Madagascar’s New President Pledges Investor-Friendly Policies

(Bloomberg) -- Madagascar’s President Andry Rajoelina pledged to invest in renewable energy and make it easier for investors to do business in the island nation after winning last month’s elections.

Rajoelina, 44, whose victory in the Dec. 19 runoff was followed by days of violent protests before rival Marc Ravalomanana accepted defeat, was sworn in Saturday at a fully-packed 42,000-seater stadium in the capital, Antananarivo.

“We will establish real competition and stability to attract investors,” said Rajoelina, adding that he will announce new policies to support agriculture and factories. The economy was forecast to expand by 5 percent in 2018, according to the World Bank.

Rajoelina garnered 56 percent of the vote against businessman Ravalomanana, who secured 44 percent, according to the electoral commission. Ravalomanana led the Indian Ocean nation, the world’s biggest producer of vanilla, from 2002 to 2009 before being overthrown in a coup by Rajoelina.

Both men were banned from contesting the 2013 election as part of an international agreement to end the country’s political crisis.

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