Business players, investors, and policymakers, on September 28, discussed challenges and recommendations to harness favourable economic structures, incentives, and regulations to advance economic development in Rwanda.

Organised by the European Business Chamber of Rwanda (EBCR) and the American Chamber of Commerce (AmCham), the CEOs Summit brought together European and American investors operating in Rwanda and business executives from different sectors. The CEO Summit was the culmination of this September’s advocacy week where the Chamber had five days of interactions on key elements in Rwanda’s business climate.

ALSO READ: PM Ngirente makes case for preferential trade deals with EU

The discussions involved the taxation system in Rwanda, investor incentives, labour laws, access to finance, and investing in agriculture, among other topics. The participants got an opportunity to ask pertinent questions and make recommendations on ways to create an ecosystem that works for them.

EBCR President Giovanni Davite noted that the success of investments in the country means the success of Rwanda itself, and this draws from such platforms where business people are part of a consultative process to come up with laws and regulations.

Benjamin Mutimura, CEO of I&M Bank Rwanda, emphasised that bringing together business people and policymakers allows a deeper understanding of economic policies, enhances the business climate, and facilitates trade in Rwanda.

"We are here as a bank to support the actualisation of investment in the country, be it in financing or advisory across sectors. It has come to our attention that we are doing great things that the people are not aware of and therefore, can’t access.”

During the advocacy week, I&M bank held sessions on access to finance and banking, highlighting some of the services provided to spur economic development including the collateral-free loan disbursed to SMEs, Rwf9.5 billion to support 120 MSMEs in Tourism and Hospitality, training 307 MSMEs, including 141 women-owned businesses, and participation in Economic Recovery Fund, among others.

ALSO READ: I&M Bank, SPENN Rwanda launch feature to ease fund transfers to local financial institutions

"We will continue to provide tailored financial solutions that empower businesses, facilitate trade, and drive economic growth,” Mutimura added.

Philip Lucky, Head of the Investment Marketing Department at the Rwanda Development Board (RDB), noted that investments in the country have created thousands of new jobs and offered a number of solutions to global challenges.

"We are keen on attracting as many partners willing to build a resilient future for people who are ultimate beneficiaries of these interventions.”

Belen Calvo Uyarra, Ambassador of the EU to Rwanda, said that there are efforts to foster new relations and trust that can translate into trade and investment, with Rwanda being a gateway to Africa.

"These dialogues are necessary to unleash more opportunities and facilitate more growth. It helps all sides to understand better the needs and constraints of each other, the private sector, the government’s objectives, and vice versa,” she noted.

During the inaugural EU-Rwanda Business Forum, in June, themed &039;Rwanda - Your Gateway to Africa,' Prime Minister Edouard Ngirente emphasised the need for Rwanda to establish preferential trade agreements with the EU in order to stimulate economic growth.

The forum brought together over 600 participants, including industry leaders from the private sector, diplomats, and officials from Rwanda and Europe.