Local, Indian firms set up joint venture

Agro Processing Industries Ltd and India’s Premier Starch Products Pvt. Ltd have set up a joint venture to establish a fully integrated agro-processing industry in Rwanda. The industry will be manufacturing tapioca starch and allied products for food and industry applications. “The two parties have agreed to set up a technical team to start work on all modalities for the Joint Venture and a business plan and in the next six months complete all tasks for a fully operational industry,” J.R. Bangera, Premier Starch Products Pvt. Ltd representative said. The deal is one of the four other investment commitments made by Indian investors following a three day road show by a 21-Indian business delegation to Rwanda. The Indian investors registered companies in Rwanda in the areas of painting, media, agro-processing and other sectors, Rwanda Development Board said on Friday. “They have registered companies, made joint ventures and one of them has deposited $10,000 on the company’s account,” RDB’s Chief Executive Officer, John Gara, said. N.S Srinivasa Murthy, the president of India’s Federation of Karnataka Chambers of Commerce and Industry (FKCCI), said they are impressed by Rwanda’s progress, adding that more Indian investors were keen on the Rwandan economy. The Managing Director of Agro-Processing Industries Ltd, General Alex Ibambasi, said that he is looking forward to the new partnership. “I am very pleased to be working with the new counterpart since this will turn our business into a multi-million venture that will also export to neighbouring countries,” Ibambasi said. The second phase of the venture will see the company establish a tapioca starch factory with value added products for catering both domestic and international markets. Ends