Madagascar’s first gold refinery buds at AIM Congress 2024

• Madagascar’s first gold refinery following a strategic partnership and support from the United Arab Emirates.
• Andry Rajoelina, President of Madagascar, terms the move “a major step in the development” of the country’s mining sector.
• At the AIM Congress 2024, Madagascar is marketing its rich potential as an emerging market and its pivotal role in regional trade dynamics.

Madagascar’s first gold refinery

Madagascar is set to join the elite club of countries with gold refinery plants in the world following strategic partnerships and support from the United Arab Emirates (UAE). In his keynote address at the opening ceremony of the 13th edition of the AIM Congress in Abu Dhabi, Andry Rajoelina, President of Madagascar, outlined his nation’s strategic vision for sustainable economic growth and development.

While highlighting the importance of strategic partnerships and investment, President Rajoelina noted Madagascar’s rich potential as an emerging market and its pivotal role in regional trade dynamics

“We are proud to announce our collaboration with the United Arab Emirates for the upcoming opening of Madagascar’s first gold refinery, a major step in the development of our mining industry.”

Gold refinery and other investment opportunities in Madagascar

“To achieve our emergence, we seek the support of potential partners and friendly countries to accompany the long-awaited development desired by the Malagasy people. Madagascar’s geostrategic position and its central place on the world map at the crossroads of maritime routes reveal our crucial role in regional trade and exchanges,” explained Andry Rajoelina.

He continued: “With our 5,000km coastline, our country stands as a strategic bridge between Africa, Asia, the Middle East, and the entire Indian Ocean region. Our Great Island alone concentrates 5 per cent of the world’s biodiversity. It is rich in natural resources and offers countless economic and tourist opportunities.

“Madagascar thus offers an ecosystem conducive to investment in various key sectors. To strengthen our commitment to a solid regulatory framework and encourage responsible investments, we have adopted a new mining code with incentive measures.”

The 13th edition of the AIM Congress is underway in the UAE capital, Abu Dhabi, under the theme “Adapting to A Shifting Investment Landscape: Harnessing New Potentials for Global Economic Development”.

The event, which is set to end on May 9, 2024, is being held at the Abu Dhabi National Exhibition Centre and is supported by the UAE Ministry of Industry and Advanced Technology and the Abu Dhabi Department of Economic Development as the lead partner.

AIM Congress seeks to promote investments across economies

AIM Congress 2024 witnessed significant attendance on its first day with notable attendees including ministers, government officials, and decision-makers from various countries around the world, in addition to elite investors, major corporations, startups, small and medium-sized enterprises, international organizations, and large number of 12,000 visitors from over 175 countries worldwide.

The AIM Global Foundation aims to formulate investment strategies and policies, promote investment and economic opportunities, enhance international economic relations, and devise innovative solutions to address current and future global challenges and changes, ultimately striving towards a prosperous and sustainable global economy.

The opening ceremony was marked by other keynote speeches and live panel discussions involving senior policymakers and top business leaders, aimed at exchanging knowledge, experiences, and insights with participants on adapting to global investment landscape transformations and finding solutions to address challenges.

Read also: LB Investment brings $1.2 trillion portfolio display to AIM Congress spotlight

Big companies have heavily invested in AI

Addressing the participants at the opening ceremony of the AIM Congress, Ahmed Aboul Gheit, Secretary General of the League of Arab States, praised the AIM Congress for building strong partnerships and benefitting from the diversity of the participants under the UAE’s strong leadership.

Ahmed Aboul Gheit was also keen to point out the importance of AI for the region’s future. “Big companies have heavily invested in AI due to its lucrative revenues. Arab countries must allocate resources to research and development, thoroughly study the risks and threats posed by AI, and formulate legislation to regulate the industry. Comprehensive growth can be achieved by fostering collaboration and working in harmony, leading to a better future.

The UAE is initiating an AI hub in the Middle East

The opening day speeches were preceded by a fireside chat with Mr Kiho Park, the President and CEO of LB Investments. He revealed: “The UAE is a pioneering hub for AI in the Middle East through substantial capital investment in infrastructure. I recommend that the UAE government commence by establishing AI innovations. This would enable various companies and startups to research and develop this technology and simplify regulations.

“I want to meet startup founders from the UAE, explore business opportunities, and establish partnerships between these startups and South Korea’s manufacturing sector,” Mr Kiho noted.

Meanwhile, the Global Leaders’ Debate saw high-level speakers offering perspectives on economic development, technology, investment, and regional growth. Ismail Ersahin, Executive Director and CEO – World Association of Investment Promotion Agencies (WAIPA) said: Investment Promotion Agencies (IPAs) play a pivotal role in economic development.

Their ability to streamline licensing procedures and leverage technology to attract investments is paramount. The importance of technological advancements in simplifying processes and facilitating investor engagement is undeniable.

H.E. Claver Gatete, Undersecretary General – United Nations, and Executive Secretary – Economic Commission for Africa said: “Africa holds a lot of importance in global economic development, particularly in supplying essential raw materials for technological advancements. Africa must transition from a raw material supplier to an industrial hub.” He emphasized the potential of industrial parks and special economic zones to drive economic growth.”

H.E. Jamal Al-Jarwan, Secretary-General – UAE International Investors Council, highlighted the impact of the COVID-19 pandemic on businesses, emphasizing the need for adaptation and increased reliance on technology.

He lauded the UAE’s economic diversification efforts and transformation into a dynamic hub, attracting significant investor interest across various sectors.

Union of Arab Chambers

On his part, Sameer Abdullaah Nass, President – Union of Arab Chambers and Chairman of Bahrain Chamber of Commerce and Industry discussed the challenges and opportunities associated with adapting to new technologies for economic growth. He emphasized the importance of skill-based education and collaboration between sectors to address employment shifts. Nass also offered insights into Bahrain’s economic resilience and its vision for future growth and collaboration.

At the same time, H.E. Jung Sook Park emphasized the importance of smart city development in addressing contemporary challenges such as climate change and natural disasters. The industry captains highlighted the shift from traditional e-government initiatives to a broader societal focus, recognizing the onset of the Fourth Industrial Revolution.

The 2024 AIM Congress, with support from the UAE Ministry of Industry and Advanced Technology and the Abu Dhabi Department of Economic Development as lead partner, is hosting 150+ high-level dignitaries, 1,000+ speakers, 450 dialogue sessions, and 50+ unicorns. The event will also host 27 joint events organized in cooperation with 330+ international and global partners.