Rwanda has been represented at the round-table discussion hosted by the U.S. Chamber of Commerce- African Initiative.
John Gara, CEO of the Rwandan Development Board and Ambassador James Kimonyo, Ambassador to the United States participated in a round-table discussion that attracts Washington’s elite business community.
The Initiative aimed at showcasing various investment opportunities in Rwanda. The business group present included Oracle, Boeing, IMB, John Deere, Citi, Trimble Navigation and PAE Group.
The U.S. Chamber of Commerce’s African initiatives’ engages the U.S. business community on legislative policies that foster foreign direct investment in Africa, to facilitate trade between the United States and African countries, and introduce U.S. companies to the continent’s vast economic opportunities.
During the discussion, RDB’s Gara underlined his satisfaction on the recent signing of the bilateral investment treaty (BIT). The ratification of this treaty would enhance protection including nondiscriminatory treatment of investors and investments; the right to freely transfer investment-related funds; prompt adequate and effective compensation in the event of illegal seizure of investment.
It also includes freedom from specified performance demands, such as domestic content or technology-transfer requirements and provisions to ensure transparency in governance.
Gara noted, through BIT, Rwanda also hopes to build capacity in trade areas and fill the specialized skills shortages. He emphasised Rwanda’s deep business reform agenda that has steered it to be among the top 45th easiest places to do business, the 3rd easiest in Africa and the finest in the East African Community.
Sectors such as agriculture, mining, tourism and Information Communication Technology were underscored as some of the few Investment opportunities that are ready to be explored in Rwanda.
Moreover, as President Paul Kagame deems “people” as the most important resource a country could have, Gara also highlighted the growing need to invest more in education and healthcare sectors.
Echoing Gara, Ambassador James Kimonyo also highlighted the fact that trade and investment are important drivers of a country’s economic growth.
During the discussion, the Ambassador noted, United States’ economic strength and dynamism through the signing of the BIT not only deepens the two countries ties, but also supports important foreign policy goals.
He expressed his gratitude towards the Chamber’s unwavering assistance specially after the signing of the BIT.
The Ambassador emphasized Rwanda’s peaceful environment and political stability to re-assure the business moguls, and feature its competitive advantage.
Concluding the discussion, participants of the roundtable were encouraged to make Rwanda as their next destination. Meanwhile, the U.S. Chamber of Commerce will lead a group of investors to Rwanda during the summer months.
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