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Czech Republic Investors Eye Rwanda

A group of investors from the Czech Republic are set to invest in a range of businesses in the country.

The 30-member delegation led by Jan Kohout, the Czech Minister of Foreign Affairs, was in the country last week as they explored potential areas of investment in the country.

During their visit, the group visited Rwanda Development Board (RDB) where they were assured of an enabling business environment in Rwanda.

The group, which also had a business meeting last Tuesday with several government officials and the Rwanda business community, is interested in investing in the a variety of areas, including: agriculture, services, manufacturing, energy, import and export promotion, and aviation.

“We have chosen Rwanda, South Sudan, Uganda and Ghana as our economic missions in Africa and I am optimistic that our business community will find various investment opportunities in these countries,” said Kohout in the meeting.

He added that the objective of coming to explore potential areas of investment in the country is due to the fact that Rwanda offers potential business opportunities since the country has continued to perform well in World Bank ‘Doing Business’ reports.

Borivoj Minar, a member of the Czech Chamber of Commerce, said that although it was their first time in Rwanda, they have developed a strong feeling of establishing businesses in Rwanda after holding meetings with government officials about various business opportunities.

“We are looking forward to partner with Rwanda towards promoting trade, innovation and entrepreneurship between the two countries,” Minar said.

RDB Chief Operations Officer (COO), Claire Akamanzi, said that Czech investors are looking to African markets where growth is high, and Rwanda was chosen as one of their destinations.

“Many countries are choosing our country as a potential area of investment and this shows that Rwanda is one of the fastest growing economies on the continent. We are happy about that and ready to offer them a conducive environment that will enable them to efficiently and effectively do their respective businesses in Rwanda,” Akamanzi said.

She said that RDB will continue working together with the Czech chamber of commerce in order allow many investors from the Czech Republic to come and invest in Rwanda.

“Although we haven’t done much with Czech Republic in terms of investments, the coming of such investors shows the beginning of their business journey with Rwanda,” Akamanzi said.

The group also toured Kigali Special Economic Zone (KSEZ) which the government put aside as place for industrial zone for the national and foreign investors.

Statistics indicate that RDB registered investments worth $1.2 billion (about Frw 800 billion) between January and June this year.

The investments represent 58 domestic projects, worth $ 509.1 million, 22 foreign projects, worth $406.9m, and nine joint ventures worth $338.1 million.

While talking to the visiting delegation, the Minister of Trade and Industry, Francois Kanimba said: “Our economy has responded considerably well to business reforms, we have grown at an average rate of about 8 per cent over the last decade and we welcome you to Rwanda to explore areas of your business interests,”

According to 2013 Baseline Profitability Index by the Foreign Policy Magazine, Rwanda was ranked fifth-best destination for investment in the world out of 102 countries surveyed. The global study indicated that high returns of investment are accessible and to a great degree, retrievable to investors in Rwanda.

The 2013World Bank Doing Business Report also ranked Rwanda the third easiest place to do business in Sub-Saharan Africa, after Mauritius and South Africa.

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