Rwanda Development Board (RDB) has announced that in 2017 registered investments in Rwanda were worth $USD 1.675 billion, which represents an increase of $USD 515 million when compared to the investments registered by RDB in 2016.
USD $1.160 billion worth of investments were registered in 2016.
According to the Board, the sectors that attracted the most investments were construction and real estate, mining and lastly, infrastructure. They registered investments of $ 637,659,692, $ 267,344,495 and $202,660,135 or 38%, 16% and 12% of the total investments registered by RDB respectively.
The largest individual investments registered last year were Bugesera Airport Company Ltd ($398.68 million), Ignite Power Rwanda Ltd ($USD 113.84 million), Gasabo Investment Company ($89.02 million), African Panther Resources Ltd ($54.02 million), Kigali View Hotel and Apartment Ltd ($53.2 million).
The five registered investments are valued at USD$708.76 million in total.
In terms of the origins of the investments Foreign Direct Investment (FDI) dominated, with investments worth USD$ 1.041billion or 62.26% of all investments registered by foreign investors. This was followed by local investments registered worth USD$ 470.98 million or 28.15% of all investments registered. Joint ventures (local and foreign investors) worth USD$ 160.47 million were registered; they were worth 9.59% of all total investments registered by RDB.
In comparison, in 2016, foreign investments worth $ 650.4 million, local investments worth $ 479. 5million and joint ventures investments worth USD$ 160.47 million were registered by RDB respectively.
“In the last 10 years, registered investments in Rwanda have jumped from $USD 800million in 2007 to $USD 1.675 billion in 2017. This is an increase of more than 100% in only a decade. This is evidence that Rwanda is being seen more and more as great place to do business,” said RDB CEO, Clare Akamanzi.
She echoed Rwanda’s ambition to create 150,000 off-farm jobs a year, adding she was confident that these investments registered will have an immediate impact on the employment prospects of young Rwandans.
“Last year, 38,261 jobs to be created were registered by RDB in the infrastructure, services, manufacturing, tourism, construction and real estate, agriculture, ICT and mining sectors. This is an increase of 184% increase from 2016 where 13,477 jobs to be created were registered in the eight sectors. The increased investments registered by RDB are a direct result of the initiatives that the Government of Rwanda, through RDB, have put in place,” she said.
In terms of investor facilitation RDB operates a One Stop Centre for investors, which provides information and services to guide investors through the key steps of starting a business such as registration, licenses, immigration, land, utilities, environmental clearances and tax and mortgage registration services.
In addition, in terms of Aftercare Services, RDB offers assistance in ensuring that business projects are implemented free of avoidable impediments. RDB helps investors to sort out simple and complex challenges they encounter along the way and provides any guidance required.
RDB has also introduced investor engagement platforms such as the’ Investor Open Day’ every Friday as well as ‘CEO Forum’ four times a year where RDB senior management meets and engages with business leaders.
The manifesto presented by the RPF Chairman, President Paul Kagame during the Presidential campaigns last year, focused on putting the private sector at the heart of national economic growth and this can only be done by creating an environment in which this sector will continue to thrive.
The private sector is also central towards the attainment of the Vision 2050, which targets significantly increasing the quality of life for every Rwandan plus other mid-term development blueprints that the RPF-Inkotanyi has championed over the years.
