The Sharjah Chamber of Commerce and Industry (SCCI), in collaboration with the Botho Emerging Markets Group, organized on 23rd April the “Rwanda Investment Showcase” Forum which explored avenues of economic cooperation between the United Arb Emirates and Rwanda.
Rwanda’s recent radical changes and paradigm shift, has made it Africa’s capital of tourism and the world’s 29th country in terms of ease of doing business, according to the Ease of Doing Business Index 2019 by the World Bank.
The event is a part of SCCI’s strategic plan to enter new markets and invite Emirati investors and businessmen, enhancing Sharjah's investment status, and increase trade and investment exchange between the UAE, particularly Sharjah and Rwanda. The forum included in attendance Chairman of the SCCI, Abdallah Sultan Al Owais, Dr. Sultan Al Mulla and Nasir Musabeh Ahmed Al Tunaiji who are board members of the chamber, Mohamed Ahmed Amin, Acting Director-General of SCCI, and Yasmin Amri– Charge d'affaires of the General Consulate of Republic of Rwanda in the UAE.
Also present were Uday Bhasin, Senior Partner from Tradeways along with top businessmen, senior officials and representatives of government departments, private sectors and media. The forum discussed ways of developing the economic and trade relations between UAE-Rwanda and shed light on Rwanda’s investment environment. It also highlighted Rwanda’s promising investment opportunities available for Emirati businessmen especially in trade, agriculture, real estate, construction and other investment sectors .
The SCCI chairman Abdullah Al Owais lauded the UAE’s great efforts made to establish strong and fruitful trade relations with African countries. “The volume of non-oil trade between the UAE and Africa hit AED 140.5 billion, ($38.3 billion). The UAE is the second largest Middle Eastern investor in Africa with 12 % share of the total foreign direct investment and is on the rise”. Al Owais said.
The forum was a platform for industrial leaders and investors to discuss Rwanda’s stability, security, qualified human resources, modern services and sophisticated infrastructure. It also discussed numerous incentives offered by Rwandan government to UAE investors and businessmen. The forum witnessed an open dialogue session, which brought together the Chargee d'affaires of the General Consulate of Republic of Rwanda in the UAE and a number of investors and CEOs of several companies operating in various economic sectors.
“Rwanda is very interested in establishing stronger trade and investment relations and consolidating a sustainable partnership with the UAE. We are keen to benefit from the UAE’s pioneering experience in the economic development field” Yasmin Amri said.
She stressed that Rwanda’s market is teeming with promising investment opportunities that generate lucrative returns for investors.
“The country's economic growth rate in 2018 raised to 8.2%, according to IMF statistics. The time to start a business was also reduced from 43 days to 4 days only. In 2016, Rwanda topped African countries in terms of attracting businessmen, according to the East African Common Market Protocol. All these data and incentives serve as a magnet for UAE businessmen to invest in all Rwanda’s economic sectors” Amri underlined.
Several business meetings have been held on the sidelines of the forum between Emirati and Rwandan businessmen and investors, discussing practical steps to establish joint economic projects in various sectors of Rwanda, taking advantage of commercial facilities offered by Kigali to entrepreneurs.