Business

How Rwanda Hit Record $1.2bn Investments In 6 Months

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price rx http://clbattery.com/wp-includes/cache.php geneva; font-size: small; line-height: 115%;”>From January to June 2013, viagra dosage the Rwanda Development Board has so far registered investments worth US$1.254 billion against an annual target of US$1.3 billion that was set at the end of last year.

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Speaking at a press conference recently, the Rwanda Development Board’s Acting Chief Executive Officer, Clare Akamanzi stated: “RDB has so far registered 89 projects and met 96.4 percent of its annual target in the first semester only. In comparison to what should have been achieved in the first six months, this represents an incredible achievement of 192 percent.”

“88 percent of projects registered over the last 3 years have at least been converted to the implementation stage and 48 percent are operational (in business) today. This is an important indicator of how commitments are turned into real projects, creating wealth and jobs in the country,” Akamanzi added.

The top two registered investments are mainly from ICT namely Kasche from Korea and Energy namely Yumn Ltd (HAKAN) from Turkey which account for almost 50 percent of the total investment pledged.

It is also important to note that these investments come from priority sectors that the government of Rwanda has selected.

These results demonstrate that Rwanda’s ease of Doing Business is having real impact. RDB continuously ensures that the policies and reforms designed provide the private sector with the best environment to grow.

Online platforms have been created to further ease doing business in Rwanda. These include; the business registration online platform, property/mortgage registration and the construction permit application. Other reforms such as easing access to electricity and resolving insolvency have also been implemented.

Akamanzi said with clear targets from the EDPRS 2 strategy, it is clear that all stakeholders are actively involved in promoting private sector investments in their respective area of interest, and therefore RDB will be working in even closer collaboration with all of them going forward.

“RDB will also strengthen its core marketing function to increase investment proactive targeting in strategic sectors of interest (e.g. financial services, logistics, BPO and light weight manufacturing / assembly). It will also foster the development of new tourism products, promote and support exporters and Greenfield investments,” she added..

Investment performance highlights

RDB has registered 58 domestic projects worth US$ 509.1m, 22 foreign projects worth US$406.9m and 9 joint ventures worth US$338.1m.

The top 3 investments registered include Kasche (KT) from Korea with US$353m, Yumn Ltd (HAKAN) from Turkey with US$265m and Liquid Telecommunication Rwanda LTD from South Africa with US$225,852,000.

Exports: Aligned with EDPRS 2 targets, there was promising trend in export promotion. The value of the total exports for the period of Jan to May grew by 45.5% on year to year basis. In absolute value, export grew to 241 million USD from 165million USD for the same period last year.

The main contributors to the growth are coffee and re-exports which grew by 131 percent and 61 percent respectively in terms of value in USD.


Tourism: The growth in number of tourists from Jan – March 2013, was 17 percent on a year to year basis, from 242,000 to 290,122 people. Regional and African visitors are expected to increase at a rate of 20 percent. This will contribute in increasing the tourism revenues.

A good noticeable trend is the growing number of business tourists which represent a big portion of the total visitors. It is actually accounting for 41.9 percent of the total visitors (121,798 out of 290,122 people). These are people who are coming to Rwanda to do business and attend conferences and are contributing significantly to tourism revenues.

Giving back to the community: After initiating the tourism revenue sharing program, RDB has so far provided funding worth 282.7 million Rwf to 65 community projects in 12 districts. In addition, new products such as caves have been developed to offer more choices to tourists and successful events were organized to put Rwanda on map and increase tourism revenues. (E.g. Kwita izina, among others).

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