Rwanda's Private Sector Federation (PSF) on Tuesday, August 4 signed a memorandum of understanding with the Malta Chamber of Commerce, Enterprise and Industry (MCCEI) to promote trade and investment between the two countries.

The new cooperative agreement is expected to facilitate development of commercial exchanges and economic co-operation between Rwandan and Maltese companies.

Malta is a southern European country located in the central Mediterranean between Sicily and the North African coast.

The island nation boasts vast opportunities, mainly in its booming sectors of tourism, information technology and financial services.

The signing ceremony took place virtually due to the global pandemic.

It was graced by Rwandan High Commissioner to the United Kingdom, Ambassador Yamina Karitanyi and Ambassador Ronald Micallef, Ambassador-designate for Ethiopia and the African Union.

Stephen Ruzibiza, PSF Chief Executive Officer commended the agreement, saying that it will boost investment opportunities within the two countries.

"Rwanda has a conducive investment environment for anyone to invest and we have quite enormous investment opportunities and I would encourage Malta investors to come and invest in Rwanda," Ruzibiza said.

He added that the MoU will open opportunities for more agreements between individual companies from the two countries.

Rwandan and Maltese investors also agreed to exchange information concerning trade fairs and exhibitions organized in their respective regions. 

Moreover, both parties agreed to ensure constant exchange of information and publications in the economic field.

The exchange will include information related to trade, economic cooperation, joint economic activities, general economic and business information, economic and commercial legislation.

Speaking on behalf of The Malta Chamber, President Perit David Xuereb observed that the current global crisis should not hinder immediate implementation of the agreement.

"We are ready to start the implementation and we shouldn’t be hindered by Covid19 because there are a lot of opportunities in our countries,” said Xuereb.

He noted that quick focus would be on virtual business-to-business meetings.

Being one of the world's smallest countries with half a million people, Malta has a thriving industrial sector with over 200 foreign and some 400 locally-owned manufacturing companies.

Products made in Malta are exported worldwide. They comprise electronics, pharmaceuticals and medicinals, rubber and plastics, fabricated metals and machinery, software, garments and food products among others.

Located in Valetta, the Maltese capital, MCCEI is the main independent organisation representing the business private sector in Malta.