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India and UAE topped Rwanda’s foreign investments in 2023

By Wycliffe Nyamasege
On 25 April 2024 at 11:02

Most of the foreign investments registered in Rwanda in 2023, totaling $2.4 billion (RWF 3.08 trillion), originated from India and the United Arab Emirates, a new report shows.

Most of the foreign investments registered in Rwanda in 2023, totaling $2.4 billion (RWF 3.08 trillion), originated from India and the United Arab Emirates, a new report shows.

The report unveiled by the Rwanda Development Board (RDB) on Wednesday, April 24, 2024, shows that India leads with 7.2% of foreign investments in Rwanda, followed by the UAE at 5.6% and Germany in third place with 5.3%.

Mozambique and Nigeria made it to the list of the top five countries with significant investments in Rwanda, with market shares of 4.8% and 4.7% respectively. They are followed by the United Kingdom (3.8%), China (3.7%), United States (3.6%) and Eritrea (2.8%).

A majority of the investments registered by RDB, including joint ventures, were of Rwandan origin, representing 39.6% of the total investments.

Top sectors that attracted significant investments in Rwanda in 2023 are real estate, manufacturing, and arts, entertainment, and recreation.

According to RDB, 83.4% of all investments, totaling $2.1 billion (RWF 2.69 trillion), were directed to Kigali City, with the Eastern Province, which came in second, attracting 10.6% of the investments $262.9 million (RWF 337 billion).

Northern Province attracted 2.5% of the investments totaling ($60.8 million to finish third, while Southern Province and Western Province attracted 1.9% ($46.9 million) and 1.6% ($40.6 million) of the investments respectively.

Notably, Northern and Southern provinces recorded significant investments in agro processing and agriculture.

Creating employment

RDB noted that the new investments, which grew by 50 compared to 2022, are projected to create more than 40,000 jobs in the next five years.

On the actual jobs created by the investments, the Board said TekExperts created more than 500 jobs for software engineers. Additionally, 408 jobs were created by Kivest Ltd through agricultural projects, and 500 jobs were created by C&D Leather Shoes Production Plant.

An additional 134 jobs were created by RwandMoz Ltd for the Aquaculture project.
Auto Group also contributed to job creation with 613 new positions.

President Paul Kagame and India Prime Minister Narendra Modi during India-Rwanda Business Forum organised by RDB in July 2018.

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