Rwanda, Turkish investors explore greater investment opportunities

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Rwandan officials Tuesday called on Turkish investors to consider Rwanda for more investment.

Public private partnership model is welcome and Rwanda is ready for partnerships, Francis Gatare, the chief executive of Rwanda Mines, Petroleum and Gas Board said, during a webinar Turkey-Rwanda Interconnected Business Forum.

He highlighted existing investment opportunities in the country’s mining sector to Turkish investors.

Total volume of trade in 2019 between Rwanda and Turkey was worth $32.5 million, according to figures by Rwanda Private Sector Federation.

Turkish companies have invested about $400 million in Rwanda in the past decade, constituting roughly 13% of the country’s direct foreign investment, said Stephen Ruzibiza, the chief executive of the Private Sector Federation.

Rwanda’s exports to Turkey have increased to over $8.5 million on an annual basis, but the country’s imports more than double this figure, he said.

Selim Bora, the chairman of Turkish Summa International Construction Group encouraged his compatriots to tap into Rwanda’s opportunities.

We have been involved in some mega projects like construction of Kigali Arena and convention center and we plan to invest more in real estates, he said.

Ruzibiza underlined that the relations between Rwanda and Turkey has achieved progress in key areas of cooperation such as trade and commerce, science and technology as well as education.

I would emphasize to Turkish friends of Rwanda that this is a most favorable time for any commercial enterprise considering Rwanda for investment or business, he said.

The two countries have already signed 20 cooperative agreements in different fields including education, trade and investment.

The Turkish Ambassador to Rwanda Burcu Cevik noted the good relationship between the two countries, under which Turkey provides scholarships to Rwandan students to different Turkish universities.

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