(Special for CAFS) Indian investors keen to invest in Rwandan market

Members of the Indian business community have pledged to invest 1 billion U.S. dollars in the fast-growing Rwandan economy within the next few years.

The investors who arrived in Rwanda on Sunday are looking forward to expanding businesses to the small central African country, which has become an attractive destination for foreign investments in recent years.

The investors were part of the delegation led by India's Vice President Shri Hamid Ansari who was in Rwanda for a 3-day official visit.

Speaking to reporters on Tuesday, T. Muralidharan, head of Indian business delegation and also Executive Chairman of the Federation of India Chambers of Commerce and Industry (FICCI), said Indian investors were ready to invest in various sectors of the Rwandan economy.

"Our government has signed various deals with the Rwandan government which is a good opportunity for us to explore potential investment opportunities in this country," he noted.

According to Emmanuel Hategeka, the Chief Operating Officer for Rwanda Development Board (RDB), Rwanda is still virgin for investments both local and foreign and the country intends to become a global investment hub.

According to RDB, for the past six years, a total of 66 Indian owned investments registered in the country with a total value of about 317.5 million dollars, which have created some 3,800 jobs in several sectors.

According to the 2016 Ernst & Young (EY) Africa Attractiveness Index, Rwanda is one of the 10 most attractive nations in Africa for investors.

In 2015, Rwanda revised the investment code that, among others, saw investors enjoy preferential corporate income tax of 15 percent, for sectors such as energy, transport, financial services and affordable housing and logistics project. Endit