Turkish investors seek partnerships with local firms

Turkish investors have pledged to work with local businesses through joint venture partnerships to help promote trade between Rwanda and Turkey. Speaking during a business-to-business meeting in Kigali yesterday, Fatih Metin, the Turkish economy deputy minister, said Turkey is willing to sign a bilateral trade treaty that will help boost business between the two countries. “We want to share our technical knowhow, especially in the manufacturing sector with Rwanda to help promote trade,” he said, adding a bilateral trade between the two countries could spur growth. He, however, said that both Turkey and Rwanda should work out together and come up with a double taxation treaty that will help attract more investors into the country. “We are ready to facilitate everything that will help promote our trade relations with Rwanda.” The minister led a 25-man delegation of Turkish investors, politicians and government officials on a two-day visit to explore opportunities in Rwanda, especially in the manufacturing and construction sectors. He applauded Rwanda’s conducive business environment, saying it was one of the reasons is attracting them to invest in the country. Trade between Rwanda and Turkey is currently estimated at $383 million for over the last seven years, figures at Rwanda Development Board (RDB) indicate. The investments, according to Clare Akamanzi, the RDB chief executive, have created more than 1,300 direct jobs in the country. Akamanzi welcomed the investors desire to invest into the country, noting that this would strengthen trade cooperation between the two countries. “We are committed toward sourcing business investments and trade cooperation from across the globe,” she said, adding that Turkey among top 10 countries that Rwanda wants to do business with. “We value and prioritise our engagements with Turkey and, therefore, look forward toward building strong business partnerships investors from the country,” she added. Rwanda’s exports to Turkey have increased to over $8.5 million on annual basis, while the country imports about $21 million worth of commodities from the European country, according to RDB statistics. Some of the investors and local business operators during the meeting. There are already some Turkish firms in the sectors of energy and agriculture, among others. Turkish Airline also operate the Kigali route. Alphonse Kwizera, the Rwanda Association of Manufacturers (RAM) technical expert, said forging strong trade tires with Turkey will boost Rwanda’s exports to the European Union market. “We can leverage the Turkey market to further penetrate more European markets with Made-in-Rwanda products”, Kwizera said.

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Turkish investors seek partnerships with local firms