The Private Sector Federation (PSF), an advocacy body for private business owners in Rwanda registered a 115 per cent increase in its revenues, from Frw1b in 2006 to Frw2.1b when.
The increment was announced by the Secretary General Emmanuel Hategeka during the PSF annual general meeting early this week.
He attributed the revenue growth to the increasing operational grants from the government of Rwanda and development partners given the growing confidence in PSF.
Hategeka however said although the revenues are not entirely bad, the federation’s challenge is sustainability. For instance, income from the annual expos have grown from Frw221 million in 2006 to Frw422m in 2007. This is a 91 per cent increase.
He therefore, said the federation is working on improving such income generating projects and also establishing new ones to enhance sustainability, citing the ongoing multimillion permanent International Trade Exhibition and Fairs Park (ITEP) project.
According to the State Minister for Industry and Investment Promotion, Vincent Karega, it is a tremendous achievement for the private sector in order to realize their efforts as well as contributing to economic development.
He said, “The ministry is so far impressed with PSF performance. Whenever, they realize their goals, Vision 2020 gets well on course.”
Karega added that in the ongoing policy and law reforms, the government aims to improve the business environment. He however, urged PSF to analyze these reforms and laws further to help the government make sensible amendments.
Karega further hailed PSF for the Mini Rwanda Investment Groups in rural areas, an initiative where provincial businesspeople are encouraged to pool financial resources to invest in sizeable ventures.
“Mini RIGs will not only enhance agribusiness but will also increase productivity,” he noted.
The Minister reiterated the need for Rwandan businesspeople to ensure modern business practices such as practicing good customer care, noting that this will improve their competitiveness locally, in the region and internationally.