NAIROBI, KENYA, JULY 2018 ― Rwanda is targeting to deepen Foreign Direct Investments (FDIs) from Kenya in a renewed effort to grow key sectors in the country.
The land locked East Africa state is pushing for enhanced bilateral trade ties with Kenya, which is the top investor in Rwanda among East and Central Africa states.
Speaking in Nairobi at an event held to mark the 24th Liberation Day of the republic of Rwanda, Rwandese ambassador to Kenya James Kimonyo said his country has faith in Kenyan investors, hence the call to increase their participation in developing the country.
“We need more Kenyans to come and invest in Rwanda. We are open for investors and one thing I want to assure you is that once you invest in Rwanda, you are assured of returns on your investment,” Kimonyo said.
Rwanda is currently open for investments in the Information Communication and Technology (ICT) sector, Agribusiness, Energy, Financial services, real estate and mining among other sectors.
“Kenyans should be aware of what is happening in Rwanda. Returns on investment are very high,” Kimonyo affirmed.
The country is capitalizing on its ease of doing business status and its strong economic growth to attract investors.
Rwanda tops the region in the ease of doing business. It is second in Africa after Mauritius, making it an attractive investment destination in Africa.
In Rwanda for instance, one can register a business within six hours, making it the most convenient investment destination for foreign investors.
Kimonyo said his government has also ensured investors are protected.
Kenya has a consolidated investment portfolio of US$500 million in Rwanda. KCB Group is among top Kenyan entities that have heavily invested in Rwanda where apart from providing financial services, it is playing a key role in developing the country’s real estate sector with key projects underway.
According to head of mortgage KCB Rwanda-Beatrice Chege, the Nairobi Securities Exchange listed lender has invested more than US$115 million in the country’s real estate sector alone.
“We also have huge investments in the manufacturing sector among other key areas,” Chege told the Exchange in an interview on the sideline of the event.
Kenya’s Foreign Affairs Principal Secretary, Ambassador Macharia Kamau, lauded Rwanda’s development track which he pegged on good leadership and synergy between the government and the private sector.
“Rwanda attracts FDIs from companies that would have rather come to Kenya,” Kamau noted.
“Rwanda’s growth is however good for Kenya since it creates an export market and investment opportunities. Kenya being the number one investor in Rwanda in terms of FDIs shows Rwanda’s trust in Kenya as a neighbor,” Kamau added.
Meanwhile, the Rwandese ambassador to Kenya has called for continued partnership in ensuring regional integration is achieved.
This includes sustained development of the infrastructure along the Northern Corridor, which runs from Mombasa through Uganda into Rwanda and the DR Congo.
The country counts on the Port of Mombasa as among the key entry points for its exports. It also serves as an exit point for exports from Rwanda to the global markets.
The corridor’s development received a major boost after Presidents Uhuru Kenyatta (Kenya), Paul Kagame (Rwanda) and Uganda’s President Yoweri Museveni met in Nairobi a fortnight ago, to deliberate on ways to improve the road, rail and pipeline network to serve the region.
“I want to assure you Rwanda is committed in what we are doing together as we continue to develop the region,” Kimonyo said.
The Nairobi event brought together Rwandese, Kenyans and friends to push for regional cooperation. It was also used to mark 24 years since the Rwandan genocide in 1994 which left more than 500,000 people dead.
The East Africa state has however lived beyond its past to become one of the fasted growing economies in the region under the stewardship of President Kagame.
