ANTANANARIVO – Quality trade and investment can lead to more and better jobs and a higher standard of living for both the American and Malagasy people. The United States is committed to helping Madagascar develop its economy in a way that is sustainable, open to U.S. investment, and beneficial to the Malagasy people. Trade between the two countries reached almost one billion dollars for the first time last year, and Madagascar was the fourth largest non-petroleum exporter to the United States under the African Growth and Opportunities Act (AGOA). The United States is the largest market for two of Madagascar’s most important exports – textiles and vanilla – which enter the United States duty-free thanks to AGOA, creating over 60,000 jobs in Madagascar.
To expand this important trade relationship, the U.S. Embassy partnered with Madagascar’s Ministry of Foreign Affairs May 30 to host a “One Country, One Day” conference bringing together private sector and government experts from Madagascar and the United States to discuss opportunities and challenges in expanding bilateral trade and investment. Participants included U.S. Embassy Deputy Chief of Mission Tobias Glucksman, Ministry of Foreign Affairs Secretary General Tahiry Ratsimandao, regional representatives of the U.S. Development Finance Corporation and Foreign Commercial Service, and the American Chamber of Commerce in Madagascar. The two governments officially launched the USAID-funded Madagascar National AGOA Strategy 2022-2025, a roadmap to further increase Madagascar’s exports to the United States under AGOA and improve the investment climate in Madagascar.
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