Trade between Rwanda and the United Arab Emirates (UAE) grew to over $1 billion (roughly over Rwf1 trillion) in 2022, a ten-fold increase in a decade, officials say.
The revelation was made by the Rwandan envoy to the Arab country, Amb Emmanuel Hategeka, on Wednesday, February 22, at the UAE-Rwanda Business Forum underway in the Arab country.
"Trade between our two countries crossed the $1 billion mark in 2022, a ten-fold increase from around $100 million back in 2012,” Hategeka said.
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He said investments by UAE companies in Rwanda reached $248 million (over Rwf273 billion) at the end of 2022.
There are more than 10 UAE companies registered in Rwanda.
"Where our trade will be in the next 10 years depends on how best we use opportunities like this Business Forum to build trust, forge business partnerships, initiate and even conclude deals for increased trade and investment flows,” Hategeka said.
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He called for a win-win, two-way investment model.
"We have a good baseline that challenges us to set ambitions even higher.”
Rwanda continues to recover from the impact of the Covid-19 pandemic, with a projected 7.8 per cent growth in 2023, according to the African Development Bank.
The forum involves trade and investment roadshows organised in the Emirates of Abu Dhabi, Sharjah, Ras Al Khaimah, and Dubai.
According to the Rwanda Development Board (RDB), business deals will be inked during the forum and the roadshows will be concluded with a Visit Rwanda Golf Tournament.
"Building on this existing partnership, it is important to continue creating platforms such as this forum to collectively share insights and opportunities that will enhance trade and investments between our two countries,” RDB chief executive Clare Akamanzi said.