A delegation of over 50 local business people will this month visit Singapore and Indonesia to seek new trade and investment opportunities for ‘Made in Rwanda’ products.

Geoffrey Kamanzi, the head of trade and negotiations at the private sector Federation (PSF), told The New Times on Tuesday that business operators from agro-processing, light manufacturing, arts and crafts and services industry, among other sectors, will also use the trade mission to forge business partnerships with the Asian economic tigers.

"We want to engage and share experiences with our counterparts in both countries. We will also use the opportunity to market Rwanda’s potential in terms of trade and investment so as to woo more investors into the country,” Kamanzi noted.

He said PSF members were invited by Rwanda’s High Commission and business federations in the two countries. Kamanzi urged the business people to use the opportunity to create partnerships that could help grow their enterprises and boost the country’s exports and foreign exchange receipts.

"This way, we will be able to contribute to the country’s economic growth and the wellbeing of our citizens,” he said.

Last year, Rwanda and Singapore signed a double taxation avoidance agreement to facilitate trade and investment between the two countries.

They also agreed, through an investment guarantee agreement, to further promote trade and investments in both countries.

The business community, therefore, seeks to leverage the already existing co-operation to widen their markets and promote Rwanda’s investment potential.

Charles Nizeyimana, a Kigali-based businessman, said Singapore and Indonesia provide local exporters an opportunity to diversify Rwanda’s export products and markets.

"The idea is to make sure we have as many different products as possible to sell to these two markets. We also hope to tap into the expertise and knowledge of the Asian Tigers,” Nizeyimana said.

Trade between Rwanda, Singapore and Indonesia is still low, with Rwanda exporting only tea, coffee and some minerals to the two Asian nations, according to statistics.

The government has been discussing with investors from Singapore on how to establish a logistics fund that will help finance local businesses and ultimately promote trade between the two countries.

Rwanda seeks to increase exports to the tune of 28 per cent annually by 2018 under the second Economic Development and Poverty Reduction Strategy (EDPRS II).

Therefore, creating a big presence of local products in Singapore and Indonesian markets will go a long way in supporting this objective.

business@newtimes.co.rw