Regional integration to foster prosperity – Kagame

President Paul Kagame has said that regional integration and close partnership between members of regional economic communities can fast-track development and prosperity for individual nations. Kagame was yesterday speaking at the Global Business Forum on Africa held in Dubai, United Arab Emirates. The session was moderated by John Defterios, the emerging Markets anchor at CNN UAE. The Head of State noted that regional integration in Africa would enable countries to get past divisions that have long prevented the continent from being as prosperous at it should. Citing the example of the East Africa Community integration, Kagame said the initiative has yielded positive impacts such as free movement of people, customs union and joint infrastructure projects. “If you look at the East African region, even more progress has been realised, for example, in the area of customs union, integration in the area of infrastructure that bring the countries of the East African Community together, whether it is telecommunication in the area of realising one area network, where there are no roaming charges,” Kagame said. Other impacts, he noted, include working together to implement reforms that cover aspects such as the economy and security that’s necessary. EAC integration has, among others, seen the liberalisation of free movement of people, goods and services, consequently increasing opportunities for the over 160 million citizens of the bloc. Four countries in the bloc (Kenya, Uganda, Rwanda and South Sudan) in 2014 rolled out the One Area Network, scrapping calls roaming rates which brought down the cost of communication. The region is also in the process of rolling out the Standard Gauge Railway, a 2000km project which will further ease movement of goods. Bilateral agreements On the sidelines of the Global Business Forum on Africa, Rwanda signed two bilateral agreements with UAE, which are expected to enhance investor relations. The pacts will facilitate promotion and reciprocation of protection of investments as well as double taxation avoidance. This, experts say, will serve to increase investor confidence in Rwanda’s business regulatory environment. Speaking to The New Times, from Dubai, Emmanuel Hategeka the Chief Operating Officer of the Rwanda Development Board, said that the forum presents an ideal platform to mobilise investments. “The forum presents an excellent platform to attract private investors to Rwanda. We are able to access a global network of investors brought together by the Dubai Chamber and showcase Rwanda’s investment opportunities and engage in forward-looking discussions,” he said. The United Arab Emirates, he said, is one of Rwanda’s main sources of investors. “UAE has been a major source of investors to Rwanda registering over $100 million in planned investments in logistics, hospitality and financial services,” Hategeka said. The two-day forum, which opened yesterday, is the fourth on Africa. Kagame was attending at the invitation of Sheikh Mohamed Al Maktoum, the vice-president of UAE and the ruler of Dubai. The forum was organised by the Dubai Chamber of Commerce and Industry. Convening over 1,000 top-level government and corporate decision-makers as well as industry experts the forum running under the theme “Next Generation Africa.” Participants examined the current economic outlook for the African continent, and explored prospects for its development, investment opportunities and the potential for forging partnerships between African businesses and their UAE counterparts. editorial@newtimes.co.rw

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Regional integration to foster prosperity – Kagame