KIGALI, April 17 (Xinhua) -- Rwanda on Monday said the country is looking for more investors in the manufacturing sector and other value-added industries to boost the production of locally made goods.
The manufacturing sector of Rwanda was at a slow pace and not yet developed due to few investments in the sector, said Winifred Ngangure, head of investment promotion at the Rwanda Development Board (RDB), in Rwanda's capital city Kigali.
Despite offering conducive environment for investors to do business, Rwanda is still lacking both local and foreign investments, most especially in the manufacturing industry which has derailed the sector growth, Ngangure said at the opening of Kigali Investors Forum 2018 organized by the Kigali municipal government, RDB and the Rwanda Private Sector federation (PSF).
She said the Made in Rwanda initiative holds the key to the successful economic growth in the country since it promotes locally made products and job creation.
Stephen Ruzibiza, chief executive officer of the PSF, said that investments in the local manufacturing sector would promote domestic production and stimulate local consumption habits.
"Rwanda has laid strategies to enhance the domestic value chain and to create a good business climate that favors the growth of investments in the industrial and manufacturing sector," Ruzibiza said.
According to RDB, domestic investments account for 51 percent of the total investments in the country.
The Made in Rwanda initiative seeks to discourage the use of imported goods which are or can be produced locally by making the goods produced in the country reliable, durable and affordable.
The one-day meeting themed at deepening domestic private sector investment focused on showcasing a wide range of investment opportunities in Rwanda. It provided a platform for the private sector to learn more about investment opportunities in Rwanda and incentive package for new investments.
Among the investment opportunities presented at the Kigali Investment Forum included entertainment, high value horticulture and floriculture, manufacturing of construction materials, affordable housing, ICT and telecommunication, textile and garment, transport, business services and hospitality services.
During the forum, RDB introduced new reforms in electricity provision, construction permits and export facilitation to ease doing business.
The three major reforms targets to decrease bureaucracy in construction, ensure timely electricity provision for investors, and reduce the amount of time exporters spend at customs, according to RDB.
The country targets an annual industrial growth of 14 percent by 2020 from the current two percent, according to the Rwandan ministry of trade and industry.
In the World Bank Group report Doing Business 2017, Rwanda ranked 56th out of 190 countries' economies in ease of doing business further encouraging investor confidence.
The country's economic pillars that include tourism, manufacturing, retail and wholesale and mining are also projected to deliver above 10 percent of GDP growth under the 2035 blueprint.?