Local manufacturers have been urged to ensure global best practices if they want to thrive in the competitive business world.

Dave Ormesher, the director of Closer Look Inc and founder of Bigger Future, an American-based entrepreneurship incubation centre, said upholding best financial and governance practices is an essential element that supports businesses and accelerates economic growth.

Ormesher, who was speaking at a financial management skills training workshop for manufacturers on in Kigali over the weekend, emphasised the need for a strong manufacturing base for Rwanda’s economic development.

"There is need to think about growth-oriented business models for small-and-medium entrepreneurs in the manufacturing sector. This will help support the country’s efforts to industrialise,” he said.

Chris Hale, the director of Kountable, a business incubation firm based in UK, said it is imperative that the private sector embraces financial practices that will help them realise their economic objectives. He urged industrialists to embrace best finance practices through strategic coaching and networking,” he added. 

Best practices help entrepreneurs to grow their businesses, especially where there is mentorship and business networking. Hale also urged businesses to work through associations, saying networking with industry peers presents many opportunities, including access to affordable funds to grow their businesses.

Alphonsine Rubangura, the Chamber of Industry Rwanda chief, said access to affordable financing was key if industrialists are to realise their economic obligations. Rubangura noted that private sector players are working together to ensure they contribute greatly to the realisation of the second Economic Development and Poverty reduction Strategy (EDPRS II) goals.

Robert Bayigamba, the chairman of the Rwanda Association of Manufacturers, urged manufacturers to take advantage of the different training programmes the group organises to strengthen their capacities and grow the sector.

Rwanda’s manufacturing sector grew by 5 per cent during the second quarter of last year, contributing 14 per cent to the national GDP. The government is counting on the sector to boost exports and reduce the widening trade deficit gap.