Zimbabwean companies are looking to invest on the local stock market. Officials from the Zimbabwe National Chamber of Commerce say they have been attracted to Rwanda by the country’s good ranking in the annual World Bank Doing Business reports.
Rwanda was ranked 41st globally in the 2018 World Bank Doing Business Report released on October 31, up from 56 in 2016. It was second on the continent behind Mauritius.
Archie Dongo, the chairperson of Zimbabwe National Chamber of Commerce Harare branch, said they are seeking investment opportunities in Rwanda and on the local bourse.
Dongo was speaking during a tour of the Rwanda Stock Exchange (RSE) last week by a delegation of Zimbabwe National Chamber of Commerce representing 25 companies.
Dongo added that the delegation visited the Rwanda Stock Exchange (RSE) because a “securities exchange reflects the performance of any economy and it as a good barometer.”
The Rwanda Share Index rose 12.9 per cent last year, while the ALSI increased by 4.8 per cent.
The investors are also exploring business opportunities in other sectors of the Rwandan economy as part of efforts to promote trade and investment between the two countries and across the continent, he added.
Speaking at the event, Pierre-Celestin Rwabukumba, chief executive officer of Rwanda Stock Exchange, expressed optimism that the Zimbabweans would invest on the exchange.
“We expect some of them and other Zimbabwean firms to come and invest in Rwanda, particularly on the bourse,” the RSE chief said.
Rwabukumba added that both countries present opportunities that the private sector should tap.