade hub,' Ms Rasata said. She added that the country's natural assets, including housing 5 per cent of the world's biodiversity, position it uniquely on both the economic and ecological fronts. 'Madagascar has a major role to play – not only as a strategically located country but also as a dynamic market with investment opportunities in agriculture, tourism and renewable energy for Gulf countries and other partners.' Challenges at home Despite these ambitions, Madagascar faces domestic hurdles. A February 2025 World Bank report said that Madagascar's economy is recovering, but growth remains insufficient and too uneven to significantly improve living standards. 'Economic growth remained at 4.2 per cent in 2024. Growth is expected to gradually pick up this year, with projections averaging 4.7 per cent over 2025–2027,' the report said. Ms Rasata emphasised the need to tackle rural poverty, noting that around 80 per cent of the Malagasy population lives in rural areas and depends on agriculture for survival. 'Our focus is on transforming the agricultural sector to support food security, create jobs and add value,' she said. 'Madagascar is already Africa's third-largest rice producer after Nigeria and Egypt. Our goal is to become the first, and to meet local demand, which still requires importing 500,000 tons annually.' She also underscored the importance of attracting both foreign and domestic investment to support this transformation. The World Bank has stressed the urgency of accelerating structural reforms in energy, digital infrastructure and mining to sustain higher growth. Among the most pressing concerns is Madagascar's struggling energy sector. Only about one third of the country's 30 million people have access to electricity, according to the IMF. Critics cite mismanagement, poor governance, and corruption at the state utility Jirama as core obstacles. 'Our energy challenge is existential and we're treating it as such,' said Ms Rasata. 'There is strong political will to ensure our national utility can meet local demand and expand investment in renewable energy.' She outlined the government's target to double the country's energy generation capacity by 2030, with 70 per cent coming from green sources. 'All our efforts are aligned with this goal,' she added.
Bloomberg
3 days ago
- Business
- Bloomberg
Northern US Mayors Call for End to ‘Irrational' Trade War With Canada
By Mayors in states that border Canada are calling for an end to President Donald Trump's trade war with the country, saying it has harmed businesses and workers in their communities and upended one of the world's most successful economic relationships. Andrew Ginther, mayor of Columbus, Ohio, and Bryan Barnett, mayor of Rochester Hills, Michigan, said in an interview Friday that the countries should continue to build things together and trade with each other because the partnership has been working for decades.
Arab News
3 days ago
- Business
- Arab News
Philippines looks to deepen trade, business ties with UAE
MANILA: The Philippines is ready to deepen its economic partnership with the UAE, Manila's special envoy has said, as the visit of a business delegation from Dubai concluded this week. Dubai Chambers organized a business forum in Manila on Wednesday as part of its 'New Horizons' initiative. With its delegation visiting the Philippine capital, the business body had organized at least 180 bilateral meetings. The event also saw Dubai Chambers and the Philippine Chamber of Commerce and Industry sign a preliminary agreement aimed at strengthening trade and investment ties through various efforts, including sending trade missions and organizing business-matching missions. 'The Philippines is open, ready, and eager for stronger trade and business ties with the UAE,' Kathryna Yu-Pimentel, the Philippines' special envoy to the UAE for trade and investment, said during the forum. 'Last year, we celebrated the 50th anniversary of diplomatic relations between the Philippines and the UAE — a golden milestone. Today, we look ahead with even more optimism.' The UAE is a key trading partner of the Philippines in the region. In 2023, non-oil bilateral trade between the Philippines and the UAE reached over $1 billion. The Gulf state also ranked as the Philippines' top export market among the Gulf Cooperation Council nations, and its 17th largest trading partner globally. It is also home to the second-largest Filipino diaspora after Saudi Arabia, with some 700,000 overseas Filipino workers living and working in the UAE. Many are employed in the construction, healthcare and hospitality sectors. 'This upward trend will only continue, especially with the anticipated signing of the Comprehensive Economic Partnership Agreement between the Philippines and the UAE next month,' Yu-Pimentel said. 'This will be historic in the sense that it will be our first free trade agreement with a Middle Eastern country.' The expected development will follow President Ferdinand Marcos Jr.'s first trip to Abu Dhabi in November, during which he met UAE President Sheikh Mohammed bin Zayed. The two leaders committed 'to deepening cooperation in various areas, including economy, trade and sustainability' during their meeting, which included discussions on the bilateral trade agreement. Negotiations on the free trade deal have been underway between Philippine and UAE officials since the beginning of 2024.
Khaleej Times
4 days ago
- Business
- Khaleej Times
German Consul General tours Al Maya Supermarket in a celebration of trade and taste
In a powerful gesture of cross-border collaboration, Sybille Pfaff, Consul General of the Federal Republic of Germany to Dubai, visited the iconic flagship store of Al Maya Supermarket in Dubai. This prestigious visit underscored the shared commitment of Germany and the UAE to deepening economic, cultural, and commercial ties through platforms that reach directly into the lives of everyday consumers. Sybille Pfaff was warmly received by Kamal Vachani, group director and Partner at Al Maya Group, who personally led the tour across the store's vibrant international sections. Of particular note were the shelves stocked with premium German products — a symbol of the enduring trade bond between the two nations. She was accompanied by Daisy Schmidt, director Competence Center for Food and Agriculture of German Chamber of Commerce. Germany and the UAE enjoy a long-standing partnership built on mutual trust and economic synergy. With over $130 billion (Dh 478 billion) in non-oil trade over the past decade, and Germany accounting for 22 per cent of all Arab-German commerce, the collaboration continues to flourish. In 2021 alone, non-oil trade reached $9.5 billion — marking a 10.5 per cent year-on-year increase. 'We are truly honoured to welcome Sybille Pfaff and Daisy Schmidt to Al Maya,' said Kamal Vachani. 'This visit reflects our shared values of openness, quality, and global connection. At Al Maya, we take great pride in being a cultural and commercial bridge — bringing the best of the world to the region.' With a strong presence across the GCC, Al Maya Group remains a powerhouse in retail, distribution, and import, championing international cooperation through its extensive offerings and inclusive business philosophy.
Zawya
4 days ago
- Business
- Zawya
UAE and Malaysia's Perak State Development Corporation sign MoU to facilitate investments in food security and support the development of the Bagan Datuk International Sea-Hub Multipurpose Terminal
Non-oil bilateral trade between the UAE and Malaysia reached USD 4.9 billion in 2023 and USD4 billion in the first nine months of 2024, reflecting a strong and growing economic partnership between the two countries. Abu Dhabi – The Ministry of Investment of the United Arab Emirates and the Perak State Development Corporation in Malaysia have signed a Memorandum of Understanding (MoU) to support co-operation in the field of food security. The agreement also includes the development of the Bagan Datuk International Sea-Hub Multipurpose Terminal in Perak State, reinforcing both parties' commitment to global supply chains and sustainable economic growth through strategic infrastructure development. The MoU was signed by His Excellency Mohamed Hassan Alsuwaidi, UAE Minister of Investment, and Yab Dato' Seri Haji Saarani Bin Mohamad, Chairman of Perak State Development Corporation. The two parties will work together to explore opportunities for investment in food security, building on the Comprehensive Economic Partnership Agreement (CEPA) signed between the UAE and Malaysia in January 2025. His Excellency Mohamed Hassan Alsuwaidi, UAE Minister of Investment said: 'This Memorandum with the Perak State Development Corporation underscores our shared commitment to bolstering regional supply chain resilience and driving sustainable development. Through this partnership, we aim to create meaningful international collaborations that deliver tangible value to both parties, while also contributing to the stability of the global food system.' Yab Dato' Seri Haji Saarani Bin Mohamad, Chairman of Perak State Development Corporation added: 'We are pleased to formalize this partnership with the UAE Ministry of Investment, which will advance our agricultural sector and infrastructure development objectives, and our role in global food security. The Bagan Datuk International Sea-Hub Multipurpose Terminal will serve as a critical gateway for Malaysia's food exports while strengthening our position in global supply chains. We greatly value our partnership with the UAE and look forward to working together.' The UAE and Malaysia have a strong relationship with increasing economic and trade ties. Non-oil bilateral trade reached USD 4.9 billion in 2023 and USD4 billion in the first nine months of 2024. The UAE is Malaysia's second-largest trading partner in the Middle East accounting for 32% of Malaysia's trade volume with the region, and Malaysia is the UAE's 12th largest Asian trading partner. About the Ministry of Investment of the UAE The Ministry of Investment plays a pivotal role in solidifying the UAE's position as a global investment hub with world-class connectivity to international markets. By attracting foreign direct investment in critical sectors and fostering private and private sector collaboration, the Ministry leverages the UAE's fit-for-purpose, investor-friendly environment and ambitious economic diversification goals, positioning the nation as a resilient and forward-looking destination for global investors and enterprises. About Invest UAE Invest UAE is a platform by the Ministry of Investment dedicated to enhancing the UAE's investment ecosystem and positioning the UAE as a leading global investment hub. Under the Ministry's leadership, Invest UAE aims to attract and facilitate foreign direct investment across multiple sectors of the UAE's economy and encourage partnerships between global investors and nations. Its purpose is to create a setting where people, businesses, and capital can thrive, reinforcing the UAE's position as a compelling investment destination for all.
