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CCPIT And Madagascar Economic Development Bureau Signed A Memorandum Of Cooperation

2024/9/9 14:37:00 12122

　　 On September 5, 2024, the signing ceremony of the Memorandum of Cooperation between the Textile Industry Branch of the China Council for the Promotion of International Trade and the Madagascar Economic Development Bureau was held in Beijing.

　　 Under the witness of Xu Yingxin, Vice President of China Textile Industry Federation and President of Textile Industry Branch of China Council for the Promotion of International Trade, David RALAMBOFIRINGA, Minister of Industrialization and Trade of Madagascar, and RAKOTOMALALA Lantosoa, President of Madagascar Economic Development Bureau, Vice President of China Textile Industry Federation Liang Pengcheng, Executive Vice President of Textile Industry Branch of China Council for the Promotion of International Trade, and RAFIDY Josielle, CEO of Madagascar Economic Development Bureau, signed the memorandum of cooperation on behalf of their respective institutions. Chang Qing, Vice President of the Textile Industry Branch of the China Council for the Promotion of International Trade, Zhang Tao, Vice President, Liu Lihua, Secretary General and others attended the signing ceremony.

　　 During the bilateral exchanges, Xu Yingxin said that today is the opening of the 2024 Forum on China Africa Cooperation Summit. Chinese and African friends meet again in Beijing across mountains and seas. Adhering to the concept of equal treatment, sincere friendship, and win-win cooperation, they jointly write a new chapter of the era of "hand in hand to promote modernization and jointly build a high-level China Africa community of common destiny". I believe that this summit will further enhance political mutual trust between China and African countries, tighten the ties of solidarity, deepen mutually beneficial cooperation and lead China Africa cooperation to an unprecedented height. In recent years, under the mechanism of the Forum on China Africa Cooperation, the "Belt and Road" initiative has been closely linked with the industrialization and sustainable development strategies of African countries, and China Africa economic, trade and investment cooperation has achieved fruitful results. In 2023, the trade volume between China and Africa will reach 282.1 billion US dollars, an increase of about 11% over 2021, and the trade scale will reach new highs. At the same time, by the end of 2023, the stock of China's direct investment in Africa has exceeded 40 billion dollars, and China has become one of the most important sources of foreign investment in Africa. The textile industry plays an important role in the numerous industrial fields of China Africa production capacity cooperation. Complementary advantages are an important factor in promoting trade and investment cooperation in China Africa textile industry. According to statistics, China has become the largest source country of textile and clothing imports in Africa for 17 consecutive years. From 2013 to 2023, China's textile industry invested US $763 million in African countries, accounting for 6.4% of the total investment in the global textile industry in the same period. With the accelerated adjustment of the layout of the global supply chain, Africa has become a new investment oasis that has attracted the attention of Chinese enterprises. Since the establishment of diplomatic ties in 1972, China and Madagascar have maintained a profound friendship and significant complementary advantages in various fields, and bilateral cooperation has continued to deepen. In 2023, the total trade volume between China and Malaysia will reach 1.67 billion US dollars, more than 100 times higher than that at the beginning of the establishment of diplomatic relations. Among them, the trade volume of textiles and clothing is 450 million US dollars, and China has maintained a high share of more than 40% in Madagascar's textile and clothing import market for a long time.

　　 David RALAMBOFIRINGA introduced that in order to accelerate the development of Madagascar, the overall national policy is based on three main pillars: 1. Human capital, so that young people can receive more education and training, create more employment opportunities, and improve the competitiveness of Madagascar's economy in the region and the world. 2. To accelerate the process of economic transformation and industrialization, textile is one of the strategic industries. Efforts should be made to improve the domestic business environment and attract more investment. 3. Governance and the rule of law should improve people's living conditions and focus on combating all kinds of corruption. The Ministry of Industrialization and Trade welcomes Chinese enterprises to invest in Madagascar and will also provide necessary services.

　　 RAKOTOMALALA Lantosoa said that as a member of the Southern African Development Community (SADC), the Common Market for South East Africa (COMESA) and the Indian Ocean Commission (COI), as well as a signatory of the tripartite trade agreement between the Southern African Development Community, the Common Market for South East Africa and the East African Community (EAC), Madagascar can provide an opportunity to enter the market with 1 billion potential consumers, because these integrated regions implement market access preferences among their member countries. Moreover, Madagascar is geographically located at the gateway to Africa. Thanks to the African Growth Opportunity Act (AGOA), companies in Madagascar can export their products duty-free to the United States and to the EU within the framework of the Economic Partnership Agreement (EPA). Madagascar also has a highly skilled workforce. The Madagascar Economic Development Authority is an investment authority. In order to promote investment facilitation, it has set up a "single window" for investment services, which implements the "one-stop" service from application submission to registration completion. Chinese textile and garment enterprises are very welcome to invest in Madagascar.

　　 Both sides believe that the signing of the MOU will open a new chapter in deepening mutually beneficial cooperation between the two sides. In the future, based on the principle of "friendly cooperation and promoting development", the two sides will give full play to their respective advantages, further strengthen communication, constantly expand diversified cooperation opportunities, and further promote China Malaysia textile and clothing industry cooperation to a new level.