As Madagascar moves to recover after a five-year political crisis triggered by a 2009 coup, President Hery Rajaonarimampianina, who took office in January following peaceful December elections, on Friday encouraged South African businesses to invest in the country.

Since the restoration of “political normality”, Madagascar was poised for socioeconomic growth and development and was working towards developing a “business-conducive” environment to stimulate foreign direct investment (FDI).

Speaking during a Malagassy presidential visit to the Development Bank of Southern Africa, in Midrand, on Friday, he said the last five years of crisis and prolonged political turmoil on the Indian Ocean island since independence in 1960 was over and that, with the sanctions against Madagascar lifted and the resumption of financial support from the World Bank, the International Monetary Fund and the European Union, the 587 000 km2 island could be seen as a “land of opportunity”.

The private sector’s FDI was the one thing expected to spur the battered economy’s revival, stimulate job creation and rebuild the nation, said Rajaonarimampianina.

The new government planned to accelerate the opening of new trade routes, ensure greater collaboration with African countries, mobilise resources, strengthen good governance, implement the rule of law, ensure democracy and stabilise the authority and effectiveness of the State, besides others, to put the country on track for growth.

“Everything is a priority and everything is urgent,” he stated, further committing to the development all 22 regions of Madagascar and the eradication of regional imbalances.

An economic policy was being developed to incorporate good governance; establish social, economic and political stability; ensure an attractive and secure business environment; strengthen bilateral relationships; and expand regional cooperation.

Agriculture, energy, mining and transport were identified as leading industries and Rajaonarimampianina called for FDI to boost their development.

Madagascar boasted natural resources, such as nickel, gold, cobalt, coal, iron-ore and uranium deposits, as well as oil and gas, and there was an extensive opportunity to expand its current 500 MW thermal energy output to 8 000 MW sourced from renewable energy, particularly hydropower, solar and wind.