In accordance with Law No. 2023–002 on Investments, adopted in July 2023, activities such as gold panning, artisanal mining, and small-scale fishing are reserved for domestic investors, defined as natural persons of Malagasy nationality or legal persons established under Malagasy law that are effectively controlled by Malagasy interests.
"Article 1 : Definitions
For the purposes of this Act, the following definitions apply:
1- "Incentives" means the benefits granted by law to investors who meet specific and objective eligibility criteria, with the aim of encouraging them to act in a certain way;
2- "Investment": a capital contribution in the form of assets such as assets, rights and interests of any kind, allocated in a sustainable manner to a company, involving an economic risk for the investor and making it possible to contribute to the economic development of Madagascar. In particular, these include:
a) shares, shares, bonds and other forms of participation in the capital of the company or another company;
b) debt securities of another company;
c) loans to a corporation, including current account advances from partners;
d) movable and immovable property and other property rights such as mortgages, liens or pledges;
e) copyright;
f) industrial property rights such as patents, trademarks, industrial designs and trade names, insofar as they are registered with the Malagasy Property Office Industrial (OMAPI);
g) business assets and know-how.
"Investment" does not include:
a) portfolio investments;
b) debt instruments issued by a Government or loans made to a Government;
c) liquid receivables arising solely from commercial contracts for the sale of goods or services by a company operating in the territory of Madagascar, or from the granting of credit in the context of a commercial transaction, or from any other receivable that does not involve the payment of the interest set out in subparagraphs (a) to (g) above;
d) bank letters of credit;
e) spontaneous business transactions; and
f) receivables with maturities of less than three years.
2-1. "Direct investment" means an investment made by an investor, which consists of an investment of capital, resources or assets in a company established or to be created in Malagasy territory, with the aim of acquiring a long-term shareholding, involving an economic risk for the investor, conferring on him effective control or a significant degree of influence in the management of the said company and which makes it possible to contribute to the economic development of Madagascar. [...]
3- "Investor" means any natural or legal person, national or foreign, resident or non-resident, participating in an investment under the conditions defined by this Law.
4- "National investor" means any investor, natural or legal person, of Malagasy nationality or legal person under Malagasy law controlled by national interests.
5- "Foreign investor" means any investor, natural or legal person, of nationality other than Malagasy or legal person under Malagasy law controlled by foreign interests.
A natural or legal person is presumed to have control of a corporation:
a. or when it holds, directly or indirectly or through an intermediary, more than half of the voting rights of a company;
b. or when it has more than half of the voting rights of a company by virtue of an agreement or agreements concluded with other partners of that company;
c. or where it in fact determines, by means of the voting rights it holds, the decisions at the general meetings of that company. It is presumed to exercise this control when it holds, directly or indirectly, a fraction of the voting rights greater than 40% and no other partner or shareholder holds, directly or indirectly, a fraction greater than its own.
[...]
Article 3: Freedom of investment
Any natural or legal person, of Malagasy or foreign nationality, is free to invest and settle in the national territory, in compliance with the laws and regulations in force.
However, all activities provided for by legal provisions, such as gold panning, artisanal mining and small-scale fishing, are reserved for domestic investors.
Article 4: Equal treatment
Subject to reciprocity and without prejudice to the exceptions that may be contained in sectoral laws or bilateral, regional or international agreements or treaties to which Madagascar is a party, as well as Articles 3 and 18 of this Law, investors, regardless of their nationality, in comparable situations shall receive identical treatment in terms of management, and sale or other disposal of the investment.
The concept of "comparable situations" requires an examination of all the circumstances in which an investment is made.
The term "treatment" referred to in this article applies to both investors and their investments.[...]" (Law No. 2023 - 002 on investments in Madagascar, adopted 27 July 2023, Articles 1, 3, and 4 [unofficial translation])
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"Article 1: For the purposes of this law, the following terms are defined as: [...]
Commercial aquaculture: Any activity involving the production of aquatic organisms intended for commercialization. [...]
Fishing vessel: Any means of navigation equipped and used for the practice of small-scale fishing. [...]
Artisanal fishing: Fishing activity using decked or non-decked vessels, with a total engine power between 15 HP and a maximum of 50 HP.
Inland fishing: Any fishing activity conducted in inland waters within the public domain of the State.
Industrial fishing: Fishing activity using motorized vessels with a total engine power exceeding 50 HP.
Maritime fishing: Any fishing activity conducted in maritime waters and the high seas.
Small-scale fishing: Fishing activity reserved for individuals, practiced in waters under Malagasy jurisdiction using motorized vessels with a total engine power of less than 15 HP, non-motorized vessels, or conducted on foot.
[...]
Article 23: The practice of fishing is subject to registration with the Ministry in charge of Fisheries and Aquaculture. 
The practice of commercial fishing in Malagasy territorial waters is reserved for individuals of Malagasy nationality or entities under Malagasy law, using boats and vessels flying the Malagasy flag.
The conditions and procedures for registration are defined by regulatory provisions.
Rights of Small-Scale Fishers
Article 24: Anyone engaging in small-scale fishing in waters under Malagasy jurisdiction must:
- Possess a fisher's card;
- And/or have a registered boat;
- And/or use marked fishing equipment.
Fishing Rights of Malagasy Vessels
Article 25: Any Malagasy vessel engaged in fishing:
- In waters under Malagasy jurisdiction:
a) Must be registered in Madagascar or acquired on credit in accordance with current laws and regulations by individuals of Malagasy nationality or entities under Malagasy law;
b) Must be chartered by individuals of Malagasy nationality or entities under Malagasy law;
- In the waters under the jurisdiction of a third state: Must comply with the fishing regulations in force in that state;
- In the high seas: Must obtain authorization from the Ministry in charge of Fisheries and Aquaculture and comply with Malagasy and international law in force.
Article 26: Fishing vessels flying the flag of a third state may be authorized to fish in waters beyond the territorial sea under the provisions of fishing agreements between the Republic of Madagascar and the flag state, a union of countries, a fishing association, or when they are chartered by Malagasy nationals.
Fishing vessels flying the flag of a third state mentioned above are required to embark one or more Malagasy observers, in accordance with provisions defined by regulatory means.[...]" (Law No. 2015-053 Carrying out the Fisheries and Aquaculture Code, adopted 3 February 2016, Articles 1, 23, 24, 25, and 26 [google translation])
Law No. 2023 - 002 on investments in Madagascar, adopted 27 July 2023
Law No. 2015-053 Carrying out the Fisheries and Aquaculture Code, adopted 3 February 2016
[<a href="https://cnlegis.gov.mg/uploads/L2023-002-VF.pdf">Law</a>],[<a href="https://investmentpolicy.unctad.org/investment-laws/laws/367/madagascar-madagascar-investment-law-2023">Law_ENG</a>],[<a href="https://faolex.fao.org/docs/pdf/Mad162704.pdf">Law</a>],[<a href="https://www.wto.org/english/tratop_e/tpr_e/s318_e.pdf">Other</a>]