More Kenyan firms eye Rwandan market

A delegation of 75 Kenyan businesses is in the country to assess the business environment with a view to scaling up investments. Heads of companies from construction, agribusiness, manufacturing, real estates, education services, energy sector and export industry, among others, are currently exploring viability of their business in the country. Samuel Kirubi, the managing director of Equity Bank and head of the delegation, said the investors have not only been attracted by the conducive business environment in the country, but also the need to take full advantage of the recently signed Tripartite agreement between Uganda, Kenya and Rwanda. “Rwanda has become a popular destination for investment on the continent. This is a great opportunity for Kenyans,” Kirubi said. John Mwangemi, the Kenyan ambassador to Rwanda, said his compatriots were making the right choice by choosing to invest in Rwanda. “The choice you are making is timely. There is no doubt that two countries have a lot to offer each other, especially in bilateral trade,” he said. Mwangemi added that Kenya must learn from Rwanda’s experience, especially in business reforms and investor-protection. Market stability Rwanda was last month ranked 32nd business-friendly country out of 189 countries in the World Bank Doing Business report 2014. It was ranked second in Africa. “There is no doubt that Rwanda has done remarkably well in these areas,” the envoy said while meeting the delegation in Kigali yesterday. He also called upon the business community from both countries to take full advantage of the regional integration, especially the recently signed Tripartite framework on a single customs territory. “Kenya has and will continue to facilitate cross-border trade by making it easy for Rwandan business community to do business in Kenya. It now takes only seven days to transport goods from the Port of Mombasa to Kigali compared to 23 days as was previously. We intend to reduce this duration further,” he added. Herbert Ruzibiza, the head of financial services at Rwanda Development Board, said having more foreign investments in the country will drive the Second Economic Development and Poverty Reduction Strategy (EDPRS2) objectives home and lead to economic sustainability. “When you look at our EDPRS2 plan, you clearly see a lot of investment opportunities; this is where you should take full advantage. The government is ready to facilitate investors,” Ruzibiza said. Makran Ashfaq, the sales director at Dream Power Company, said they will commence investments in Rwanda once the feasibility study they are conducting has been completed. Mary Wangari Mwangi, the director of Demachi, a Kenyan printing and stationery industry, also confirmed to this paper that her company will be commencing investments soon. Other investors who have already expressed interests include Samsy International Agency, an international freight forwarding and total logistics firm. There are Several Kenyan firms in the country, including Equity Bank, KCB, Fina Bank, I&M Bank, Bata, Unilever, Nakumatt Holdings and Deacons Kenya. Others include HassConsult, Noah Management, Knight Frank and CB Richard Ellis, and Mount Kenya University.

National

More Kenyan firms eye Rwandan market