The Rwanda Development Board (RDB) last year registered investments worth $1.675 billion, an increase of $515 million compared 2016, when $1.160b was registered.
The sectors that attracted the most investments were construction and real estate with $637,659,692 (38% of the total investments), mining with $267,344,495 (16%) and infrastructure with $202,660,135 (12%).
The largest investments last year were Bugesera Airport Company Ltd ($399m), Ignite Power Rwanda ($114m), Gasabo Investment Company ($89m), African Panther Resources ($54m) and Kigali View Hotel and Apartment ($53m).
In terms of the origins, foreign direct investment (FDI) dominated with investments worth $1.041b (62.26% of all investments). Local investments amounted to $470.98m (28.15%) while joint ventures (local and foreign investors) were worth $160.47m (9.59%)
In comparison, in 2016 foreign investment amounted to $650.4m, local investments to $479.5m and joint ventures investments to $160.47m.
“In the last 10 years, investments in Rwanda have jumped from $800m in 2007 to $1.675b in 2017,” said RDB CEO Clare Akamanzi. “This is an increase of more than 100% in only a decade; this is evidence that Rwanda is being seen more and more as great place to do business.”
“The increased investments registered by RDB are a direct result of the initiatives that the Government, through RDB, has put in place,” she added.
“Rwanda’s ambition is to create 150,000 off-farm jobs a year. I am confident that these investments will have an immediate impact on the employment prospects of young Rwandans,” Akamanzi said. “Last year, 38,261 jobs to be created were registered by RDB in the infrastructure, services, manufacturing, tourism, construction and real estate, agriculture, ICT and mining sectors. This is an increase of 184% increase from 2016 when 13,477 jobs to be created were registered in the eight sectors.”
In terms of investor facilitation, RDB operates a One-Stop Centre for investors, which provides information and services to guide investors through the key steps of starting a business such as registration, licenses, immigration, land, utilities, environmental clearances and tax and mortgage registration services.
In addition, in terms of aftercare services, RDB offers assistance in ensuring that business projects are implemented without avoidable impediments. RDB helps investors to sort out simple and complex challenges they encounter along the way and provides any guidance required.
In addition, RDB has introduced investor engagement platforms such as the Investor Open Day every Friday as well as the CEO Forum four times a year where RDB senior management meets business leaders.