Equity Bank Rwanda and the Confederation of Indian Industries (CII) launched the India-Rwanda Trade Mission on Thursday, October 24, with the theme "Facilitating Partnerships for Sustainable and Inclusive Growth." The initiative seeks to boost bilateral trade and investment by promoting collaboration in key sectors such as agriculture, ICT, infrastructure, health, education, telecoms, and renewable energy.

In addition to the Indian delegation, representatives from government agencies and local business operators participated. They shared their success stories in Rwanda and engaged in sector-focused discussions to explore the country’s diverse investment opportunities.

ALSO READ: India, UAE top Rwanda’s list of foreign investment in 2023

Aditya Ghosh, Director (Africa) at CII, emphasised the potential of Rwanda’s economy for inclusive growth: "In an emerging economy like Rwanda, inclusive development can be achieved by focusing on key policy actions. Rwanda&039;s openness to investment is commendable, and we’re excited to explore its vibrant business landscape. Let’s connect Indian businesses with African opportunities."

With over 30 years of experience, CII’s Africa desk is committed to building strategic partnerships that drive economic growth and unlock the potential of Indian and African enterprises.

ALSO READ: Equity Bank Rwanda launches new healthcare financing products

Divine Nakanyange, Investment Marketing Analyst at RDB, highlighted Rwanda’s favourable business environment: "There are no restrictions on foreign ownership—foreigners can own 100 per cent of a company. While we encourage local partnerships for knowledge transfer, it’s not required by law. Additionally, there are no restrictions on profit repatriation after fulfilling tax and salary obligations. Rwanda is positioning itself as an international financial hub through the Kigali International Financial Center, and we invite companies in the financial sector to establish operations here.”

Nakanyange also addressed market access, assuring investors: "If you establish in Rwanda, you’ll have access to major markets. We are part of the East African Community’s single customs territory, offering duty-free, quota-free access to 300 million people. We’re also part of COMESA, a market of 492 million, and the African Continental Free Trade Area (AfCFTA), a 1.3 billion market.”

ALSO READ: Rwanda showcases tourism products in India

Equity Bank Rwanda Managing Director Hannington Namara emphasised Rwanda's investment appeal: "Rwanda stands out as a prime destination for investors. Our stable security situation gives businesses the confidence to operate smoothly, and with our growing economy, you can count on us as a reliable partner in navigating the Rwandan market. This is not just another investment destination; it’s a thriving economy with a clear path for growth. The IMF World Economic Outlook projects an 8 per cent growth rate for 2024, reinforcing Rwanda’s position as an investment hub."

Kamlesh Samaliya, Vice President of Business Development (Exports) at Ecozen, shared his enthusiasm for Rwanda: "I’ve been visiting East Africa for 15 years, and Kigali remains my favourite—it’s like the Switzerland of Africa, minus the snow. It’s a beautiful city in a beautiful country. Today, we’re here to talk business, specifically about our solar products—solar cold storage, water pumps, freezers, dryers, and milk chillers. We’re innovators in this field and eager to expand our business in Rwanda.

"While I’ve worked on other projects here before, such as transmission lines and water treatment plants, I’m now focused on solar solutions. Though setting up local operations isn’t immediately necessary due to Kigali’s advanced infrastructure, we’ll consider it as demand grows. Kigali is already home to numerous Indian and foreign companies, thanks to its business-friendly policies."

The trade mission is timely, reflecting a positive trend in trade, with exports between the two countries growing at an annualised rate of at least 176 per cent over the past five years. In 2023, Indian investors emerged as the leading source of foreign investment in Rwanda, contributing $175.2 million, which accounts for 7.1 per cent of the total foreign investment.

The relationship between India and Rwanda is marked by mutual respect and collaborative development efforts. Notable bilateral advancements in recent years include India's investments in Rwandan infrastructure and its support for education and healthcare initiatives.