RDB investment commitments to create over 40,000 jobs in five years

By Wycliffe Nyamasege
On 24 April 2024 at 05:00

Rwanda Development Board (RDB) investment commitments grew by 50 percent to reach $2.4 billion (RWF 3 trillion) in 2023, a new report shows.

The report unveiled on Wednesday, April 24, 2024, indicates that the commitments registered by RDB are expected to create 40,198 job opportunities in the next five years.

According to the Board, the Rwanda Global Business Services (GBS) Initiative unveiled last year is expected to position Rwanda as a leading destination for investors and, in turn, create at least 10,000 jobs by 2030.

On the actual jobs created by RDB initiatives, 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. The Board also initiated coaching and support for more than 11,400 Micro, Small, and Medium Enterprises (MSMEs) in developing their banking businesses.

Furthermore, 201 Rwandans were matched to foreign employment opportunities in Dubai and Qatar through the KORA job portal, where some 17,777 job seekers and 211 employers have been registered so far.

The report also highlights key milestones recorded in the health sector, including the establishment of a state-of-the-art manufacturing facility for the production of mRNA-based drugs in Kigali.

Rwanda was the first, among the selected three African countries, to host the mRNA Manufacturing Facility as part of BioNTech’s efforts to advance mRNA-based vaccine candidates to address malaria and tuberculosis in the region.

Another key milestone achieved last year was the operationalization of the Gabiro Agribusiness Hub (GAH), a result of a joint venture established between the Government of Rwanda through its Ministry of Agriculture and Animal Resources and Netafim Ltd, an Israeli company that offers global leadership in the agriculture manufacturing industry.

Through the partnership, the government hopes to increase the export of high-value crops and value-added agricultural products as well as ensure food security in Rwanda through the use of cutting-edge technology and best practices.

The Tourism sector also recorded an impressive growth to record $650 million (RWF 832 billion) in revenues last year.

This, RDB said, represents a 35 percent increase in revenue compared to 2022. Rwanda welcomed 25,927 gorilla visitors in 2023, marking a 29.4 percent increase recorded in 2022. This is the highest number of visitors received in the country’s history.

Additionally, the Board reported that the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector generated more than $95 million (RWF 121.5 billion) in revenue in 2023, marking a 48 percent growth compared to 2022.

Rwanda hosted over 160 events and an estimated 65,000 delegates in 2023.

Other milestones recorded in the Tourism sector include the upgrade of Nyungwe National Park into a UNESCO World Heritage site and the launch of the Mantis Kivu Queen Uburunga, a luxury houseboat that offers a scenic experience of exploring Lake Kivu.

Additionally, the tourism sector recorded the signing of several partnerships and Memoranda of Understanding (MoUs). These include the Visit Rwanda - Bayern Munich Partnership, a five-year football and tourism promotion partnership, and the Vetrak Clubs World Champion (VCWC) deal that will see Rwanda host the next three editions of the VCWC football tournament at Amahoro National Stadium.

The Rwandan government also entered into a five-year deal with Global Citizen to launch Move Afrika, a pan-African campaign to create job and entrepreneurship opportunities for Africa’s emerging generations through annual world-class live events.

In the export sector, Rwanda recorded a 9.5 percent increase in earnings, reaching $2.3 billion compared to 2022.

In the business environment milestones, Rwanda achieved a remarkable milestone by ranking 1st in sub-Saharan Africa in the World Justice Project Rule of Law Index. RDB attributed these gains to the government’s commitment to upholding justice and the rule of law.

Additionally, Rwanda secured the first position in Africa in the Visa Openness Index, reflecting the country’s continued commitment to connectivity and openness for business and tourism.

RDB also takes pride in the launch of the One Stop Center (OSC) in March 2023, which houses 22 institutions providing 440 services, including facilitating participation in the African Continental Free Trade Area (AfCFTA).

The report unveiled on Wednesday, April 24, 2024, indicates that the commitments registered by RDB are expected to create 40,198 job opportunities in the next five years.