Business communities from Rwanda and Zimbabwe have committed to continue bolstering trade ties, following the 50 percent increase in trade volume registered since the first business engagement efforts.

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This was highlighted during the third edition of the Rwanda-Zimbabwe Business Forum which started in Kigali on Monday and brought together business leaders, investors, industry captains, and government officials to explore more areas of trade and investment cooperation.

The two-day forum serves as a platform of exchange and networking between business communities of the two countries to build on existing cooperation agreements in place to drive bilateral ties, and chart new avenues of investments and creating enabling frameworks.

Francis Gatare, CEO of Rwanda Development Board (RDB), commended the first two editions of the forum which took place in Kigali and Harare, respectively, whereby several agreements and partnerships were struck up between both the private sector and government.

The partnerships span across various sectors including ICT, agriculture and livestock, e-Government, education, energy, infrastructure, among others.

Owing to the business engagement throughout the past editions, more than 150 Zimbabwean teachers have been deployed mostly in teachers’ training colleges in Rwanda. At least 15 energy projects started implementation in the two countries.

Additionally, Zimbabwean companies have invested more than $38 million in Rwanda while eight Rwandan companies have started operations in energy, IT, and Agro processing in Zimbabwe.

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"Both our two countries have enormous resources and knowledge to exchange. For instance, we know that Zimbabwe is advanced in mining and geology and we would like to have Rwandans learn from that,” he said while encouraging Zimbabwean to explore more incentivized opportunities with the Kigali International Financial Centre (KIFC).

Allan Majuru, ZimTrade Chief Executive, said that trade between both countries has grown by more than 50 percent since the first business forum but there is more potential that can be leveraged.

"As we continue fostering trade relations between our two countries, we believe there&039;s more we can do to solidify our position as lead trading partners."

Majuru added: "We are not only here to do business with you but we also want to make sure we penetrate the region, equally for you to find an opportunity to deepen trade with southern region.”

Speaking at the Forum, Vincent Biruta, Minister of Foreign Affairs and International Cooperation, emphasized that the collaboration will unlock opportunities, accelerate investment flows, and create an enabling environment for businesses to thrive.

"As we navigate a complex global landscape, it is essential to identify and capitalise on emerging trends and market dynamics. Rwanda and Zimbabwe, with their unique strengths and capabilities, have much to offer the world.”

This, according to him, can be realized by leveraging the respective comparative advantages to create a cycle of growth and prosperity that benefits both nations.

Both land-locked countries also committed to exploring the economic potential that lies in the implementation of the African Continental Free Trade Area (AfCFTA), as well as proceed to the signing of Double Taxation Avoidance treaty to harness trade.