RWANDA ATTRACTS NEARLY 1.7 BILLION US DOLLARS IN NEW FOREIGN INVESTMENTS
(Posted 19th January 2018)
The Rwanda Development Board in 2017 registered investments in Rwanda worth USD 1.675 billion. This is an increase of USD 515 million when compared to the investments registered by RDB in 2016 when overall USD 1.160 billion worth of investments were registered.
The three sectors that attracted the most investments were construction and real estate, mining and lastly, infrastructure. They registered investments of USD$ 637,659,692, USD$ 267,344,495 and USD$202,660,135 or 38%, 16% and 12% of the total investments registered by RDB respectively.
The largest individual investments registered last year were Bugesera Airport Company Ltd (USD 398.68 million), Ignite Power Rwanda Ltd (USD 113.84 million), Gasabo Investment Company (USD 89.02 million), African Panther Resources Ltd (USD 54.02 million) and the Kigali View Hotel and Apartment Ltd (USD 53.2 million).
The five registered investments are valued at USD 708.76 million in total.
In terms of the origins of the investments Foreign Direct Investment (FDI) dominated, with investments worth USD 1.041billion or 62.26% of all investments registered by foreign investors. This was followed by local investments registered worth USD 470.98 million or 28.15% of all investments registered. Joint ventures (local and foreign investors) worth USD 160.47 million were registered; they were worth 9.59% of all total investments registered by RDB.
In comparison, in 2016, foreign investments worth USD 650.4 million, local investments worth USD 479.5 million and joint ventures investments worth USD 160.47 million were registered by RDB respectively.
Commenting on the investments registered in 2017, RDB Chief Executive Officer, Clare Akamanzi said:
‘In the last 10 years, registered investments in Rwanda have jumped from USD 800 million in 2007 to USD 1.675 billion in 2017. This is an increase of more than 100% in only a decade. This is evidence that Rwanda is being seen more and more as great place to do business. Rwanda’s ambition is to create 150,000 off-farm jobs a year. I am confident that these investments registered will have an immediate impact on the employment prospects of young Rwandans. Last year, 38,261 jobs to be created were registered by RDB in the infrastructure, services, manufacturing, tourism, construction and real estate, agriculture, ICT and mining sectors. This is an increase of 184% increase from 2016 where 13,477 jobs to be created were registered in the eight sectors. The increased investments registered by RDB are a direct result of the initiatives that the Government of Rwanda, through RDB, have put in place‘.
In terms of investor facilitation RDB operates a One Stop Centre for investors, which provides information and services to guide investors through the key steps of starting a business such as registration, licenses, immigration, land, utilities, environmental clearances and tax and mortgage registration services.
In addition, in terms of Aftercare Services, RDB offers assistance in ensuring that business projects are implemented free of avoidable impediments. RDB helps investors to sort out simple and complex challenges they encounter along the way and provides any guidance required. In addition, RDB has also introduced investor engagement platforms such as the’ Investor Open Day’ every Friday as well as ‘CEO Forum’ four times a year where RDB senior management meets and engages with business leaders.