Market Research in Madagascar
Madagascar is an island nation about 250 miles off the coast of East Africa. Twenty-six million people live there. In fact, most of these nationals live in poverty. Only four other countries have a lower GDP per capita than Madagascar.
Some of the reasons why Madagascar is so poor are:
- The country’s relative isolation on the map
- Years and years of corruption and political instability
Madagascar is the fourth largest and fifth most impoverished country in Africa. Still, it became a sought-after destination following the release of the animated movie ‘Madagascar.”
The country is famous for its magnificent Baobab skyscrapers, which tower over the landscape. Madagascar is also home to over 12 thousand plant species. It has more biodiversity than any other country in the world. Indeed, many of the plants in Madagascar do not exist anywhere else on earth.
Madagascar has a unique wildlife population made up of native species. These species include fossa, lemurs, and hundreds of birds and reptiles. Their abundance could be because of the isolation of the landmass from its continental neighbors.
Key Industries in Madagascar
Madagascar is the world’s leading producer of vanilla. It has other primary exports, for example, sugar, coffee, shellfish, minerals, fiber, and gemstones.
The main gemstone produced in Madagascar is sapphires. It is also the only caviar-producing country in Africa. Agriculture is one of the primary sources of income in Madagascar, and so are fishing and logging.
The Malagasy import petroleum, vehicles, metal products, and other essential manufactured goods. In fact, oil is one of Madagascar’s most significant imports. Indeed, this huge oil import bill may be one reason why Madagascar is one of the poorest countries in Africa.
Madagascar’s economy depends on the farming of cotton, tea, dairy, and rice. While it has a young population, and most people live in poverty, the economy has been growing. Education levels are also rising.
Reasons to Grow Your Business in Madagascar
Madagascar is a promising country. Firstly, it has unique natural beauty. Secondly, the people are hospitable. So, businesses get the benefit of skilled native workers.
Madagascar has preferential trade agreements with the United States and the European Union. It also has contracts with the Common Market of Eastern and Southern Africa. Similarly, it is a member state of the Southern African Development Community.
Madagascar has much room for growth and offers many investment opportunities. There is huge potential for farming due to fertile soil. Madagascar also has the perfect climate for many crops. Indeed, this country is leading the organic food production in Africa.
Madagascar is the leading exporter of textile products in East Africa to Europe. It has a modern industry employing more than two thousand skilled workers. These workers produce high-quality textile products are at competitive prices.
Exports from Madagascar have earned hundreds of millions of dollars in recent years. In fact, some of the leading clothing brands have factories in Madagascar. So, these brands have the benefits of cheap labor and access to a global market.
Startup costs for investment in Madagascar are low. These low costs are on account of an official exemption from custom duties and taxes for two years. Another benefit to businesses is the modern infrastructure, which is available in several cities of Madagascar.
About Market Research in Madagascar
Are you a business owner looking to invest in Madagascar? If so, this article covers Madagascar’s potential. Our company also compiles Qualitative, Quantitative, and Strategy research. Moreover, we assist you in making the best investment choices. We hope the information provided here will help you in your decision to invest in Madagascar.