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The Overseas Private Investment Corporation (Opic) and the government of Madagascar have concluded two memoranda of understanding (MOUs) pledging cooperation in attracting US investment to several sectors of the African nation’s growing economy. Opic president and CEO Peter Watson encouraged American companies to invest in Madagascar, which was recently named eligible for support by the Millennium Challenge Corp.

Both agreements were concluded during recent visits to Madagascar by senior Opic staff members. The first, signed by Minister of Industry & Private Sector Mejamirado Razafimihary, commits Opic and Madagascar to work together to take advantage of investment opportunities in several sectors, including telecommunications and information technology, agribusiness, mining, energy and tourism. The second, signed by Minister Razafimihary on behalf of Minister of Energy and Mining Jacquis Rabarison, targets investment in mining, gemstone and energy projects.

“Madagascar is working hard to establish a positive enabling environment for American investment, as evidenced by Opic’s agreements, and we strongly encourage US companies to take advantage of the many investment opportunities which now exist there,” Watson says.