Rwanda opens doors to UAE investors
Chamber of Commerce and Industry organises Rwanda Investment Showcase” Forum
Sharjah, 23, April 2019: In collaboration with Botho Emerging Markets Group, the Sharjah Chamber of Commerce and Industry (SCCI) organsied today (Tuesday) the “Rwanda Investment Showcase” Forum to explore avenues of economic cooperation between the UAE and Rwanda.
The forum was attended by Abdallah Sultan Al Owais, Chairman of the SCCI, Dr. Sultan Al Mulla and Nasir Musabeh Ahmed Al Tunaiji, Board Members, Mohamed Ahmed Amin, Acting Director-General of SCCI, and Yasmin Amri– Chargee d'affaires of the General Consulate of Republic of Rwanda in the UAE.
The event comes as part of SCCI’s strategic plan to open up new markets to Emirati investors and businessmen, enhance Sharjah's investment status, and increase trade and investment exchange between the UAE, particularly Sharjah and Rwanda.
Also present were Uday Bhasin, Senior Partner, Tradeways, as well as top businessmen, senior officials and representatives of government departments, private sectors and media.
The forum discussed ways of developing the UAE-Rwanda economic and trade relations 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 sectors0.
The forum also touched on Rwanda’s recent radical changes and paradigm shift, which 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 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 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.
The session shined a light on 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.
“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.
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