Investment law adopted

Investment law adopted

2023-05-23 06:00:00

Unsurprisingly, the investment bill was adopted yesterday in the National Assembly. A slight modification was made on the texts where figures 10 chapters and 35 articles.

One of the main lines of this law remains the strategies to attract foreign investors, through the liberation of sectors of activity and the establishment on the same footing of investors, national or international. The prohibition for foreigners to acquire land remains valid in these texts, however they can benefit from a emphyteutic lease of 99 years. A point that has been raised by civil society who consider it a disguised sale.

The limitation of the rate of foreign employees, in an international firm working in the country, is one of the main changes of this bill 003-2023 of March 9, 2023. Thus, workers with specific skills are limited to 20% of the total number of employees of a company owned by a foreign investor or working with Malagasy people.

The Minister of Industrialization, Trade and Consumption, Edgard Razafindravahy who defended this bill before the National Assembly, particularly welcomed the adoption of this law which should change the investment environment. in the country. But it remains to be seen for the current regime the possible comments and criticisms, even controversy that this adoption of this law could arouse.

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