Russian Businesses In Rwanda Will Be Treated Same Way As Local Ones - Trade Minister

Faizan Hashmi Published October 27, 2019 | 05:00 PM

SOCHI (UrduPoint News / Sputnik - 27th October, 2019) Rwanda seeks Russia to share the know-how in agro and heavy industry and can guarantee that the Russian businesses will be treated equally with the local ones if they decide to come to the Rwandan market, Minister of Trade and Industry of Rwanda Soraya Hakuziyaremye told Sputnik on the sidelines of the Russia-Africa economic forum in Sochi.

"As you know, Rwanda is the second easiest country in Africa to do business. Our business climate is very friendly. It is very easy to start a company. It takes roughly six hours," Hakuziyaremye said, adding that the so-called one-stop-centers in Rwanda make it possible for businesses and investors to avoid the bureaucratic hustle which they would otherwise experience with getting licenses or permits in different state institutions.

When asked whether the Russian businesses will be treated on par with the local ones if they choose to enter the Rwandan market, the minister replied: "Yes, absolutely. The one thing that Rwanda is known for is fair competition and the fact that there is rule of law, stability, and everything is predictable.

Foreign investors will be as protected as the national ones."

"What we aim for is foreign investments in the manufacturing sector, in technology - and I think that is where Russia really can play a role bringing technology for our industry and also the know-how, the exchange of know-how in agro-processing, heavy industry, and assembly of equipment," Hakuziyaremye explained.

Toward that aim, Rwanda has officiated certain tariff incentives and tax exemptions for foreign businesses to stimulate the inflow of investments, she added.

According to the minister, during the Russia-Africa forum, the two countries signed a number of contracts, namely in the mining sector and energy, which for Kigali are of priority importance.

The inaugural Russia-Africa Summit and Economic Forum ran through Wednesday-Thursday in the Russian resort city of Sochi. It brought together the heads of state or government of over 40 African nations, while 11 others sent their vice presidents, foreign ministers or ambassadors.