Rwanda Private Sector Federation (PSF) and the Indian Merchants Chamber of Commerce (IMCC) have signed a Memorandum of Understanding (MOU) in an attempt to increase the investment flow from India to Rwanda.
The MOU was signed during the ongoing investment road shows conducted by a Rwandan delegation in India’s four cities of Mumbai, Ahmedabad, New Delhi and Bangalore.
“If India is going to be the future economic power that it is poised to be, then it is important to look into Africa because it is the future of growth, and Rwanda will give you the gateway,” Williams Nkurunziza, Rwanda’s High Commissioner to India said.
This could also further two-way investment between Rwanda and India. Rwanda’s delegation discussed investment opportunities with more than 150 Indian investors, many of whom expressed interest in Rwanda because of its impressive track record and vision.
According to the statement from India, the Rwandan delegation visited big companies in India which included CMC, a large systems integration company and a member of the TATA family of companies.
At CMC, the company responsible for the automation of the Indian Railways and the Mumbai Stock Exchange, the group from Rwanda listened to a presentation by CEO Ramanan regarding projects on which CMC has collaborated with governments in East Asia and Africa and discussed possible IT solutions CMC could bring to Rwanda given its solid infrastructure.
They also visited other Indian companies such as ESSAR which deals in steel, power, mining and energy, and Parle, a food processing company, where they discussed possible areas of collaboration.
The road shows which began on the October 18 will end on October 26, with two days in each city.
The Rwandan delegation, which is led by Vincent Karega, Minister of Infrastructure, and Rwanda’s High Commissioner Williams Nkurunziza, also includes Faustin Mbundu, the Vice President of the PSF, Clare Akamanzi, the Chief Operating Officer (COO), and over fifteen private sector and government representatives.