URUGWIRO VILLAGE - President Paul Kagame yesterday hosted a delegation at Urugwiro Village of over 20 investors from India under the Federation of Indian Chambers of Commerce and Industry (FICCI) who are planning to invest in Rwanda.
The group, which is currently in Rwanda to study the Country’s investment atmosphere, discussed with the President prospective areas where they would wish to invest ranging from ICT, Textiles and the Agriculture Sector.
Speaking to the Press after meeting the President, Mukund Choudhary, the Managing Director of Spentex textile industries of India speaking on behalf of the group, said that the President assured them his full support to invest in the country.
Group members accompanied by the Minister of Commerce and trade, Monique Nsanzabaganwa, admitted their interest to invest in Rwanda because of the country’s favorable investment climate and a promising economy.
“I want to tell you that we have already signed Memorandums of Understandings stating our commitment to return to Rwanda and establish investments, while some of us have already entered joint agreements with Rwandan companies, ready to sink in capital” said Choudhary.
He revealed that the group already expressed its interest to invest in several areas of the economy including the mining sector, pharmaceuticals, engineering and electronics among others.
Nsanzabaganwa noted that the investors from India, one of the world’s emerging economies, commended Rwanda for its efforts to make it a better place to do business and pledged their commitment to invest huge amounts of capital in the country’s ICT and Agricultural Sectors.
She revealed that the investors got interest to invest in Rwanda following President Kagame’s visit to India to attend the India-Africa Business Partnership Summit held early this year.
Nsanzabaganwa said that the FICCI delegation signed a Memorandum of Understanding (MoU) with the Rwanda Private Sector Federation (PSF) and the East African Business Council (EABC) in a bid to strengthen the partnership to foster investments.
The Indian delegation which had earlier met the Business Community in Rwanda was impressed by the country’s growth rate which stands at 11 percent as well as the government’s commitment towards development through Foreign Direct Investment (FDI).
India is considered an emerging economy that will challenge the world order with its massive market supported by a budding industrial sector and ICT innovativeness.
The group was also accompanied to Urugwiro Village by the Chief Executive Officer of RDB, Joe Ritchie and Claire Akamanzi, the Deputy CEO/Business Operations and services who pledged support to the group in regard to investment.
“Our role is basically to advise and guide Investors especially by linking them with the Private Sector and making the whole investment process easy for them” said Akamanzi.