In a strategic move set to enhance trade and investment opportunities, Kenya has announced a collaborative infrastructure venture with Madagascar. Spearheaded by Gabeire A Group (GAG), a Kenyan company renowned for its expertise, the project entails the construction of a 250-kilometer road connecting Antananarivo to Toamasina. This initiative aims to bolster economic relations between the two nations while reinforcing Kenya’s standing within the African Continental Free Trade Area (AfCFTA).
During the official launch ceremony held in Nairobi on Saturday, May 11, Rebecca Miano, the Cabinet Secretary for Investments, Trade, and Industry, emphasized the project’s potential to streamline the movement of goods, services, and people across Africa. Miano highlighted the project’s alignment with the infrastructural objectives of the African Union, envisioning it as a catalyst for both Domestic Direct Investments (DDIs) and Foreign Direct Investments (FDIs).
GAG’s involvement in various aspects of Services Trade, including cross-border trade and commercial presence, is anticipated to invigorate Kenya’s export sector, expanding market access domestically and internationally. Furthermore, the project presents an opportunity for Kenyan professionals to export their expertise to Madagascar, contributing to the venture’s success while showcasing Kenya’s proficiency in infrastructure development.
Minister Miano expressed confidence in Kenya’s ability to undertake similar projects across Africa and beyond, citing the government’s commitment to supporting local enterprises like GAG.
As the project progresses, it is expected to not only transform the physical infrastructure of Madagascar but also stimulate economic growth and collaboration between Kenya and its African counterparts.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
13th May,2024
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