In the next 7 years, the nation of Rwanda is looking at creating over 1.5 million jobs in the country, facilitated by the private sector. The objective seems like a mountain to climb but the private sector is more than sure to make it work. The creation of jobs will steer the economic prowess and build a stellar empire in the business environment to compete in the regional and international market.
To achieve this, there must be measures and policies set in place in favor of the private sector. Better incentives to motivate the private sector would encourage more investments and draw more support for the success of the private sector. There must be investment securities to assure the private sector players that their businesses are not in trouble.
According to the Private Sector Federation – Rwanda (PSF), one of their goals is to see the country be a private sector led economy by the year 2020. This seeks to motivate entrepreneurship in the country, and independence among individuals. Foreign Direct Investments (FDI) are vital for many African countries but to develop a culture of self-owned, home-grown products and services would increase a country’s value by a mile. The sense of ownership means the Government has no heavy weight on its shoulders to support its citizens financially but could focus on development projects.
Ethiopia recently opened its economy to privatization. This was a game changer at the last minute with the market now flocking with investors and now competing with Rwanda as East Africa’s major investment hub. With a population of over 100 million, there’s a wide domestic market, labor force to be tapped and enormous potential to be discovered.
Private sector has the ability to increase the country’s exports value, with more home-grown produced commodities and services. This will improve self-financial reliance other than dependability on external sources of money for a better economic status.