- According to Statista, Tourism revenue in Rwanda rose by 171.3 per cent from $164 million in 2021 to $445 million in 2022.
- Omar Shahid Butt, President of the Pak-Africa Business Forum, stressed enhancing business links and general positive relations between other regions.
- According to Clare Akamanzi, Rwanda’s commercial diplomat in London, the country is aiming for a dynamic approach to its industry.
With the top African countries facing political and industrial turmoil, more focus has been on preventing further decline in economic growth. One particular country has outdone itself to ensure its consistent improvement in the emergence of a new era; Rwanda. Rwanda’s government has featured prominently among African countries adopting unique approaches to establish a new economic system. Recently the Pak-Africa Business Forum set its sights on the East African country to develop a new Africa-Pakistan trade line. This move could improve Africa’s international relations and set Rwanda above its peers in this economic race.
Pak-Africa Business Forum Allies with Rwanda
Amid a digital evolution, Africa has remained in the spotlight, given its rapid growth rate and vast untapped potential. Within the past decade, Africa has hosted several international events that have brought together different investors and innovators across the globe. Among the congregation of potential beneficiaries is the Pak-African Trade Forum which has significantly emphasized better Africa-Pakistan trade relations.
In August, Omar Shahid Butt, President of the Pak-Africa Business Forum, emphasized on enhancing business links and general positive relations between other regions. This will improve their trading lines and benefit other sectors, such as skill-based sharing and education.
During his announcement, Mr. Butt highlighted that Rwanda’s economic development could prove vital in establishing this new initiative. He said,” Increasing business links can open up the entire African continent for Pakistani exports through the bases in these two countries only.“
To ensure the establishment of this trade line, Mr. Butt hosted the Pakistani High Commissioner nomad for Rwanda, Naeem Khan, along with several significant exporters. As such, Mr. Butt took this opportunity to strengthen the Pak-Africa Business Forum’s reach within the country. He said, “We have formulated a comprehensive strategy to increase Pakistani exports to central African countries with bases in Rwanda and Congo.“
Also Read Top investment opportunities in Rwanda in 2021.
With Rwanda recently focusing on improving its private sector, this new collaboration would contribute to an unprecedented growth rate in the region. Mr. Butt commented on the initiatives Rwanda’s private sector showcased to establish an Africa-Pakistan trade line.
Unfortunately, over the past decade, the lack of proper communication and information in both Springsteen regions has led to its current state. However, with the Pak-Africa Business Forum finally establishing a line with Rwanda, the trade line will sprout additional partnerships.
Aside from eyeing Rwanda, the Pak-Africa Business Forum has also established a link to West Africa. Mr. Butt is also the honorary vice counsel of Ghana. With the organization setting base n East and West Africa, the Africa-Pakistan trade line finally appears destined for success.
Rwanda kickstarting a trend of excellence.
Rwanda’s economic position has tremendously evolved over the past two decades. The country’s GPD has risen from $752 million in 1994 to $13,31 billion in 2022. This rise is attributed to President Kagame’s government’s keen sense of improvement.
Rwanda has positioned itself to dominate several economic activities in East Africa. For instance, Rwanda’s government heavily revamped its tourism sector to create one of the world’s best luxury eco-tourism and conference destinations.
According to Statista, Tourism revenue within the country rose by 171.3 per cent from $164 million in 2021 to $445 million in 2022. This feat significantly highlights the nation’s determination for economic development. Interestingly, most superior economies struggled to survive the Post-Covid effects during this period.
Rwanda has also significantly grown its employment rate by applying several policies benefiting the common citizen. Moreover, Rwanda remains on the path to achieving a universal healthcare policy. The nation has made significant strides in East Africa compared to its peers. Furthermore, the government has highly emphasized the need for more science, technology, engineering, and math (STEM) based startups.
Also Read GSMA partners with Rwanda’s telcos to promote digital inclusion.
As a result of his initiative, its private sector has significantly risen, broadening its market and industry range. According to Clare Akamanzi, Rwanda’s commercial diplomat in London, the country is aiming for a dynamic approach to its industry. The government intends to develop an ecosystem comprising multiple global industries by expanding its business, investment, and innovation sector.
The Thestablishemnst of Rwanda’s private sector has significantly aided this vision. Through the privatization of most organizations, it achieves consistent development amid the high competition rate. Through this, innovators and investors search for new ways to provide similar goods and services. Furthermore, establishing the Rwanda Development Board has attracted multiple international investors, each setting shop within Rwanda’s business ecosystem. If this trend continues, Rwanda may compete with Africa’s economic giants, including Kenya, South Africa, Egypt, and Nigeria.
