FIEO organised an interactive meet on “Trade & Investment opportunities in Rwanda” on January 12, 2018, at Niryat Bhawan, New Delhi. It was organised in order to explore the East African Community (EAC) region — an important African market— and to provide vital information on Rwanda to the Indian business community.

The meeting was attended by H E Mr Ernest Rwamucyo, High Commissioner of the Republic of Rwanda and Mr Joseph Kabakeza, Deputy Head of Mission and the FIEO brass including Dr Ajay Sahai, DG & CEO, Mr T S Ahluwalia, Member, Managing Committee and Ms Priya Safaya, Joint Deputy Director General. Besides, representatives from Indian exporting community also attended the meeting.

In his welcome address Dr Sahai said that India has consistently been one of the top importing countries for Rwanda with India’s trade share at USD 132 million being 7.42 per cent. The major items of India’s exports to Rwanda include, among others, pharmaceuticals, vehicles, textiles, electrical machinery, optical & other precision instruments, and plastics. Major imports from Rwanda include coffee, tea, mate, spices, salt, sulphur, earths and stones, pearls, precious and semi-precious stones and miscellaneous goods.

Dr Sahai mentioned that Rwanda has a dynamic economy and ranks highly in the ease of doing business, providing many incentives for investors. Rwanda is a country of few natural resourcesand the economy is based mostly on subsistence agriculture by local farmers using simple tools.

H E Mr Ernest Rwamucyo, while addressing the gathering said that the strong bonds between Rwanda and India have reached new heights with the two countries elevating the relations to the level of a strategic partnership. He further informed that Rwanda has since launched a direct flight operated by RwandAir, the Rwandan National Carrier connecting Kigali and Mumbai.

This will go a long way in giving a boost to trade, investment, tourism and people-to-people connection between India and Rwanda, and Africa by extension.

The High Commissioner of Rwanda informed that he wanted to increase India’s trade and economic relation with Rwanda substantially in the near future. He invited the participants tocome out with the problems, issues and suggestions to help boost India’s exports to Rwanda. He assured all that immediate steps and supportive action would be taken to help resolve issues in conducting trade with Rwanda. The High Commissioner gave a detailed presentation on trade and investment opportunities in Rwanda—the presentation is available in the Members Area of FIEO website. He said that we look forward to the continued partnership between India and Rwanda for the mutual benefit of our two brotherly countries and people.

Mr Joseph Kabakeza informedthat Rwanda is an important destination for investment in view of its healthy environments. The Rwandan economy has been growing at the rate of 8.2 per cent annually, despite global slow-down and is one of the fastest growing countries in Africa. He pointed out that Rwanda is a corruption- free country in view of zero tolerance policy adopted by the Government. He said that there are good opportunities of investment in infrastructure, tourism, energy, information and technology in Rwanda. He also informed that for any queries, members can send emails to rwandahighcommission@yahoo.com.

Mr Ahluwalia in his vote of thanks said that India as one of the key source market of Rwanda, with 15 million travelers and USD 12.3 billion spending globally in foreign destinations annually. He shared that Rwanda is a growing market, where the economy has since rebounded with 6.9 percent growth in 2015 and 5.9 percent growth in 2016. He further informed that the International Monetary Fund (IMF) expects Rwanda’s GDP to grow between 6-7 percent in 2017 and 2018. During the question and answers session with the High Commissioner, the participating companies raised wide ranging queries and issues connected with the scope and opportunities for business with the EAC and Rwanda including renewal energy policy, scope of herbal products, pharmaceutical and health prospects, investment in hydro-power projects in rural areas, scope of eco-friendly products, authenticity of buyers. The panel of diplomats provided the required information to the participating companies and requested them to contact the High Commission for further details, whenever required.

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