Madhvani Group of Companies, an international investment group, has pledged to make Rwanda self sufficient in sugar production within the next three years.
This was revealed by the group Managing Director, Mayur Madhvani, after his meeting with President Paul Kagame at Village Urugwiro yesterday.
“Rwanda needs 22,000 tonnes of sugar annually, we are currently producing 16,000 tonnes; we intend to increase it to the required quantity within three years,” said Madhvani.
The group owns Kabuye Sugar Works, a local sugar manufacturing company which they bought from the government under the privatization process.
He said that his discussion with the president also centred on other investment opportunities in which the group has interest.
“We are looking at industries like tourism since we have some of the best lodges in Uganda; we want to extend this business to Rwanda. We expect to invest in this industry between $16 and $20 million,” Madhvani said.
The State Minister for Industry and Investment Promotion, Vincent Karega, said that the group is also interested in venturing into IT and insurance business. “They want to invest in IT especially in wireless connectivity and in insurance, especially in the health sector,” said Karega.
He said that the major problem Madhvani is facing in the production of sugar is lack of adequate land. “Modern methods of farming should be used to increase production on the available land,” Karega added.
Currently Kabuye Sugar Works use sugarcane grown in Nyabarongo marshland in the outskirts of Kigali.