Rwandan entrepreneurs and Small and Medium Enterprises (SMEs) have been urged not to be discouraged by limited access to finance, but instead focus on creating value, embracing new technologies, and fostering inclusive entrepreneurship that gives them a competitive advantage while approaching financial institutions.

The call was made during the first Rwanda-Korea Private Sector Growth Seminar held on Tuesday, September 30, in Kigali. The event, organised by the Embassy of the Republic of Korea in Rwanda, convened Korean and Rwandan industry experts, entrepreneurs, students, UN officials, and academics to explore South Korea’s policies and best practices that could help Rwanda’s private sector achieve sustainable growth.

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Speaking at the event, Ambassador of the Republic of Korea to Rwanda, Jeong Woo Jin, drew parallels between the histories of the two countries, both of which rose from tragic pasts and pursued development driven solely by their population rather than natural resources.

"Our two countries share a belief that entrepreneurship and innovation are key to creating opportunities and driving development,” he said.

"Together, we can build a partnership that contributes not only to national progress but also to shared prosperity for our people.”

He pointed out that the seminar aimed at strengthening the financial sector, supporting youth entrepreneurship, and advancing digital cooperation, which remain relevant to Rwanda’s National Strategy for Transformation 2(NST2).

"I believe the discussion at the centre will generate new ideas and open new opportunities for cooperation between our two countries,” he said.

Amb. Kim Young Chae, President of the Korea-Africa Foundation, praised Rwanda’s rapid economic growth and governance model, describing the country as a business-friendly environment where companies can flourish.

"Today&039;s seminar, under the theme of a private sector that grows, is a time where we learn and use the modern economic policies of political leadership and public institutions."

Call for innovation and financing alternatives

Dr Ozonnia Ojielo, UN Resident Coordinator in Rwanda, emphasised the need for African entrepreneurs to embrace innovation, formalisation, and value addition in their businesses, which allow them to champion inclusivity and pave the way for the future generation of entrepreneurs.

He pointed out that declining Official Development Assistance (ODA) signals the urgency of developing alternative financing models.

"It&039;s a new language that we have to be speaking to each other, but that also allows you to now support a lot more on alternative financing mechanisms, blended finance, to help the risk, because why entrepreneurs are not getting credit from the banks is because of the risk factor,” he added.

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"The future of Africa is not ODA. The future of Africa is trade and investment. We want joint investment for mutual benefit, and so the expectation is that all our partners will value the relationship with Africa.”

He also underscored the importance of South-South cooperation and technology transfer, noting that partnerships with countries like the Republic of Korea, which recognise Africa’s potential, are essential to building resilient entrepreneurship ecosystems.

The seminar featured presentations and discussions on unlocking finance for Micro, Small, and Medium Enterprises (MSMEs), fostering sustainable private sector growth, and practical strategies to advance Rwanda-Korea cooperation.

Benjamin Mudaheranwa, a lecturer at the University of Rwanda’s College of Business and Economics, described the event as a chance for Rwanda’s private sector to learn from Korea’s experience and apply those lessons locally.

He urged entrepreneurs to build trust with financial institutions by maintaining proper bookkeeping, developing strong business plans, and adhering to professional standards.

"This is because even if you get money for free, a grant or whatever, you need to have the skills to manage and that is something that is missing,” he added, noting that professional and standard business operations will also allow penetration on the global market.

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He underscored that for young people, the seminar offered them an opportunity to see beyond the local market, understanding local challenges in comparison to out-of-country solutions and implemented strategies, and creatively find ways to navigate their business challenges.

"For the young people, it's good to know what is going on outside their belief and outside the market that they belong to,” he said.

Mari Joselyne Umutesi, a student from the University of Rwanda, emphasised that the seminar allowed her to network, understand the role of the private sector in driving the economy, and the importance of learning from other countries' experiences to boost Rwanda’s entrepreneurship ecosystem.

"This is a great opportunity that opens our eyes not to think local but global when starting businesses,” she said.

"With technology, it is possible to tap into other markets, provided we have the right skills and information.”