{UAH} Rwanda asks for more

News 

Sunday, December 20, 2015 

Rwanda asks for more

GOOD RETURNS: Demand for social housing in Rwanda stands at 12.6% and affordable housing at 54%. (COURTESY PHOTO)

NAIROBI, KENYA - The Rwandan government has asked fellow East African Community (EAC) member states to promote intra African trade and investment to propel economic growth in the region.

Speaking during a investment business forum organized by Rwanda High Commission and Rwanda Development Board (RDB) in Nairobi recently, Rwanda High Commissioner to Kenya, James Kimonyo said intra-African trade was crucial in steering the economies of the region.

He said regional economic integration is key to steering economic growth in the region.

He said Kenya is the largest investor in Rwanda with an estimated  $430 million in investments closely followed by Mauritius and South Africa.

The High Commissioner called on regional countries and foreign investors to take advantage of the enormous untapped opportunities available in Rwanda. 

Kimonyo highlighted the  key sectors such as energy, mining, infrastructure, real estate and manufacturing industry.

Minerals present in the country include cassiterite, wolframite, gold, and coltan. Rwanda to date  also has largest solar power plant thanks to American and Norwegian investors.

"We need to promote investments in these key areas which have the potential to elevate the country to a middle income," Kimonyo said.

Kimonyo said despite Rwanda's significant economic growth of eight percent attained over the last decade and impressive ratings by global institutions there is still a big gap left for the country to attain a middle income class. 

According to joint findings by the World Bank and International Finance Corporation (Doing Business survey) Rwanda is the most competitive place to do business in East Africa and third in Africa.

Making a presentation during the event, Glory Mbabazi, Rwanda's Second Counselor to Kenya unveiled potential investment opportunities.

She told the invited business people of the good returns from manufacturing and real estate.

Mbabazi said construction and real estate are key potential drivers for Rwanda's economic growth.

Current demand for social housing stands at 12.6%, affordable housing 54%, mid range housing 32.8% and premium housing at 0.5 percent.

According to the Kigali conceptual master plan, there are 35,590 hectares of land available for potential development.

While in the manufacturing sector which constitutes 43% of the industrial sector contributed 87% to GDP. The sector is steadily growing at an annual rate of seven percent.

Charles Wako, the Kenya National Chambers of Commerce director, said Rwanda's investment policies and incentives have led to more than 1,200 Kenyan companies registered in Rwanda.

"This is a clear indication that there are a lot of investment opportunities in Rwanda and we will keep on s promoting trade investment between the two countries," Wako said.

Rwanda's strong performance is largely driven by the expansion of the service sector which contributes about 47 percent of GDP compared to 33 percent and 14 percent contributed by agriculture and industrial sectors.

Tourism is the leading foreign exchange earner generating $303 million with one million tourists each year followed by mining sector which generated $210 million.

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Bwanika Nakyesawa Luwero

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