Population (2017): 11.9 million
GDP (2017): US$9.1 billion (S$12.3 billion)
World Bank “Ease of Doing Business” Rank (2018): 41
Bilateral Trade with Singapore (2017): S$607,000
Rwanda is a fast-growing economy with falling poverty and reduced inequality. The country’s economic growth in 2017 was 6.2%, which followed an average annual GDP growth of 8% between 2001 and 20151.
Rwanda’s long-term development goals are defined in “Vision 2020,” a strategy that seeks to transform the country from a low-income, agriculture-based economy to a knowledge-based, service-oriented economy with middle-income country status by 2020.
To achieve this, the Government of Rwanda has developed the second Economic Development and Poverty Reduction Strategy (EDPRS 2), which aims to accelerate growth and reduce poverty through: economic transformation, rural development, productivity and youth employment, and accountable governance.
Your company can ride on Rwanda’s growth plans to explore opportunities in industries like agriculture, healthcare, manufacturing, and tourism.
1: The World Bank, 2001-2017
Rwanda is ranked the most business-friendly country in East Africa and the second most business-friendly nation in Sub-Saharan Africa2. This is due to the country’s ease of business registration as well as low crime and corruption rates.
Rwanda has implemented the highest number of business reforms among African nations over the past 15 years, with a total of 52 reforms. For example, Rwanda has an efficient land registry where it takes seven days to transfer property and costs only 0.1% of the property value, the same as in New Zealand. In the area of enforcing contracts, Rwanda has reduced the time to settle a commercial dispute from 395 days to 230 days.
The Rwandan government aims to implement more business-friendly market reforms. These include simplifying bureaucracy, reducing corruption and increasing government spending on public works projects.
Base your business in Rwanda to access the regional economic blocs that it is a member of. These include the African Union Commonwealth, the East African Community, and the Common Market for Eastern and Southern Africa.
Another attraction is the country’s youthful population, with approximately 60% aged under 25. In 2008, the Rwandan government had switched the country’s education system from French to English, contributing to the long-term development of an internationally-ready workforce.
2: “Doing Business 2018: Reforming to Create Jobs”, The World Bank, 2017
Rwanda has made a successful transition to political stability since the 1994 genocide.
The current government, under Paul Kagame of the Rwanda Patriotic Front, had carried out important administrative reforms. Different institutions have been created to aid the process of national reconciliation, reduce poverty, and help to further the country’s continued stability and socio-economic growth.
You will find Rwanda an ideal place to do business. Capitalise on the country’s ambitious plans for economic growth, which include transforming the country into a technology and service hub.
CrimsonLogic, a Singapore firm providing online government products and services, opened an office in the Rwandan capital, Kigali in June 2018 to support its operations in the region and across Africa.
Find out how your business can capture opportunities in East Africa.
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