Private sector development is the way forward

President Kagame, on Friday, delivered the key note address at the Young Presidents’ organization (YPO) Global Leadership summit in Denver, Colorado. In his speech, the President pointed out that the private sector is the prime engine of the Rwandan economy. Rwanda’s private sector has been growing like never before. New businesses are registered every day and financial institutions have come up to support small and medium enterprises, financially, as well as providing the necessary expertise. A population of 11 million in Rwanda, and over 120 million in East Africa, offers the private sector a sizeable market that can ensure rapid growth of businesses. As the country strives to be self-reliant, the contribution of the private sector cannot be underestimated. Companies that are making profits should not sit back and relax.Instead of simply enriching the shareholders, they should plough the profits, either in expansion drives or by venturing into new areas of investment. High level discussions with the private sector have resulted in initiatives that have helped make the country the ideal investment destination. The World Bank has for the last two years, named Rwanda a top global reformer for her efforts in promoting a favorable business environment. With the determination of the government to promote businesses, the private sector should take advantage and grow their businesses. A performing private sector will not only benefit the economy, but also the businesses will see their profits soar. Ends

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Private sector development is the way forward