THE World Bank Group on Monday released findings and an analysis of the Investment Climate Assessment (ICA) in Rwanda.
The ICA is based on local enterprise surveys. It analyzes the conditions for private investment and enterprise growth to pinpoint the areas where reform is most needed to improve the private sector’s productivity and competitiveness.
ICA results for Rwanda indicate that recent regulatory and governance reforms have lowered costs for doing businesses in the country. The findings also predict a further easing of cost burdens if ongoing reforms are completed.
Rwanda has already demonstrated enormous success in improving its investment climate due to a high level of government commitment, a clear agenda and the involvement of varied stakeholders that have contributed to the achievements.
The country recently was recognized by the World Bank as a top global reformer being 67th in the global ranking of ease of doing business—an improvement of 76 places over the previous year.
Despite this remarkable achievement there is more to be done. The ICA findings encourage policies that strengthen the country’s participation in regional infrastructure investment and services initiatives some of which include efforts to improve the cross-border transit systems and regional skills development programs.
Embracing the findings will certainly keep Rwanda on top.