Local businesses reap big from Rwanda's increased international partnerships

Rwanda's economy has witnessed a significant boost in recent years, thanks to the country's emphasis on fostering international partnerships and collaborations. This strategic focus has opened up new opportunities for Rwandan enterprises to enter global markets and attract foreign investments. In a recent interview with CNBC Africa, Eric Siaka shed light on the positive impact of these partnerships on local businesses. He highlighted the importance of quality standards and scalability for companies looking to compete on a global scale. Siaka emphasized the need for Rwandan businesses to adapt to the changing dynamics of the international market. He pointed out that quality plays a crucial role in gaining a competitive edge against global players like China and Germany. Siaka also stressed the importance of restructuring companies to ensure scalability and organization, essential factors for survival in the highly competitive business environment. The interview delved into the role of the Rwandan government in facilitating business operations for local companies. Siaka credited the government for its support in digitalizing processes like electronic billing, which has streamlined operations for businesses in Rwanda. He highlighted the significance of the 'Made in Rwanda' brand, a collaborative effort between the private and public sectors to promote local products and services. Siaka also discussed the challenges faced by African businesses in terms of data accessibility and market information. He emphasized the need for the private sector to collaborate and share experiences to overcome these hurdles. Siaka encouraged African businesses to leverage technology and connectivity to bridge the gap between local and international markets. The interview touched upon the opportunities and threats presented by open markets and foreign investors. Siaka acknowledged the fierce competition in the global arena but remained optimistic about the vast potential that Africa holds for businesses. He emphasized the importance of connectivity and infrastructure development in unlocking Africa's economic growth and creating a conducive environment for trade. In conclusion, Siaka called for a coordinated effort between political and private sector leaders to enhance connectivity across the continent. He highlighted the urgency of investing in infrastructure, such as railways, air travel, and digital networks, to facilitate intra-African trade and market integration. Siaka reiterated that Africa's vast market potential could be fully realized through proactive collaboration and strategic decision-making.