Rwanda’s economy may still be small and predominantly agricultural, but in recent years, with political stability, it has posted an impressive 9.9% GDP growth rate at the same time reducing inflation to 3.2% and currency depreciation to only 6.5% per annum. Foreign exchange controls have been liberalized and the banking system is sound and thriving.
With its Vision 2020 objective of combating poverty, Rwanda is embarking on a comprehensive program of privatization and liberalization with an aim of attaining rapid and sustainable economic growth. The goal is to transform the economy from its 90% dependence on subsistence agriculture into a modern, broadly based economic engine, welcoming to investors, creating employment and new opportunities.
The major exports of Rwanda are coffee, tea, tin cassiterite, wolframite and pyrethrum. Coffee makes up more than 50% of the total export value, while the mountain grown tea is considered to be some of the finest in the world.
Recently, substantial private investments have been made in tourism and in the development of new industries such as cut flowers for export and fish farming. The full range of Rwanda’s resources has yet to be realized. Commercial fishing in Lake Kivu is in its infancy; there are vast opportunities in the emerging tourism industry. The labour force is dedicated, energetic and eager for training. The government, through the Rwanda Investment and Export Promotion Agency (RIEPA) is ready to work hand-in-hand with investors to realize their goals and drive the economy forward to a better future. Opportunities abound for long-term, well-capitalized investors with ideas, imagination and business skills for an emerging economy.