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Rwanda seeks more investments in manufacturing sector

Xinhua, September 26, 2016 Adjust font size:

Rwanda wants to attract more foreign and local investments into manufacturing and other value-added industries to boost the country's manufacturing sector, officials have said.

Emmanuel Hategeka, permanent secretary for trade and industry, told reporters on Monday that the country has laid out a strategy to promote Made-in-Rwanda products which will be successful with massive investments in the local manufacturing.

He was speaking during a meeting with local manufacturers and agro-processing firms in Kigali aimed at promoting locally made Rwandan products.

"We are looking at seeing an increase in number of investments in manufacturing industry to boost the growth of locally made Rwanda products for export," he added. "It's vital to see value-added processing activities taking place in Rwanda. Investment is what makes economies successful."

Rwanda has laid strategies to expand the domestic value chain and to create a good business climate that favors the growth of investments in the industrial and manufacturing sector in Rwanda.

In an effort to reduce the trade deficit and to spur economic growth, Rwanda Development Board (RDB) has created multiple strategies to generate off-farm employment by developing key sectors like manufacturing and industry.

Serge Kamuhinda, RDB chief operations officer, said that Rwanda offers a variety of investment opportunities in the manufacturing sector and other sectors of the economy.

"The most rich and powerful countries across the globe attribute to their wealth from manufacturing. Made in Rwanda products is a large-scale campaign intended to boost the manufacturing sector, create jobs and enhance economic growth," he noted.

World Bank rankings show Rwanda as one of the easiest places to do business in Africa, after Mauritius and South Africa.

According to the second Economic Development and Poverty Reduction Strategy, Rwanda projects an annual economic growth rate of 11.5 percent by 2018, which will help drive the country into a middle income economy with the GPD per capita of 1,240 U.S. dollars. Enditem