Business round-up

Pemba, SDV Transami, Kobil among Rwanda’s best importers Kenya Ports Authority (KPA) honoured top performing businesses in international trade that use the Port of Mombasa as the point of entry and exit for their merchandise. The business community was awarded certificates in recognition of their support to the authority during a stakeholders meeting held on Wednesday at Kigali Serena. Top performers in importing businesses are Pemba Flour Millers sarl, Hashi Rwanda and Kobil Rwanda both dealing in supply of energy fuel. In the category of exporters, RWACOF, Rwanda’s top exporters of coffee, SDV Transami an international logistics company and Metal Processing Association dealing in export minerals emerged as top performers respectively. In his remarks, Shukri Baramadi, the Chairman KPA mentioned that KPA “highly values” Rwandan customers and stakeholders and mentioned that the continued cargo growth at the Port of Mombasa concludes that the economies of Rwanda and the entire region are performing well. “Given that Rwanda is a fast growing economy, the need for an efficient port and the whole logistic chain is paramount. In the spirit of the East African Community , there is even a more growing need to always keep close to compare notes on how we can improve our common business facility,” he said. “Such efforts have always yielded beneficial fruits and are very central in growing trade not only for Rwanda but the entire region.” Rwanda to participate in global travel expo Rwanda is set to exhibit at the World Travel Market 2009 (WTM), this year. The WTM is the premier global event for the international travel industry that is due to take place in London from 9th to the 12th November 2009. According to Patrick Manzi, the Marketing Manager of the Rwanda Development Board- Tourism and Conservation Department, the annual WTM event attracts nearly 50,000 exhibitors from over 190 countries and over 2,500 media. “It is important for our country to participate in the unique opportunity WTM provides as it gives us the ability to meet the global travel industry and work with them all under one roof,” Manzi said. “It is an important environment to promote Rwanda as a destination of choice for tourists, especially as they prepare to travel for the 2010 World Cup in South Africa,” Manzi explained. The WTM participation is one of several initiatives to lure the 780,000 visitors to Rwanda this year generating an estimated $195million (Rwf110.2 billion) in tourism revenue. The board is targeting to hit $278 million (Rwf157.1 billion) from tourism revenues by 2012. Internal auditors are threatened at work - govt official Internal auditors in government institutions are threatened and harassed by their bosses who want to override the system, an official said this week. Internal auditors monitor how public funds are managed and report all wrong entries to avoid embezzlements. Manasseh Twahirwa Government Chief Internal Auditor said that they have different cases where internal auditors are harassed and fired from their work with a recent case cited in Nyamasheke district in Western Province. “Some people in higher positions of government are greedy and overriding the system threatening those who want to hold them accountable,” Twahirwa said. Government has empowered internal auditors through numerous trainings exercises on different laws and regulations like internal audit regulations and tendering procedures to ensure that public finances are managed and accounted for properly. The chief government auditor said that internal auditors lack confidence but urged them to be professional if they are to change how public expenditure is managed. “The collaboration between auditors and top managers is still low but hope by June next year they will be confident enough to reverse the trend,” he said. Kanimba calls for innovative banking products The Central Bank Governor, François Kanimba, has challenged bankers to think out of the box and be innovative when it comes to offering products and services to clients. The governor said only innovations and introduction of new products will attract clients to access financial services. Kanimba said that although banks were rolling out new branches across the country, it was equally important for the banking sector to complement these expansion programmes with increased product innovation and diversification. The Governor made the call last week during the official launch of new offices for Banque Populaire du Rwanda’s (BPR. He added that the Central Bank as the regulator is determined to help banks introduce new product lines to stimulate savings and channel these savings into investment. “I wish to support the current initiatives by banks to develop saving products and even request commercial banks and non bank financial institutions to be innovate in this area by designing new products to play a critical role in saving mobilisation in Rwanda,” Kanimba said. Kigali Serena Hotel gets facelift Kigali Serena Hotel Kigali, which has been undergoing extension and refurbishment, has finished the first phase of the project. The extension and refurbishment which was projected be conducted in two phases commenced in September 2008. The first phase involved the construction of a new wing comprising 44 guest rooms- 28 standard and 16 executive rooms plus an ultra modern 2 storey fitness centre complete with a contemporary swimming pool. The main restaurant capacity was also increased with additional stand alone buffet area. The $15 million (Rwf8.5 billion) project is intended to meet Rwanda’s growing demand for hotel rooms. Statistics from the tourism office in the Rwanda Development Board (RDB) show that the country has 4,225 hotel rooms compared to 3,438 registered at the end of last year representing a record of 23 percent increase in the number of hotel rooms. Ends