Rwanda and Senegal agreed to work together to identify cross-border investment projects and connect businesses from the two countries under a new cooperation framework between their investment promotion agencies.
The framework is contained in a Memorandum of Understanding (MoU) signed on Wednesday, October 7, between the Rwanda Development Board (RDB) and Senegal’s investment promotion agency, APIX, during the Rwanda-Senegal Investment Forum in Kigali.
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The agreement will also facilitate the exchange of investment opportunities, reciprocal economic missions and connections between businesses and potential partners.
"The MOU being signed today should give our two institutions a practical framework to connect businesses, exchange investment opportunities, facilitate investors and, importantly, follow up on partnerships for projects that emerge from this engagement,” RDB Deputy chief executive Julianna Muganza said.
Muganza said the two countries already had a foundation for stronger commercial ties, including Rwanda’s participation in platforms such as the Dakar International Fair, where Rwandan products including specialty coffee, agro-processed products, leather goods, handicrafts, jewellery and cosmetics have been introduced to the Senegalese market.
"The next step is to turn these connections into sustained commercial relationships,” she said.
She identified logistics, construction and real estate, leather and fashion, agriculture and agro-processing, trade facilitation and other services as areas with potential for partnerships and investment between the two markets.
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Muganza said Rwanda could also benefit from Senegal’s experience in entrepreneurship, trade, services and industry, while Senegal could tap into Rwanda’s growing position as an investment and business hub in East Africa.
"Our role does not end when investors register. Through our One-Stop Centre, investor facilitation services and aftercare, we help you establish, navigate approvals, connect to the right institutions and partners, resolve implementation challenges, and ultimately expand and reinvest,” she added.
Moustapha Cissé, Deputy General Director of APIX Senegal, said bilateral trade stood at approximately 131 million CFA francs in 2025, equivalent to about Rwf330 million, compared with 211 million CFA francs in 2022.
He said APIX had recorded only one Rwandan investment project in Senegal, in the water and sanitation sector.
"The gap between the exceptional intensity of our bilateral political dialogue and the near absence of trade and investment flows is therefore an issue that deserves particular attention.”
"This cooperation between APIX and Rwanda will also focus on identifying cross-border investment projects, organising reciprocal economic missions, and connecting businesses with identified partners,” he said.
He said the two countries had undertaken reforms to improve their respective business environments and attract private investment, creating opportunities to share experience and expertise.
Cissé urged companies from both countries to identify specific investment opportunities.
Pacifique Nzamwita, Managing Director of NURIS Group, a construction, engineering and supply chain company, said limited air connectivity between Kigali and Dakar remains a major obstacle to doing business between the two countries.
"It can take two to three days to travel between Dakar and Kigali, while poor airline coordination and high fares, with tickets costing around $1,800, make business travel very challenging,” he said.
Nzamwita said there is hope that the agreement will help address the challenge, after RDB indicated it would look into ways of making travel between the two countries easier.