Egyptian investors have expressed interest in exploring business opportunities in Rwanda’s construction, agro-business, renewable energy and textile sectors. The business operators, under the Federation of Egyptian Industries, also want to invest in pharmaceuticals and making of packaging materials.
The Egyptians were yesterday meeting Rwandan private sector players in Kigali, where they also agreed to form partnerships and collaborate more with local businesses. They are part of the Egyptian delegation attending the ongoing African Union Summit in Kigali.
Speaking at the event, Dr Sherif El Gabaly, the chairman of Cooperation with Africa Committee under the Federation of Egyptian Industries, said they were attracted to Rwanda because of the country’s conducive business environment.
“We want to do business with Rwanda...Egyptian investors are also interested in supporting import and export businesses between the countries,” El Gabaly said.
Business operators from both countries later held business-to-business discussion with a view of forming partnerships and joint ventures.
According to Steven Ruzibiza, the chief executive officer of Private Sector Federation, forming bilateral partnerships with countries like Egypt will help expand Rwanda’s export market and support government’s push to increase export revenues and volumes.
What local business operators say
Gerard Sina, of Urwibutso Entreprise, said: “Cooperation and collaboration between local and Egyptian firms gives us an opportunity to widen our market reach which will help us to grow. We have unique products, like Akabanga and Agashya, which can be exported to Egypt.”
“The discussions open the doors for us to supply locally-made products, as well as import some products the country needs to achieve its development targets,” he added.
“I intend to import environment-friendly packaging materials as part of our efforts to promote sustainable production practices at Urwibutso Entreprise,” he said.
Albert Nsengiyumva, the executive chairman of AL Albert Supply Limited, which provides construction services, expects the collaboration will reduce cost of doing business, saying some traders import their merchandise from European and Asian countries, which is more costly.
“Most of our products are imported from China, so it will be more helpful for us to reduce expenses if we can import them from Egypt, ” said Nsengiyumva.