Rwanda keen to become a regional economic powerhouse

by Elayne Wangalwa 0

The country’s development board continues to collaborate with various institutions in Rwanda to improve its economic competitiveness as well as create a favorable environment for businesses.

According to Teddy Kaberuka, an economic analyst in Rwanda, the country continues to register an impressive growth largely accelerated by the private sector.

“There are a lot of development projects going on and we can see how the economic growth is happening. The major change which happened in the recent past was to have a conducive policy framework which can help in investment promotion, which can also help small scale industries to grow,” Kaberuka said.

The country’s good governance and investor-friendly policies have also spurred growth by attracting investors.

“Economic structures with zero tolerance to corruption show the environment is very attractive for the way business is run in Rwanda leading to the national growth,” Kaberuka added.

Currently, the Rwandan government is embarking on attracting investors during this year’s World Economic Forum (WEF) in Switzerland. A delegation from Rwanda is expected to hold meetings with business leaders as well as investors interested in the opportunities the country has to offer.

“There is much to benefit from the Davos conference. First of all it is a platform where global leaders are meeting with different partners, the private sector, the academicians, so the country [Rwanda] can benefit in the global exchange of ideas on the actual situation of the global economy,” Kaberuka explained.

(READ MORE: Rwanda EAC’s most competitive economy)

Some of the global challenges that will be discussed during this year’s forum include environment and resource scarcity, employment and human capital, infrastructure and development, food security just to mention a few.

This year the forum is expected to reflect on the present period of deep political, economic, social and technological change. The 45th annual meeting will see about 1,500 business leaders, more than 250 government representatives, academicians and the media attend.

Rwanda is set to benefit from the annual meeting which will provide a platform for over 50 initiatives that will be discussed.

Meanwhile, according to the World Bank, future growth for the East African country is expected to hinge on domestic resource mobilization and transformation in driving private sector–led growth.

Carolyn Turk, World Bank Country Manager for Rwanda said in a statement last year, “Rwanda’s growth rate in the last decade has been impressive. What is needed now is a significant structural transformation of the economy, from one that is characterized by a large public sector, by a dominance of the non-tradable sectors and by limited private investment.”

Rwanda’s economy is anticipated to grow by 6.5 per cent this year.