Ambassador’s Remarks at the India-SADC Business Forum
(Antananarivo, 31 July 2025)
Minister of Industrialization and Trade of Madagascar H.E. Mr. David Herizo Ralambofiringa,
Director General of Economic Development Board of Madagascar Mrs. Josielle Rafidy,
Incoming Chairperson of SADC Business Council Dr. Gervais Atta,
Leader of the FICCI's Business Delegation from India Mr. Rajiv Wahi,
First Vice President of the Chamber of Commerce and Industry of Madagascar Mrs. Murielle Ho Miou Chine,
Excellencies, Ladies and Gentlemen,
Namaste, Salama, Good Morning! It is my pleasure and privilege to take part in today’s special event “India-SADC Business Forum”, as part of the ongoing SADC Industrialization Week in Antananarivo. I would like to express my special gratitude to the Minister of Industrialization and Trade for his support for today’s event. I also take this opportunity to congratulate the Government of Madagascar on its forthcoming Presidency of SADC from next month.
2. India and the Member States of SADC enjoy traditionally close bonds of friendship and people-to-people ties. You might be aware that Mahatma Gandhi, the champion of India's non-violent freedom struggle had lived in South Africa for 21 years during which he formed his philosophy of Satyagraha (Force of Truth). It was fitting that the African Union became a full member of G-20, a primier forum for global economic cooperation, during India’s presidency of G-20 in 2023. It is heartening to note that India’s trade with SADC Member States has steadily grown in recent years to amount to US$ 40 bn in FY 2024-25, out of which India’s exports were US$ 17 bn and India’s imports were US$ 23 bn. I am also glad that India and SADC concluded a new MoU for economic cooperation last year, especially in the areas of Trade, Industrialization, Space, Renewable Energy, New and Emerging Technologies, Disaster Management, Capacity Building etc. I would like to encourage the businesses from Madagascar and other eligible members of SADC to take advantage of India's Duty Free Tariff Preference Scheme which provides duty free or preferential market access on 98.2% of India's tariff lines for the Least Developed Countries.
3. Since today’s event is focused on enhancing trade-economic cooperation between India and SADC, I would like to briefly mention about the economic transformation currently underway in India, under the visionary leadership of Prime Minister H.E. Mr. Narendra Modi. With a GDP growth rate of more than 6.5%, India remains the world's fastest growing major economy which is poised to become the 3rd largest economy in the world in a few years. You might be aware of India’s recent achievements in the field of space, especially the first ever spaceflight of an Indian astronaut to the International Space Station earlier this month, soft landing of Indian spacecraft “Chandrayaan-3” near the South Pole of the Moon in August 2023 and the deployment of “Aditya- L1” spacecraft into a halo orbit to observe the Sun in January 2024. You would recall that during the Covid-19 pandemic, India had not only administered 2.2 bn doses of vaccine to its own nationals but also provided more than 300 mn doses to 100 countries across the world. In recent years, India has become a global leader in information technology, real-time digital payments, renewable energy, healthcare, pharmaceuticals etc.
4. Today, I would like to touch upon a few sectors which could help to further strengthen India-SADC cooperation:
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Agriculture: India is among the largest producers and exporters of agricultural, meat, fish and marine products in the world. It is the largest producer of milk and the second largest producer of rice, fruits and vegetables. It is also among the major importers of pulses, cloves, ylang ylang etc. Given the importance of ensuring food security and nutrition of our peoples, India stands ready to share its experience and expertise in agricultural mechanization, agro-processing, sustainable fishing etc with SADC Members.
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Healthcare: Given its large pool of qualified doctors and quality healthcare at affordable prices, India is increasingly becoming a preferred destination for medical tourism for the people of Madagascar and other SADC Members. You might be aware that India the world’s largest producer vaccines as well as the largest supplier of generic medicines. It is also home to Yoga, Ayurveda and other traditional systems of medicine for holistic well being. The world's largest health assurance scheme for 550 million people is financed by the Government of India, which has also opened more than 15000 Jan Aushadhi Kendra (People's Pharmcies) in India to supply high quality generic medicines at affordable prices. It is heartening to note that so far 17 countries across the world including some members of SADC have recognized the standards of Indian Pharmacopoeia. India will be happy to share its rich experience in the fields of healthcare and pharmaceuticals with SADC Members.
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Renewable Energy: India and the Members of SADC are negatively impacted by climate change, which is largely due to the historical emissions of the developed countries. However, as a responsible member of the Global South, India is accelerating its clean energy transition under the leadership of Prime Minister H.E. Mr. Narendra Modi. Earlier this month, India reached the historic landmark of achieving 50% of its installed electricity capacity from non-fossil fuel sources, 5 years ahead of its commitment under the Paris Agreement. Today, 242 GW out of India’s total installed capacity of 484 GW comes from renewable sources like solar, wind, hydro and nuclear energy. I am glad to note that India and SADC Members are also cooperating under the framework of International Solar Alliance to develop and deploy cost effective solar energy solutions.
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Digital Public Infrastructure: In recent years, India has emerged as a global leader in digital adoption through its initiatives like Aadhar (Unique digital identity), UPI (Unified Payment Interface), DigiLocker for digital document verification. It is heartening to note that with more than 650 million transactions everyday, India's UPI has overtaken Visa as the world's largest real time digital payment system. I would like to encourage the SADC Members to benefit from “India Stack”, a set of open APIs (Application Programming Interface) and digital public goods which can be applied in any country for promoting financial and social inclusion.
5. I would like to conclude by reaffirming that as a close partner and a fellow member of the Global South, India cherishes its longstanding partnership with Madagascar and other SADC Members. In line with the ancient Indian philosophy of Vasudhaiva Kutumbakam (World is One Family) and Vision MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across the Regions), India will continue to share its developmental experience and expertise as per the needs and priorities of SADC Members. Embassy will continue to work closely with Government of Madagascar, the Economic Development Board of Madagascar, the Chambers of Commerce and other agencies in Madagascar to further strengthen India-Madagascar trade-economic and investment cooperation in the coming days. Once again, thank you all for taking part in today’s event.
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