Rwanda is targeting to attract and streamline investment from Singapore through the Singapore Business Federation (SBF) Africa Business Group, officials said on Wednesday.
Economic experts describe Rwanda as the only country in sub-Saharan Africa that has come close to emulating Singapore’s rags-to-riches development story, albeit not in the same spectacular style.
In the 1990s, Singapore under the leadership of Lee Kuan Yew had become a global financial, trading and industrial center.
Its free market and economic growth over the years inspired Rwanda’s contemporary development drive.
Speaking of investment opportunities during a videoconference session held between the two parties, the Chief Executive Officer (CEO) of Rwanda Development Board (RDB) Akamanzi cited Visit Rwanda, Made-In-Rwanda, and Start-In-Rwanda as three major areas foreign investors can tap into.
Rwanda and Singapore have several bilateral cooperation pacts between them including in aviation, investment, and public service management.
According to recent figures, Rwanda’s exports to Singapore are valued at $31 million while Singaporean exports to Rwanda amount to $5 million.
Total investments by Singapore in Rwanda was valued at $145 million in 2018.
According to a senior Rwandan government official both countries draw a lot of economic inspirations from each other.
CU/as/APA