Rwanda has been nominated to act as a focal point for Japanese business initiatives within the East African community region, Rwanda’s East African Business council (EABC) representative has confirmed.
The appointment follows the recently concluded Africa- Japan business forum in Tokyo where Rwanda was represented by the Rwanda Development Board chief Valentine Rugwabiza and Dennis Karera, Rwanda’s EABC representative.
The forum that attracted business leaders from Africa and across the world also discussed the various initiatives to scale up business partnerships across the region.
Karera was appointed head of the Japan- EAC business focal point in East African Community region.
“Due to the desire by the Japanese investment community to scale up investment projects in the region, they have agreed to establish a focal point here in Rwanda that will help facilitate business partnerships in the region,” Karera said.
Karera, further noted that the team will be tusked to monitor and follow up on any business deals that may be reached on by the two sides so as to strengthen economic relationships between the region and Japan. “There is a great appetite for the region’s investment climate from the Japanese, its now up to the private sector to take up this opportunity and expand their businesses.”
Rwanda was joined by other EABC representatives from Uganda, Kenya and Tanzania. Rugwabiza recently said that the Development Board is currently negotiating with some of the Japanese investors to come and invest in the country.
Rwanda is looking forward to increase its foreign direct investments from about USD1billion last year to more than USD1.1billion before the year ends.
A new EY’s attractiveness Survey Africa report 2014, indicated that Foreign direct investment (FDI) inflows into Rwanda increased by 6.3 per cent last year, making the country one of the top 10 nations favoured by investors on the continent.
Currently Rwanda ranks ninth in attracting FDI inflows in sub-Saharan Africa.