Sri Lankan business community and Rwandan private sector explore trade and investment opportunities
FT: As the Rwandan economy emerges as a powerhouse on the African continent, the country’s Private Sector Federation will visit Sri Lanka to explore opportunities for bilateral trade and investment, High Commissioner of Rwanda to Sri Lanka, with residence in New Delhi Jacqueline Mukangira stated.
Addressing a webinar on Opportunities for Doing Business with Rwanda, organised by the Ceylon Chamber of Commerce and the Honorary Consulate of Rwanda in Sri Lanka, the High Commissioner accepted the invitation extended by the Ceylon Chamber of Commerce Deputy Secretary-General Alikie Perera, to the Private Sector Federation (PSF) – Rwanda, to organise a business promotion mission to Sri Lanka later this year.
She also requested the Ceylon Chamber of Commerce to lead a business delegation to Rwanda this year, to explore trade and investment opportunities in Rwanda.
Perera said that in addition to the existing MOU between the Ceylon Chamber and the PSF – Rwanda and a subsequent Sri Lankan business promotion mission to Rwanda in 2016, the webinar would ‘showcase opportunities to further strengthen trade, investment and tourism between the two countries’ and enable the creation of an action plan to promote bilateral trade and investment.
The sixth fastest growing economy in Africa with an average GDP growth of around 8% annually, Rwanda is home to a stable public sector and a vibrant private sector. As the country steadily climbs the ranks of economic performance in Africa, currently ranking second for the ease of doing business and having the lowest debt ratio in the region, it is actively encouraging bilateral trade and investment’ offering multiple opportunities for Sri Lankan businesses to expand their horizons in Rwanda, High Commissioner Mukangira said. “There is great opportunity for investment in sectors such as infrastructure (affordable housing, transport) manufacturing (packaging, textiles and garments), ICT, mining, tourism, health, agriculture, and agro-processing, etc. with several fiscal and non-fiscal incentives offered by the government,” she added.
Honorary Consul of Rwanda in Sri Lanka Cally Alles said that with Rwanda’s continued improvements in economic, social, and political spheres, Sri Lankan companies already operating businesses in Rwanda as well as potential investors could be assured of a sound investment environment.
Following the webinar, participants were able to address questions regarding conducting business in Rwanda, directly to High Commissioner Mukangira, thereby gaining an in-depth understanding of the investment climate and potential for Sri Lankan businesses.
Sri Lanka maintains strong bilateral and trade ties with many countries and focus is now been placed on countries in the African continent, which are identified as emerging economies. Sri Lanka has foreign missions in all key African countries and is looking at further strengthening ties and exploring potential business partnerships and joint ventures between businesses between countries. Rwanda is one such emerging economy in Africa. Sri Lanka for its part is fast becoming a business hub in the South Asian region with an ongoing development programme and an expanding economy. The country’s geographical positioning in the Indian Ocean and the many trade agreements as well as concessions enjoyed by the country have also added to the country’s attraction as a growing business destination. Emerging economies in Africa like Rwanda could therefore confidently explore the growing business/investment opportunities in Sri Lanka.
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