Rwanda-Zimbabwe Trade Soars by 50%, Boosting Economic Ties at Business Forum

March 18, 2024
Rwanda Zimbabwe Trade Soars by 50 Boosting Economic Ties at Business Forum | Report Focus News
Rwanda-Zimbabwe Trade Soars by 50%, Boosting Economic Ties at Business Forum

In an optimistic stride towards enhancing bilateral trade relations, the Rwanda and Zimbabwe business communities have pledged to further strengthen their trade connections. This commitment follows a significant 50 percent surge in trade volume since the inception of their collaborative business engagement efforts.

The third edition of the Rwanda-Zimbabwe Business Forum, which commenced this Monday in Kigali, witnessed an impressive gathering of business leaders, investors, industry captains, and government officials. The two-day forum was designed as a pivotal platform for exchange and networking, aiming to expand upon existing cooperation agreements and explore new investment opportunities and supportive frameworks.

Francis Gatare, CEO of the Rwanda Development Board (RDB), lauded the achievements of the first two editions of the forum held in Kigali and Harare. These events laid the groundwork for numerous agreements and partnerships spanning various sectors such as ICT, agriculture and livestock, e-Government, education, energy, and infrastructure.

The engagements have already borne fruit, with more than 150 Zimbabwean teachers taking up roles in Rwanda’s teachers’ training colleges and the launch of 15 energy projects in both countries. Zimbabwean firms have made significant investments exceeding $38 million in Rwanda, while eight Rwandan companies have initiated operations in energy, IT, and agro-processing within Zimbabwe.

Highlighting the mutual benefits of continued collaboration, Gatare invited Zimbabwean businesses to explore further opportunities, particularly with the Kigali International Financial Centre (KIFC), to foster bilateral ties.

Allan Majuru, CEO of ZimTrade, emphasized the potential for even greater trade growth, noting that the existing 50 percent increase in trade volume is just the beginning. The forum aims not only to enhance bilateral trade but also to broaden regional trade opportunities.

Vincent Biruta, Rwanda’s Minister of Foreign Affairs and International Cooperation, underlined the significance of the collaboration in unlocking opportunities, accelerating investment flows, and creating a conducive business environment amidst a complex global landscape.

Both countries also underscored their commitment to exploring the economic potential offered by the African Continental Free Trade Area (AfCFTA) and the forthcoming signing of a Double Taxation Avoidance treaty, promising to harness even greater trade and investment flows in the future.

The Rwanda-Zimbabwe Business Forum stands as a testament to the enduring partnership and shared vision of prosperity that characterizes the relationship between these two dynamic African nations.