KIGALI - The Governments of Rwanda and South Korea yesterday signed an agreement for the Promotion and Protection of Investors on both sides, in a bid to support investment in the two countries.
The ceremony at the Ministry of Foreign Affairs had the Korean Ambassador to Rwanda, Kim Young-Jun, signing on behalf of his government while the foreign affairs minister Rosemary Museminali and her trade and industry counterpart, Monique Nsanzabaganwa, signed on behalf of Rwanda.
The pact which contains legal and policy frameworks is a formal understanding between the two countries to promote and protect investors from either country while carrying out their investments.
“This agreement aims at creating more favourable conditions for promotion and protection of investors by establishing certainty in legal frameworks guiding the protection of investments in our two countries,” said Museminali.
Museminali noted that the pact is a reflection of strengthened economic cooperation between the two countries and marks the “beginning of a fresh chapter in the historic relations” between the two states, adding that it’s also an indication that Rwanda is ready and open to do business.
“The agreement contains legal and policy frameworks which will ensure that investors from either country will be treated in a similar manner,” said Nsanzabaganwa. She also noted that the country’s investment code is inline with most of the principles contained in the agreement.
The Korean Ambassador who had earlier, alongside the Foreign affairs Minister laid a foundation stone where an ICT Training Centre will be constructed at the National University of Rwanda (NUR), said that the agreement will help increase the volume of trade and investment between the two countries.
“The circulation of investment between Rwanda and Korea is still very low. I think this will act as a stepping stone and will encourage Korean investors to come and invest here, the same applies to Rwandan investors who would wish to invest in Korea,” said Young-Jun.
“One of the most important features of this agreement is that it puts Rwanda on the list of the most favoured countries for investment as far as South Korea is concerned. We are given preferential treatment,” said Nsanzabaganwa.
Museminali also commended the Korean Government for the contribution towards the construction of a US $5m ultra-modern ICT training centre expected to ‘churn’ out professional ICT graduates at the National University.
According to Museminali, S. Korea contributed $4m while the Government of Rwanda will contribute $1m.
“This centre will help us to develop ICT in the country inline with Vision 2020; by churning out ICT professionals who will in turn pass on the skills to many other people.” She said that this will also help in reducing the digital divide that exists between Rwanda and developed countries.