Over the past decade, Rwanda has been hailed as a rising star of Africa and is one of the fastest growing economies. Rwanda ranks 2nd in Africa in terms of competitiveness as per the Global competitiveness report of World Economic Forum 2017-18.
India is amongst the top trade, investment and development partner of Rwanda. On his official visit, Prime Minister Narendra Modi on 24 July 2018 said that Rwanda was the key to Africa, while addressing the India-Rwanda Business Forum jointly organised by FICCI and Rwanda Development Board in Kigali.
Paul Kagame, President of Rwanda in his address said that his administration is willing to address any bottleneck such as visa issues to further strengthen trade relations between the two countries.
Sharing the industry perspective Rashesh Shah, President, FICCI said that India considers Rwanda as serious strategic partner in Africa. “Rwanda is a rising star in the Africa growth story which resonates well with India. Trade between India and Rwanda have crossed USD 100 million. We expect that to cross USD 1 billion in the next few years,” he said.
He also added, “There are plenty of opportunities in both the countries. FICCI as the apex chamber and the Indian Industry would support wholeheartedly in harnessing the potential.”
Rashesh Shah, President FICCI and Chairman & CEO, Edelweiss Group led more than 100 member Indian business delegation to Rwanda including senior leaders from the sectors of Infrastructure and Construction, Renewable energy, ICT, Agriculture and irrigation, healthcare and pharmaceuticals, banking etc.
Apart from the Business Forum and B2B meetings, several MOUs were signed on this occasion between RDB and FICCI, RDB and Avaada Power Ltd and others. The delegation had representation from companies including Afcons, Airtel, Ajanta Pharma, Apollo Hospitals, Avaada Power, EXIM Bank, Godrej Consumer products, Hero Motor Corp, Jain irrigation, JMC Projects, KEC International, KPMG, Luxmi Tea, Mahindra & Mahindra, Shapoorji & Pallonji, TATA, Texmaco Rail & Engineering etc.