Over 30,000 jobs created in 2011, indicates study

Over 30,700 jobs were created in foreign-owned investments in 2011 compared to 16,300 employment opportunities in 2010, thanks to the 4 per cent rise in foreign private capital inflows over the period.This represents an increase of 88 per cent. According to a joint census by the National Bank of Rwanda, the National Institute of Statistics, the Rwanda Development Board and the Private Sector Federation, Rwandans accounted for 98 per cent of the total employment and foreign workers two per cent. Foreign workers were mainly in managerial positions, taking a 54 per cent share of total foreign workers. In terms of sector distribution of employment, agriculture recorded the highest number of staff with 26 per cent; real estate was 20 per cent, mining 19 per cent, while 15.4 per cent were in finance and insurance.“There is a good source of investments from many countries like China, South Africa, Russia and Brazil, where MTN invests each year and Kenya whose banks like Kenya Commercial Bank (KCB) and Equity have made a mark in the finance sector,” said Clare Akamanzi, the acting Rwanda Development Board (RDB) CEO.She said encouraging key investments from different countries created vast employment opportunities for many just as the census suggested.National Bank of Rwanda chief economist Thomas Kigabo said this showed that Rwanda was a competitive investment destination, adding that the private sector was a major contributor to economic growth.“There is need to sustain the achievements registered, and also to continue to attract and retain private investments to bolster employment chances for Rwandans,” he said.Annual value of total compensation of employees was $95m (Rwf60.2b). In terms of compensation, salaries and wages contributed to the highest share of 82 per cent. Locals had relatively the bigger share of 85.4 per cent due to the high proportion in the total employment.In 2011, compensation of employees in finance and insurance activities accounted for 45.2 per cent followed by ICT at 21.2 per cent and manufacturing for 13.6 per cent.