Envoy cautions against ‘low value’ investors

Rwanda should beware of ‘low-value’ investors, especially those that come and set up small retail businesses, Dennis Karera, the honorary consul of Ghana in Rwanda, has said.Karera said the country should target investors with projects that can spark economic growth, create more jobs and reduce poverty among the population.“Investors should come here to make a difference but not to compete with local business people in small retail businesses that contribute minimally to the economy. We expect foreign investors to bring in specialised skills, capital and new inventions,” Karera noted.He was speaking during the East African investments summit in Kigali early this week. He also challenged investors in the country to ensure quality and affordable services and products.“Your projects should be able to avail the public efficient, affordable and quality services. Do not use Rwanda as a dumping place for cheap sub-standard commodities,” Karera cautioned.He challenged the local private sector to exploit the vast complimentary business opportunities that result from foreign investments. “If a foreign investor sets up a cement factory, local business people should put projects that make other building materials to support the real estate sector,” he said.Meanwhile, Amb. Valentine Rugwabiza, the Rwanda Development Board chief executive officer, has said that new investments should be targeted to the thematic areas earmarked in the second phase of the Economic Development and Poverty Reduction Strategy (EDPRS II), the country’s mid-term growth blueprint. She argued that this would create employment opportunities for the youth and boost the export sector, as well as reduce poverty among the masses. Rugwabiza, who was speaking during a meeting to discuss the World Bank Doing Business report for 2014 on Monday, said the government would initiate other reforms to make business environment predictable to attract more foreign investments.She challenged investors to ensure that whatever they do adds value to the economy and lives of Rwandans.

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Envoy cautions against ‘low value’ investors