Indian businesses and investors are in Rwanda to explore investment and trade opportunities, in line with strengthening existing economic ties between both countries.
During the India-Rwanda Business Forum held on December 13, Indian business leaders from various sectors were tipped on Rwanda’s investment climate and the ease of doing business in the country. They engaged in business-to-business sessions with their counterparts, as well as cultural exchange.
Rwanda showcased potential projects for investment including Green City Kigali, Kigali Health City, Kigali Innovation City, Gasmeth –Gas extraction from Lake Kivu, Telecoms, Glass manufacturing plant, and Gabiro agribusiness hub, among others.
Vinay Palaparthy, the representative of the Indian delegation, said that the era of setting up a company and exploiting natural resources is long gone, and today, the similarities between India and Rwanda can be beneficial by creating partnerships.
“It is also important that we understand that to build a country and progress is not just about a dream but building skills and technology of the new age. Today, developed countries no longer talk about manufacturing and trade advantages, but Artificial Intelligence,” he added.
He noted that while Rwanda made significant progress in human resource development through education, and now the potential to become a technology centre in Africa as well.
Jean Chrysostome Ngabitsinze, the Minister of Trade and Commerce, noted that the strong ties between Rwanda and India have evolved over the years with partnerships based on mutual respect, shared values, and commitment to economic growth.
Investment from India to Rwanda has grown substantially with more than $500 million from 2018 to date, and it has materialized into more than 120 registered projects in sectors including manufacturing, healthcare, and real estate, contributing significantly to the development of the country, he added.
“As we continue to build on these foundations, there is significant potential for further collaboration, innovation, and shared success. Our commitment to creating an enabling business environment cultivated by political stability, skilled workforce, and progressive policies remains firm,” Ngabitsinze said.
For Allen Umulisa, the CEO of Expanders, a local company involved in the export of fruits and vegetables, the forum is a great opportunity to forge a new network with potential to expand her business to Asian countries in addition to her current market in the Middle East and Europe.
For someone who started from scratch after secondary school, in 2018, being able to export about 15 tonnes of her products per week has been a rewarding journey. And she emphasized that such platforms represent opportunities for young people to acquire knowledge and create long-lasting partnerships with potential traders or investors.
Karanveer Singh, the Co-Founder and Chairman of the Board of GYSK Energy Solutions, noted that he found great potential, as a businessman, in the infrastructure sector in Rwanda.
He said: “As a personal initiative, I will move with my family from Canada to Rwanda to set up my manufacturing plant after the government approves my proposal.
“We do appliances designed to generate electricity in rural areas from renewable energy while cooking.”
