Rwanda Fin Min hails launch of CNBC Africa's regional office

by Trust Matsilele 0

CNBC Africa officially opened its new East African headquarters and studio in Kigali, Rwanda on Thursday. 

Speaking at the event, Rwanda’s Finance Minister Claver Gatete told CNBC Africa that the launch is good for business in the country and East Africa.

“We appreciate and value the establishment of the office here. This is going to help tell the untold stories such as regional integration stories,” he said.

He also took the opportunity to shed light on what Rwanda is doing to remain as one of the attractive investment destinations on the continent.

“We need to focus on improving efficiency and tax base and also ensuring that we look into the region to increase our market share,” said Gatete.

“We are also working with other regional stakeholders so that we can inter-link which will allow trade-overs. This will see our markets becoming a single market with capacity to attract investment into the region.”

Gatete said the world had changed since the global financial meltdown of 2008/9 calling for flexibility from regional economies.

“The world is changing very fast, we have been moving from one crisis to another since 2008 with the financial crisis, the debt crisis and political upheaval,” he said.

He also defended Rwanda’s revision of the current budget calendar saying resources and new demands had forced the move.

“We had an increase of 40 billion Rwandan Francs; this is because of a surge in borrowed money and tax revenue that’s coming to the national coffers. We made it a point that the money is distributed properly and that there was re-alignment of our priorities,” he said.

“In Africa, if you do not have a fully-fledged capital markets working, then the economy is forced to depend on the banking system and government spending.”