In statements to the Emirates News Agency, on the sidelines of the UAE-Rwanda Business Forum held today in the capital, Abu Dhabi, Philip confirmed that trade exchange between the two countries has increased ten times out of $100 million in 2012.
Philip pointed to the growth of UAE investments in Rwanda, with it exceeding $248 million (911 million dirhams) by the end of 2022, noting that Rwanda is looking forward to attracting more Emirati investments in new economic sectors, including agriculture, utilities and customs warehouses.
He stated that the DP World Group launched in April 2021 a global electronic platform for wholesale trade, starting from Rwanda, thus becoming the first center for DP World to expand the horizons of e-commerce in Africa.
The head of investment in the Rwanda Development Board pointed out that there are many investment and development opportunities in his country, on top of which is the technology sector, in addition to the agricultural sector, which is the backbone of the Rwandan economy in light of the great demand for agricultural crops of global value.
Philip Lucky explained that among the main agricultural projects in Rwanda, through which we seek to attract foreign investors to support and develop these projects, includes the “Gabrio Agribusiness Hub Phase 2” project, which will contribute to creating more job opportunities, as 5,600 hectares have been developed out of 10,000 hectares. of irrigated lands, in addition to contributing to improving food security by increasing basic crops annually.
He referred to the “Gaco Meet” project, which is expected to have an investment value of about $63 million, and includes several projects, including the modernization of the agricultural industry and the development of products for local and global consumption.
Philip explained that the real estate sector in Rwanda is also able to attract foreign investments, whether for the purpose of tourism, housing or trade. The first of this year, with an investment value of about $300 million.
He explained that the Rwandan economy is among the ten fastest growing African countries, at an annual rate of 7.5% since 2007, in addition to the fact that Rwanda is the second fastest African country in issuing commercial licenses, which makes it a center for attracting investors and traders.
He referred to the vision of the Republic of Rwanda for development to become a middle-income country by 2035, by increasing the contribution of industry to the gross domestic product by about 24% compared to 19% in 2019, and also its vision for the year 2050 to become a high-income country with an increase of 9% in per capita income from Gross domestic product during the period between 2036 to 2050.
Philip expects the industrial sector to contribute to Rwanda’s GDP by 33% by 2055, up from 24% in 2035.
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