The Private Sector Federation (PSF) and the Mauritius Chamber of Commerce and Industry (MCCI) signed a Memorandum of Understanding to boost trade between the two nations.
The MoU stipulates that the two countries agreed to exchange visits of business operators, organise trade fairs and encourage traders to participate in international fairs and economic events.
The agreement was signed during a one week study tour to Mauritius where some members of the business community from Rwanda shared experience with their counterparts in Mauritius.
Cedric de Spéville, the Chairman of MCCI said that just like Maurice rose from monoculture to a diverse economy, Rwanda would borrow a leaf for its transition from an agricultural economy to a knowledge-based society with high levels of savings and investment rates.
“It can be a good start for a lasting and fruitful collaboration between our two organisations,” de Spéville said.
He promised to work closely with the private sector in Rwanda to support the country’s Vision 2020 programme, which seeks to transform Rwanda into a middle income economy.
He also is optimistic that the MoU will be translated into increased trade between the two countries.
Available data indicate that Mauritian exports to Rwanda totalled US$1.4m in 2010 compared to $ 220, 000 in 2009.
“So it becomes obvious that there is a need for us to improve economic and trade relations,” he added.
He promised to work closely with the Rwandan private sector to implement its Vision 2020 program, which should transform the country into a middle income economy.
Faustin Mbundu, the Chairman of PSF led the Rwandan delegation and he highlighted potential investment areas available in sectors of tourism, agro-processing and ICT.
The two bodies will conduct a regular exchange of publications and information related to their economic and trade policies, regulations, operating, investment and trends in the markets.