FDIs

The Rwanda Development Board (RDB) said Wednesday it registered investments worth 2.46 billion U.S. dollars in 2019, an increase of 22.6 percent from the previous year.

“Energy and manufacturing accounted for 75 percent of all investments registered (45 percent and 30 percent respectively). Other sectors that attracted significant investments were construction, agriculture, services including ICT as well as mining,” RDB said in a statement.

Some 35,715 jobs are expected to be created by the new investments with the manufacturing and construction sector expected to create 22,935 and 3,053 new jobs respectively, it said.

Rwandan government aims to create 200,000 new jobs every year from investments and other employment sources.

In 2018 RDB registered investments worth 2.01 billion U.S. dollars, it said.

RDB explained that joint ventures, local and foreign contributed 44 percent of the investments registered whereas foreign direct investment represented 37 percent while 19 percent of investments were registered by locals.

In comparison, domestic investment registrations accounted for 51 percent, foreign investment registrations represented 48 percent and joint ventures accounted for 2 percent in 2018.

“After surpassing 2 billion U.S. dollars in investments registered for the first time in the country’s history in 2018, we continued our strong investment growth with over 2.4 billion U.S. dollars in 2019, our highest investment registration to date. This was up from about 400 million U.S. dollars registered in 2010,” RDB chief executive officer, Clare Akamanzi, said.

She said the increased investment figures will help curb the country’s balance of trade deficit by promoting the production of locally made goods for the local and regional market.

Last year Rwanda exported goods worth 1.021 billion U.S. dollars up from 995 million U.S. dollars in 2018, RDB figures showed.

As a result, Rwanda’s GDP grew by 11.9 percent in the third quarter of 2019 compared to the same quarter in 2018, RDB said. Enditem

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