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Ambatovy is the largest investment in Madagascar's history. [11] The mine employs 10,000 people, of which 8,000 are Malagasy, and provides 27 per cent of the country's tax revenues. [4] The mine has been criticised for its local environmental impacts. [3]
One of Sumitomo's largest investments is in the Ambatovy nickel mining project in Madagascar, where it had invested approximately $2.4 billion as of 2015 in a joint venture with Korea Resources and others. [11] Sumitomo is a 50% investor in SES Water, a UK water supply company, together with Osaka Gas. [12]
The EITI believes this because of the significant portion of illegal exports of gold. Looking into the future, the Plan d'action Madagascar 2007-2012 predicts that the mining proportion of the GDP will increase to 30% as Madagascar shifts from a mainly artisanal and small-scale based mining industry to a large-scale public-private industry. [12]
Madagascar is an island country in the Indian Ocean, off the coast of Southeast Africa. Madagascar belongs to the group of least developed countries , according to the United Nations. [ 1 ] Ecotourism and agriculture, paired with greater investments in education, health, and private enterprise, are key elements of Madagascar's development strategy.
Change in per capita GDP of Madagascar, 1950–2018. Figures are inflation-adjusted to 2011 International dollars. The economy of Madagascar is US$9.769 billion by gross domestic product as of 2020, being a market economy and is supported by an agricultural industry and emerging tourism, textile and mining industries.
Sumitomo Rubber Industries, Ltd. (住友ゴム工業株式会社, Sumitomo Gomu Kōgyo Kabushiki-gaisha) is a global tire and rubber company based in Japan. It is part of the Sumitomo Group . The company makes a wide range of rubber based products, including automobile tires , golf balls and tennis balls.
Sumitomo Corporation* Integrated trading: Sumitomo Electric Bordnetze: Auto parts suppliers Sumitomo Electric Industries, Ltd.* Electronics and electric products Sumitomo Forestry Co., Ltd. Lumber and housing: Sumitomo Heavy Industries* Machinery, weaponry, and shipbuilding Sumitomo Life: Insurance: Nippon Steel* Steel: Sumitomo Metal Mining Co ...
In March 2005, Sumitomo Heavy Industries underwent an inspection by the Japan Fair Trade Commission (JFTC) for suspected collusion regarding contracts for flood control gates on rivers and dams commissioned by the Ministry of Land, Infrastructure, Transport and Tourism, the Water Resources Agency, and local governments.