Local investors will benefit from major regulatory business reforms that are taking place in Rwanda as the country strives to create a conducive and enabling business environment for business to grow.
The reforms are part of extensive changes that are being implemented in the country to encourage private sector development as an engine of growth and poverty reduction.
This was revealed at a press briefing on Monday ahead of today’s official launch of the World Bank Doing Business Report 2010 where Rwanda is targeting a double digit position owing to extensive reforms.
“We want to ease the cost of doing business to boost local production and reduce importation of goods that contribute to high prices in the country,” Kaliza Karuretwa, the Director General in charge of Investment Climate and Intellectual Property at Ministry of Commerce said.
She added that these reforms will not only benefit foreign investors but also encourage local investments.
Major reforms that have been implemented to assist the business community include easing the process of starting a business, getting credit and paying taxes.
“Some of the reforms will mainly assist local investors to do business,” Karuretwa said.
She pointed out reforms in starting a business where a flat affordable fee for registration amounting to Rwf25,000 regardless of the business activity has been introduced in addition to merging the application forms for business registration into one incorporating the functions of Rwanda Revenue Authority, Social Security Fund and introduction of a payment point within the RDB/ Register’s office.
Karuretwa also mentioned that the reforms under the process of getting credit will facilitate the business community, especially small and medium enterprises to easily access credit.
“The business community should take advantage of these reforms. We are redirecting our reform effort to concentrate on interventions that suit SMEs while replicating the changes to other parts of the country,” said Claire Akamanzi, RDB’s Deputy CEO in charge of Business Operations and Services.
Published annually by the World Bank, the report measures a country’s business environment by assessing performance along 10 indicators.
They include; starting a business, construction permits, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business.