Rwanda
Rwanda is a landlocked country situated in central Africa. Also known as ’the land of a thousand hills’, Rwanda has five volcanoes, twenty-three lakes and numerous rivers, some forming the source of the River Nile. The country lies 75 miles south of the equator in the Tropic of Capricorn, 880 miles ’as the crow flies’ west of the Indian Ocean and 1,250 miles east of the Atlantic Ocean – literally in the heart of Africa. Rwanda is bordered by Uganda to the north, Tanzania to the east, Burundi to the south and the democratic republic of Congo to the west.
Anyone visiting ’the land of a thousand hills’ is in for a multitude of surprises. The loveliness and variety of the landscapes in this ’green country’ is dominated to the north by volcanoes and bordered by Lake Kivu to the west. In Rwanda the great animals of the wild are protected from poachers and roam free in the vast national parks. The Volcanoes National park in the Virunga volcanic mountains with its high altitude forests, are world famous for mountain gorillas – timid and passive family oriented giants – which is teeming with wildlife both large and small, while Lake Kivu to the west offers beautiful beaches, jutting pennisulas and an archipelago of islands.
Rwanda is a resilient, forward-looking country with a vision of becoming a globally competitive knowledge-based economy by 2024.
In the last 25 years, Rwanda has redefined itself as the preferred investment and tourism destination of the world.
Under H.E President Paul Kagame’s leadership, Rwanda has become a reference point for good governance in the region, political stability with well-functioning institutions, observance of the rule of law and zero tolerance for corruption.
Rwanda today prides itself in being among the easiest, safest and cleanest places to do business and travel to in the world.
Rwanda at A glance
-
- The economy has grown at an annual GDP average rate of 8% for the past decade.
- GDP per capita grew to US$787 in 2018: from US$774 in 2017
- Our GDP per capita target is US$1,382 by 2024.
- Currently, the services sector is the largest contributor to GDP. The sector contributes about 48%, followed by Agriculture at 29% and the Industrial sectors 16% respectively.
- The economy has grown at an annual GDP average rate of 8% for the past decade.
-
- Inflation has been kept at single digit since 2008.
-
- Rwanda has consistently been given high ratings by Fitch Ratings. In 2018, Fitch affirmed Rwanda’s B+ ratings reflecting Rwanda’s strong governance and doing business metrics, low public debt/GDP and high growth potential.
-
- Rwanda has also consistently emerged as the top global reformer in the annual World Bank Doing business reports. The 2019 World Bank Doing Business Report positioned the country to be the second easiest place to do business in Africa and 29th globally.
- Rwanda scored 50.94 points out of 100 on the 2018 Global Competitiveness Report published by the World Economic Forum. Competitiveness Index in Rwanda averaged 15.72 Points from 2011 until 2018, reaching an all time high in 2018. Rwanda remains among the most competitive African countries thanks to efficient goods and labor markets and a stable political situation that supports robust GDP growth.
Source: Rwanda Development Board (RDB)
- Name: Republic of Rwanda Land size: 26,338 sqm Capital City: Kigali
- Time Zone: UTC +2 (Central Africa Time)
- Languages: English, French, Kinyarwanda, Kiswahili
- Currency: Rwandan Franc
- GDP per capita: $787
- GDP growth: Over 8% per annum
- Population:Over 12 Million
- Climate: Temperate all year round (21-27 degrees Celsius).
In 2018, Rwanda marked over ten years of prioritising the doing business reform agenda in order to create a favourable and competitive business environment.
It is also the year in which it posted its strongest performance to date where Rwanda emerged as the 29th easiest place to do business globally, was among the top 10 global reformers and was the 2nd easiest place to do business in Africa- 1st in Mainland Africa and East Africa according to the World Bank Doing Business Report 2019.
- As Rwanda positioned itself as an economy open for business with the global economy, the Doing Business report has been a strong signaling factor to investors that Rwanda is a safe, stable and efficient place to invest.
- As a result, the value of investments registered more than tripled from US$400 million in 2010 to US$2.006 billion in 2018.
Source: Rwanda Development Board (RDB)
GDP (purchasing power parity)
GDP – real growth rate
GDP – per capita (PPP)
Composition by sector
Exchange rates (April 2019)
Currency: Rwandan Franc(RWF)
Latest figures available at the Central Bank website www.bnr.rw
Source : The World Bank Group,
-
The East African Community (EAC) is a regional intergovernmental organisation of 6 Partner States: the Republics of Burundi, Kenya, Rwanda, South Sudan, the United Republic of Tanzania, and the Republic of Uganda, with its headquarters in Arusha, Tanzania.
The EAC is home to 172 million citizens, of which over 22% is urban population. With a land area of 2.5 million square kilometres and a combined Gross Domestic Product of US$ 172 billion (EAC Statistics for 2017), its realisation bears great strategic and geopolitical significance and prospects for the renewed and reinvigorated EAC.
The work of the EAC is guided by its Treaty which established the Community. It was signed on 30 November 1999 and entered into force on 7 July 2000 following its ratification by the original three Partner States – Kenya, Tanzania and Uganda. The Republic of Rwanda and the Republic of Burundi acceded to the EAC Treaty on 18 June 2007 and became full Members of the Community with effect from 1 July 2007. The Republic of South Sudan acceeded to the Treaty on 15 April 2016 and become a full Member on 15 August 2016.
As one of the fastest growing regional economic blocs in the world, the EAC is widening and deepening co-operation among the Partner States in various key spheres for their mutual benefit. These spheres include political, economic and social.
At the moment, the regional integration process is in full swing as reflected by the encouraging progress of the East African Customs Union, the establishment of the Common Market in 2010 and the implementation of the East African Monetary Union Protocol.
Current status
The process towards an East African Federation is being fast tracked, underscoring the serious determination of the East African leadership and citizens to construct a powerful and sustainable East African economic and political bloc.
For more information visit www.eac.int
Rwanda is a member of a number of global and regional organizations and treaties of interest to potential investors, including the following:
• The African Trade Insurance Agency (ATI)
• The Common Market for Eastern and Southern Africa (COMESA)
• The East African Community
• The Cotonou Agreement between the European Union and African, Caribbean and Pacific States (ACP)
• The International Centre for the Settlement of Investment Disputes (ICSID)
• The Multilateral Investment Guarantee Agency (MIGA)
• The Paris Convention on Intellectual Property, the Universal Copyright Convention and the Berne Copyright Convention
• The World Intellectual Property Organization (WIPO)
• The World Trade Organization (WTO).
• Communaute Economique des Pays des Grand Lacs (CEPGL)
Rwanda has also signed several bilateral investment treaties (BITs) and double taxation treaties (DTTs)
Rwanda Development Board (RDB) is a government institution whose mandate is to accelerate Rwanda’s economic development by enabling private sector growth.
The Rwanda Development Board is under the supervision of the Office of the President and is governed by a Board of Directors made up of global entrepreneurs and experts.
RDB was established in 2008 out of a merger of 8 Government institutions, primarily to create a One Stop Shop for business and investments. RDB has been built with global expertise and modelled on international best practice
Currently, RDB’s key services are; Investment Promotion, Export & SEZ Development, Investment Deals Negotiation, Tourism and Conservation, Skills Development and One Stop Center services (business and investment registration, visa facilitation, EIA, tax incentives management, etc.)
RDB is here to provide support throughout the entire investment journey and to ensure that Rwanda remains one of the best places to do business in Africa and the World.
-
1. Sustained High Economic growth
- Over 8% average year-on-year real GDP growth rate since 2007 till date, stable inflation and currency depreciation.
- GDP growth rate one of the highest among African economies and neighboring countries.
2. Robust Governance
3. Access to Markets
- Market of over 12 million people with a rapidly growing middle class
- Rwanda is a hub for a rapidly integrating Arica: It is centrally located in the region and is part of East African Community (EAC) Common Market and Customers Union with market potential of over 132 million people. It is also signatory to the 2018 Kigali African Continental Free Trade Area Agreement (ACFTA) currently being implemented under the African Union.
4. Investor Friendly Climate
5. Untapped Investment Opportunities
- Vast opportunities for investment, particularly in the following sectors:
- Infrastructure: Opportunities in rail, maritime and air transportation to further open up Rwanda to the rest of the world as an economic hub.
- Agriculture: Rwanda’s main economic activity accounting for about 33% of GDP. Potential for growth through increased productivity and value addition for both export and local consumption.
- Energy: Big opportunities in both on and off grid power generation. Goal is to have universal electricity access by 2024 from the current 51% access.
- Tourism: Currently Rwanda’s leading foreign exchange earner with a diverse range of attractions and products suitable for both foreign and local tourists. Meetings, Incentives, Conferences & Events (MICE) sector growing fast as well.
- Information and communication Technology: Priority sector for Vision 2020, Kigali Innovation City being developed, home to Carnegie Mellon University Africa and others such as Africa Leadership University and the African Institute for Mathematical Sciences (AIMS Rwanda).
- Other attractive sectors include Real estate and construction, financial services and mining
Source: Rwanda Development Board (RDB)
- E-regulations Rwanda : www.rwanda.e-regulations.org
- Rwanda Government : www.gov.rw
- Rwanda. Ministry of Finance and Economic Planning : www.minecofin.gov.rw
- Rwanda. Ministry of Justice : www.minijust.gov.rw
- Rwanda Revenue Authority: www.rra.gov.rw
- Rwanda Directorate General of Immigration and Emigration: www.migration.gov.rw