Recently, Eternal Tsingshan Holding and the government of Madagascar signed a memorandum of understanding at the Ambohitsorohitra Palace. According to the agreement, both parties will collaborate on the construction of an industrial park and promote the development of local resources. Tsingshan Group will invest $10 billion in the project, which is expected to create 50,000 to 100,000 jobs upon completion.

Green mountains will drive substantial economic growth

Behind the numbers — more than $10 billion in investment, up to 100,000 jobs and an expected $15 billion in annual exports — the authorities are mostly talking about a turning point.

"This project is not just another factory. It will fundamentally change our economic structure," revealed a government source involved in the negotiations. The stated goal is clear: to transition from an economic model centered on the export of raw materials to a processing-based economy centered on value creation and sustainable employment.

The cooperation project envisions the establishment of a modern industrial park, with its model based on the comprehensive utilization of natural resources, infrastructure, and a complete production chain. The government predicts that the project could ultimately generate tax revenues of $500 million to $1 billion annually. "These resources will enable us to increase investments in education, healthcare, and infrastructure," an official from the Ministry of Economic Affairs emphasized.

A strategic steering committee has been established to oversee the project, with representatives from the Presidential Palace, the government, and Qingshan Group. "We hope to conduct strict and transparent supervision. This is a matter of great importance, and we must not act hastily," emphasized a committee member.

The project is under construction

The first phase of the project will cover an area of 5,000 hectares, with approximately 10 kilometers of coastline. The planned facilities include industrial ports, airports, modern highways, power grids, residences, schools, and medical centers. "Our concept is to build a real industrial city where production, social life, and environmental protection coexist harmoniously," explained a project technician.

Eternal Qingshan Holdings has long made a name for itself in the global industrial sector. This Chinese group is currently one of the world's largest producers of stainless steel and nickel, two materials that are key strategic materials for future industries and technologies, especially batteries and electric vehicles. Eternal Qingshan Holdings will apply its green industrial park model to Madagascar, which has been previously validated in Indonesia and Zimbabwe. In 2023, the group produced over 16 million tons of stainless steel and over 1 million tons of nickel, such a huge production volume making it an important force that directly affects the global market.

For the local government, the human impact is crucial. “Every job created, whether direct or indirect, means a family gains stability,” said one local official. The project is expected to create 50,000 to 100,000 jobs, a rare feat in Madagascar. Tsingshan Group is a global leader in the metals industry, with operations spanning multiple continents.

Through its significant collaboration with Qingshan, Madagascar has sent a strong signal to global investors, demonstrating its commitment to becoming an ideal destination for large-scale industrial projects and long-term investments. (This article is sourced from Seetao's official website, www.seetao.com. Reproduction without permission is prohibited. If reprinted, please credit Seetao + the original link.) Edited by Wang Xia, Storage Energy Column, Seetao