Businesspeople, government officials and representatives of financial institutions gathered in Nyagatare on Friday, November 22, to explore business opportunities in the district, whose agribusiness potential could create jobs and improve living standards of its residents.
The businesspeople were called upon to invest in various aspects, including in food processing plants, post-harvest facilities, and animal feed factories.
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The Minister of Trade and Industry Prudence Sebahizi urged participants at the inaugural Nyagatare Investment Forum to explore the opportunities that can drive the district&039;s economic development.
He said the primary goal of the investment is to improve the living standards of Rwandans, especially in line with the country’s long-term target of achieving middle income status by 2035 and high-income status by 2050.
"By 2035, the country aims for every Rwandan to earn $5,000 annually. The current income per capita stands at $1,000. The goal is to raise this figure to $12,000 by 2050," Sebahizi said.
"To achieve this, private investment must double every five years, which means that investors should aim to increase their investments by 20 per cent every year.”
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One of the key points raised by the minister was the importance of increasing food processing industries to help lower food prices in the market.
"By processing more food locally, Rwanda can reduce imports and boost exports, thereby improving the trade balance and stabilizing its currency," he said.
He said that current investment stands at $2.2 billion dollars and the country aims at increasing it to $4.6 billion by 2029, under the five-year National Strategy for Transportation (NST2).
The government also targets 1,250,000 jobs created in the next five years.
Minister Sebahizi urged the forum participants to work together to identify gaps and expand investment opportunities in Nyagatare.
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Michelle Umurungi, the Chief Investment Officer at Rwanda Development Board (RDB), said the Nyagatare Investment Forum is a good the initiative, which promotes economic development.
She encouraged investors to identify key opportunities, particularly in agriculture and livestock farming, which are central to the economy of Nyagatare.
Umurungi pledged RDB&039;s support to investors to ensure that they are able to drive development.
Where to invest in Nyagatare
Construction of animal feed factory
Nyagatare District has over 220,000 cows and a daily demand of 650,000 litres oh milk. The increase of livestock farming influences the need for quality feeds. Raw materials for feed factories can be accessible as the production of maize in 2024 reached 132,000 tonnes. Rice production was 10,000 tonnes.
Operationalisation of modern slaughterhouse
A newly completed modern slaughterhouse with the capacity for 200 cows and 200 goats is a potential investment. opportunity.
"Every year we sell 32,640 cows which generate Rwf19.5billion, adding value to the livestock value chain that will also boost our economy," Nyagatare District Mayor Stephen Gasana said. "Besides its operational management, the slaughterhouse will also provide opportunities of investments in leather processing.”
Commercial infrastructure
Besides being the second most populous district in Rwanda, and one of six secondary cities, Nyagatare also has seven sectors bordering Uganda. These factors present a demand for commercial infrastructure and provide investment opportunities in Nyagatare.
The district has more than 650,000 residents and is the biggest district in Rwanda.
Construction of post-harvest facilities
Improved farming practices in Nyagatare district have led to 203,000 tonnes of production of various crops. However, due to inefficiency in post-harvest management, 40 percent of the produce is wasted.
Investors were called upon to invest in post-harvest facilities as the agribusiness sector keeps growing.
Hadji Abdu Karemera, a businessman and a resident of Karangazi sector, said the investment forum was an eye-opening occasion and he would explore new opportunities, such as the need to invest in the post-harvest facilities.
"I have been investing in the furniture business, but today I learned about how our produce is wasted due to poor handling practices. We will sit down as investors and have a plan of how to make use of this opportunity, which will also benefiting the community.”