This week, Rwanda Development Board announced that in 2021 they registered investments worth US$3.7 billion in 2021, up from US$1.3 billion in 2020, the highest investment registration to date.

The new investments are expected to create over 48,000 jobs further building towards the country’s employment targets.

The investment was largely driven by sectors such as

Construction, Real Estate, and Manufacturing (including agro processing) accounted for 72 per cent of all investments registered.

Other sectors that attracted significant investment are Financial and Insurance Services, Agriculture, Accommodation and Food Services, Energy, Health and ICT.

Some of the notable investments include US$ 237.9 Million by Ultimate Developers Ltd for the development of Vision City, Phase Two, a US$145.9 Million investment by Rwanda Ultimate Golf Course Ltd into the Kigali Golf Resort and Villa Project, a US$20.7 Million powdered milk project and a US$22.5 Million by Global Electric Vehicle Ltd to manufacture Electric Vehicles.

In Skills Development, over 5000 people were trained to bridge the skills gap in priority sectors such as information technology, data science, engineering, tourism and cross border E-commerce.

The development is proof of the potential of economic diversification as opposed to reliance on few traditional sectors as drivers of the economy. The diversification makes it possible to expand the investment opportunities in the country, improve competitiveness, create jobs as well as stand a chance to export skills.

Continued economic diversification will also see Rwanda, ideally in position to make the most of the fourth industrial revolution and technologies therein.