RDB woos Senegalese business moguls to invest in Rwanda

By Wycliffe Nyamasege
On 12 May 2024 at 12:19

The Rwanda Development Board (RDB) is courting Senegalese businesses for investments in the local economy.

RDB, in collaboration with the Embassy of Rwanda in Senegal, organized an exclusive brunch in Galoya, Dakar, on Saturday to showcase investment opportunities in Rwanda.

The event brought together Rwandan investors, the Senegalese Investors Council, influential Senegalese personalities, and business leaders.

"The main objective was to highlight Rwanda’s notable advances in various sectors, ranging from sustainable tourism to innovative startups, in order to generate interest among Senegalese investors in the numerous investment opportunities offered by the booming economy of Rwanda," stated RDB.

The meeting was held on the sidelines of the Basketball Africa League (BAL) Season 4 Sahara Conference. The tournament playoffs and finals are to be held in Kigali from May 24 to June 1.

The event was attended by, among others, Jean-Pierre Karabaranga, the Ambassador of Rwanda to Senegal, Setti Solomon, the RDB Chief Strategy, Partnerships, and Communications Officer, and Candy Basomingera, Rwanda Convention Bureau (RCB) Deputy CEO.

Ambassador Karabaranga seized the opportunity to emphasize the importance of economic collaboration in driving sustainable development and prosperity in both countries.

Jean-Pierre Karabaranga, the Ambassador of Rwanda to Senegal, makes his remarks during the meeting.

Citing Rwanda’s robust infrastructure, strategic location, and business-friendly policies, the ambassador noted that investors are welcome to tap into various opportunities in the fast-growing economy.

Last year, RDB reported a 50 per cent growth in foreign investment commitments to reach $2.4 billion (RWF 3 trillion).

RDB, in an annual report unveiled last month, indicated that the commitments are expected to create 40,198 job opportunities in the next five years.

The manufacturing is expected to create 9,900 new job opportunities over the five-year period, accounting for a quarter of the jobs projected to be created in the next five years.

Further, the government agency whose main mandate is to accelerate Rwanda’s economic development by enabling private sector growth, forecasts that the agriculture sub-sector will continue to thrive, contributing to the creation of 7,600 jobs over the same period.

Real estate is expected to create 6,200 new jobs by 2029 while the agro-processing sub-sector will contribute some 4,400 jobs to the economy.

Additionally, the construction sector will generate 2,700 jobs while the accommodation and food services sub-sector will create 2,600 job opportunities over the next five years.

Electricity, gas, steam, and air conditioning supply are poised to create an additional 1,500 new job opportunities, followed by the arts and entertainment sub-sector, where approximately 600 opportunities will be generated.

The financial and insurance sectors, along with administrative and support service activities, are expected to generate 500 and 200 jobs respectively over the next half-decade.

Rwanda Convention Bureau Deputy CEO, Candy Basomingera, delivers her speech during the investors meeting in Dakar