A conference on private sector development in Africa concluded, yesterday, in Kigali, with participants coming up with what they called ‘Resolution for Action’. While opening the conference on Wednesday, President Paul Kagame underlined the critical role of the private sector in the national socio-economic transformation, reaffirming the government’s commitment to continue supporting the private sector as the engine for the country’s development. Businesses have played a major role in Rwanda’s transformation process and economic growth. However, to ensure a conducive environment, various business friendly laws had to be enacted as part of the reform process. As many as 14 commercial laws designed to create a business climate that makes investing in Rwanda easier and more cost-effective were either introduced or reformed.The reforms have led to a remarkable increase in the number of new businesses, especially the Small and Medium Enterprises (SMEs).Despite the increase, their success rate is not as good as it could be. Some die out while others fail to realise their full potential due to various challenges including the lack of access to good business management practices.To reverse this trend, it is important that small businesses get the necessary skills, information and new collaborative technologies to help them survive, grow and prosper.Successful small enterprises will propel the economy further ahead.
