Rwanda unveils Kigali Innovation City masterplan
The Kigali Innovation City masterplan serves as the blueprint for the 61 hectares site which entails the development and construction of a mixed-use world-class and smart innovation hub, which is aimed at developing cutting-edge solutions to help stimulate economic growth in Rwanda, the region and on a continental basis. Clare Akamanzi, CEO of Rwanda Development Board joins CNBC Africa for more.
Mon, 20 Dec 2021 10:09:31 GMT
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AI Generated Summary
- Investments totaling $300 million from Rwanda and Africa 50 are set to propel the Kigali Innovation City to new heights, with a focus on catalyzing ICT exports and fostering innovation in the region.
- Incentives such as reduced corporate income tax, favorable exit tax policies, and import duty exemptions are in place to attract private sector players and create a conducive environment for businesses to thrive.
- Rwanda boasts strong regulatory frameworks, including robust intellectual property laws and modern company regulations, aimed at protecting small businesses and entrepreneurs, fostering growth, and creating a supportive ecosystem for innovation.
Rwanda has set its sights on becoming a key player in the global tech industry with the unveiling of the Kigali Innovation City Master Plan. This ambitious project, spanning 61 hectares, is set to be a world-class innovation hub aimed at fostering cutting-edge solutions and driving economic growth not only in Rwanda but also across the region and continent. The CEO of the Rwanda Development Board, Clare Akamanzi, recently shared insights into the master plan and the investments driving this vision forward. The innovative ecosystem is already attracting top universities like Carnegie Mellon University and the Africa Leadership University. Plans are underway for a 5600 square meter building slated to begin construction in 2022, serving as a collaborative space for innovators and IT companies to push the boundaries of innovation in Africa. At the heart of this project lies a partnership with Africa 50, with both parties set to invest $300 million into the Innovation City. The goal is to catalyze ICT exports, with an expected $150 million worth of exports coming out of Kigali Innovation City. This ambitious initiative underscores Rwanda's commitment to positioning itself as a tech and innovation hub on the continent. To attract private sector players, Rwanda has put in place a range of incentives, including reduced corporate income tax, favorable exit tax policies for investors, and import duty exemptions for developers. The Kigali International Financial Center will further complement the Innovation City by providing financial services to support growth in the region. With a focus on creating a conducive environment for businesses to thrive, Rwanda aims to become a magnet for global tech giants looking to tap into the burgeoning opportunities in the African market. Strong regulatory frameworks, including robust intellectual property laws and modern company regulations, are designed to protect small businesses and entrepreneurs, ensuring a supportive ecosystem for growth and innovation. As Rwanda opens its doors to investors and entrepreneurs alike, the Innovation City stands as a beacon of hope for a tech-driven future in Africa.
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