Rwandan investors optimistic as CAR opens investment opportunities

On 17 February 2021 at 06:56

The spokesperson of Rwanda’s Private Sector Federation (PSF), Theonetse Ntagengerwa has revealed that Central African Republic (CAR) presents a good market opportunity considering the fact that citizens of the country heavily rely on imports.

Ntagengerwa revealed this following Rwandan investors visit to CAR aimed at exploring investment opportunities.

“It has been observed that the country presents investment opportunities. Upon return, they told us that the country imports a large portion of goods. There are two double chances. Rwandans can set up factories in the country or export to the country like Cameroun and France business people do,” he said.

As he recently received the delegation of 32 investors from Rwanda, CAR president, Faustin-Archange Touadéra, welcomed them to the country and promised support to tap into investment opportunities available in the country.

Rwanda’s national flight carrier, RwandAir has recently launched flights from Kigali to Bangui, the capital city of CAR expected to facilitate free movement between both countries.

Rwanda’s national flight carrier, RwandAir has recently launched bi-weekly flights to Bangui, the capital city of CAR.

In 2019, Rwanda and CAR signed cooperation agreements to promote security, economy and mining activities.

Rwanda and CAR have been for long enjoying cordial relations whereby Rwanda is helping the country engulfed by wars to restore peace. Rwandan troops have been deployed to CAR peacekeeping mission since 2014. On 20th December 2020, Rwanda deployed more special forces to CAR under existing bilateral cooperation signed in 2019.

CAR covers a land area of about 620,000 square kilometres and has an estimated population of around 4.7 million. As of 2020, the country is the scene of a civil war, ongoing since 2012.

The Central African Republic’s economy is based primarily on subsistence agriculture, with important mining and timber industries the main source of export earnings.

Diamonds are the country’s most profitable export, while agriculture occupies most of its working population.

Farmers grow cotton, coffee, and tobacco for export and crops for local markets, but economic development is handicapped by the CAR’s landlocked position, limited infrastructure, and the low education of its work-force. Poor government management and political instability have further weakened the CAR’s economic condition.

The informal sector is important in the CAR, accounting for most economic activity and a large share of the diamond trade.

CAR has had a turbulent economic history. Since gaining independence in 1960, the economy has endured intermittent periods of economic decline caused in part by poor management.

The recent opening of flights presented a huge market opportunity for businesspersons as the country heavily depends on imports.

Bangui , the capital city of Central African Republic.