Rwanda’s capital played host to the first-ever UK-Rwanda Business Forum recently, showcasing the East African nation’s development andpositioning as a potential investment destination in the region.
Rwanda’s narrative has changed and the country is now proving to be a major hub for business in Africa. This, and more, formed part of the discussions at the maiden UK-Rwanda Business Forum, which took place January 29 to 31 in the country’s capital city.
“Over 1,200 people from 60 nationalities attended the conference; 130 UK companies were down in Kigali scouting for opportunities in this small-sized country with a fast-growing economy. The UK is quite keen to tap [into] financial services, mining as well as agriculture,” the UK’s Trade Envoy to Rwanda, Lord Dolar Popat says to FORBES AFRICA.
“Out of this forum, we have now built a bridge with Kigali and London. Rwanda now exports 10 tons of agricultural produce and we have increased direct flights on the back of Rwanda upping [its] cargo capacity. All this will open up the country to more trade investment eventually balancing off the trade numbers.”
Out of a multitude of UK businesses present at the forum, one of the major announcements came from data-driven super platform, Bboxx.
“We reinforce our dedication to the continent with a strategic move of our headquarters from London to Kigali. We are an Africa-first company,” said the company’s co-founder and CEO, Mansoor Hamayun.
Bboxx is reportedly planning to train an additional 1,000 or so Rwandans over the next five years and invest $100 million in the country. The announcement coincides with its ambitious plans for the year, with the company’s impact set to expand tenfold. It aims to reach 36 million people by 2028, thanks to a $100 million initiative with Kuwaiti investment company, EnerTech, announced in December 2023.
Rwanda is forging forward and becoming an attractive and emerging powerhouse, with UK High Commissioner to Rwanda, Omar Daair noting, “As the first ever forum, we see an opportunity to increase our trade with Rwanda. The level of interest in Rwanda is potent.”
Currently, trade between Rwanda and the UK sits at around $56 million. The East African nation’s economy is heavily reliant on agriculture with the country being the second largest exporter of tea to the UK, after Pakistan.
“We see a real drive in tech and innovation in Africa. We want to see that increase here in Rwanda. Africa is increasingly important. The middle class is growing. No country can think about its future economy without thinking about Africa,” adds Daair.
With increased investment in infrastructure, and widespread stability in the region, Rwanda’s government is upbeat about unlocking new frontiers in the mining space.
The country and UK mining giant, Rio Tinto Minerals Development Limited have signed a Memorandum of Understanding (MOU) in relation to the exploration and mining of lithium in the Western Province of Rwanda.
“We are happy that this is taking place here in Kigali. Several Rwandan businesses are also interested in venturing forth into the UK,” notes Rwanda Development Board CEO, Francis Gatare.
“This was a moment to plant seeds and to water the seeds that are already growing. I am encouraged by the number of Rwandan businesses that have signed MoU’s with British companies.”