KIMIHURURA - The Chairman of Singaporean firm, Portek, Larry Lam, has said that the conducive investment climate the government has put in place attracted them to extend their business to Rwanda.
The firm has acquired a 66 percent stake in the public bonded warehouse, MAGERWA.
Lam was speaking after meeting Prime Minister Bernard Makuza, at the latter’s offices in Kimihurura.
“We liked the incentives that were put in place especially for foreign investors,” he said, stressing that factors like good governance also play a very significant role in attracting foreign investment.
“Rwanda is on a steady path towards development and this is right time to come and invest here.”
He further pointed out that like Singapore, Rwanda’s economic growth would greatly be boosted by opening up to foreign investors.
He stressed that Singapore mainly developed due to government’s commitment to attract foreign investors.
“We got our independence in 1965; we had no natural resources, technology nor skills. What we did was to embark on attracting foreigners, worked hard and promoted skills. Rwanda has also to do same for the country to develop.”
He added that his firm intends to invest in various areas in the country.
Portek is expected to shake up the handling and warehousing industry, diversify and add value to MAGERWA's business as well as improve revenue trends.
The Minister of Trade and Industry, Francois Kanimba, disclosed that the firm will also develop other plots of Land the country owns in different countries, including Kenya, Tanzania, and Djibouti.
“We want to see how we can utilise this land that was given to Rwanda. We have discussed with the investors and they’re now drawing a business plan on how to develop the land.”