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Chinese investors explore more trade deals in Rwanda

Xinhua, August 4, 2015 Adjust font size:

More than 30 Chinese firms Monday gathered at the East Africa-China business forum in Kigali to explore investment opportunities in the east African country.

Han Jun, the president of the East Africa Chinese Chamber of Commerce, expressed interest in east Africa's regional infrastructure projects, Rwanda's manufacturing sector and real estate development.

Han said their aim is to help attract more Chinese investors into Rwanda and the region.

Francis Gatare, the chief executive officer of Rwanda Development Board, said the forum was part of wider efforts to increase Chinese investments in the country.

Chinese investments in the last five years in Rwanda are valued at more than 170 million U.S. dollars, according to official figures.

These include Rwanda's exports to China and Rwanda's imports from China.

China is Africa's largest trading partner with the value of trade increasing 20 times in the past 15 years to reach 200 billion U.S. dollars last year.

Chinese business co-operation with Africa is in areas of construction, trade, and engineering among other things.

Gatare called for more sustainable investments between the two countries.

Benjamin Gasamagera, the chairman of Rwanda's private sector federation said they are looking at tapping into China's growing trade with Africa.

Rwanda has been hailed for its strong economic growth, high rankings in the World Bank's Ease of Doing Business Index.

The government has also undertaken a series of pro-investment policy reforms aiming to improve Rwanda's investment climate and increase other foreign direct investment.

The Government this year unveiled a new investment code under which investors can enjoy a preferential corporate income tax of 15 percent, down from 30 percent for priority sectors such as transport, energy, financial services, affordable housing and logistics project.

Those investing more than 50 million U.S. dollars in strategic areas such as energy, tourism, manufacturing, ICT or health sectors can enjoy a tax holiday of up to seven years.

The new code also offers Value Added Tax (VAT) exemptions in accordance with the law and refund within 15 days from day of application.

With a total population of about 135 million people, East Africa, where Rwanda is located is attracting a dramatic increase in foreign investment.

In October 2013, Rwanda, Kenya and Uganda signed a Single Customs Territory deal, permitting the free movement of goods and services across their borders. Endit