Six trade and investment agreements have been signed at the ongoing business forum attended by more than 200 senior executives from Rwanda and the United Arab Emirates (UAE).
The agreements aimed to strengthen partnerships and deepen joint economic relations between the UAE and Rwanda, officials said.
They will provide more opportunities for investment cooperation in various sectors, raise the level of trade exchange, and find new paths of cooperation.
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The business forum kicked off on Tuesday, February 21, in the Gulf country and will run until February 25.
It contains the business-to-business engagements between Rwandan investors and their counterparts in UAE as well as a mini exhibition of made-in-Rwanda products and services.
On Thursday, February 23, Private Sector Federation (PSF) CEO Stephen Ruzibiza, and the Muhammad Hassan Al-Sabab, the acting Director General of Ras Al Khaimah Chamber of Commerce and Industry signed a memorandum of understanding in the Emirate of Ras Al Khaimah.
The signing was witnessed by Rwanda’s ambassador to UAE Emmanual Hategeka and the CEO of Rwanda Development Board (RDB) Clare Akamanzi.
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According to PSF, the agreement will allow both parties to exchange trade and investment-related information, promoting investment opportunities and the development of joint ventures in various sectors.
The agreement followed four more deals signed on Tuesday that will establish a joint business council, enhance cooperation among women entrepreneurs in both countries and collaborate with the UAE’s Sharjah Chamber of Commerce & Industry.
"Such a business forum is as timely as important to the UAE and Rwandan business communities as we focus on elevating our trade and investment partnerships to new horizons,” Hategeka said.
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Rwanda created an enabling investment environment that offers business-friendly regulation, an efficient supported process, commitment to foreign ownership and multiple incentives,” RDB CEO Akamanzi, said in Ras Al Khaimah.
"I invite the investors from Ras Al Khaimah to consider investing in key strategic sectors of our economy.”
The business forum takes place after trade between Rwanda and UAE reached $1 billion (more than Rwf1 trillion) in 2022.
According to official figures, investments by UAE companies in Rwanda reached $248 million (over Rwf273 billion) at the end of 2022, a tenfold increase in a decade.
There are more than 10 UAE companies registered in Rwanda.