The Ministry of Trade and Industry (MINICOM) has signed agreements with two investors for the lease of 2.5 hectares of land for five years on which they will build two textile and leather industries in Kigali Special Economic Zone.
The two investors are Nsengiyumva Albert representing Albert Supply Ltd and Bède Bedetse, the managing director of Rwandan Company known for manufacturing shoes, belts and other leather products.
The Minister of Trade and Industry, François Kanimba who signed on behalf of government said that they have in this year’s budget bought 5 hectares to be handed to investors manufacturing clothes and shoes.
“The land in this area is expensive since one square meter costs Rwf 43,000. In MINECOFIN’s budget, the government accepted to seek money so that we buy land to be handed to investors who manufacture shoes and clothes and sign agreements with them on how to compensate the government within 20 years,” he said.
Nsengiyumva Albert lauded MINECOFIN for the support adding that they are soon starting construction activities so that the plant will have started to manufacture clothes and shoes by next year after investing almost Rwf 10 billion.
Bède Bedetse, an investor from Burundi said that they will be manufacturing products matching with Rwandans financial means.
He said that their plant will manufacture between 1000 and 3000 shoes per day.
Minister Kanimba said that more industries manufacturing clothes and shoes are needed as the ban on second hand imports takes effect adding that more 2.5 hectares are still available for interested investors to build similar industries.
UK will leave EU single market, says Theresa May
Libya’s oil production up to 708,000 bpd, a three-year high
Coffee sector privatization spells misery to over 4 million Burundians
Oil prices surge as OPEC reaches production deal
Zimbabwe note launch stokes currency fears
|READ MORE ARTICLES ABOUT "Economy"...|