Integration News
East African companies invest over USD 100 million in Rwanda
R
wanda has attracted an estimated USD100million worth of investment from companies in the Partner States of the East African Community (EAC) which have expanded into the country seven years after it joined the bloc.
This was revealed by the Permanent Sectary in the Ministry of East African Community (MINEAC) Mr. Innocent Safari during a press briefing on the 5th EAC Week conducted from 17th-21st Nov Permanent Secretary in the Ministry of EAC Mr.Safari Innocent from regional firms to Rwanda Tariff Barriers (NTBs) that were in 2014. have created jobs for more than form of roadblocks, weighbridges and other formalities. This has He said more investments from 2,500 Rwandans. “When you look at what we have resulted into the reduction of days the EAC Partner States continue to flow into Rwanda, which is an achieved since we entered the taken to transport cargo containers indication that regional investors community; it’s quite positive. from the port of Mombasa in have confidence in the Rwandan We want to continue advocating Kenya to Kigali as well as from Dar economy; the most reformed for the removal of the existing es Salaam port in Tanzania. according to the World Bank’s non-tariff barriers to ease the free Cargo trucks that previously spent doing business rankings in the movement of goods and services,” twenty one days now take only five Safari said. days. region. Rwanda also extended the working Some of the biggest companies He added that easing the hours at different border posts to from the region, especially from movement of people through attract more business through Kenya and Uganda have invested the use of ID/student cards, increased free movement of goods in various sectors in Rwanda, and other authorized travel and services. notably the financial sector, documents among Rwanda, Kenya agriculture, tourism, transport and Uganda is also expected to The Gatuna border between and in manufacturing; and this has promote investments and cross Rwanda and Uganda operates boosted the country’s economic border trade within the northern 24-hours a day while the Rusumo corridor countries. border with Tanzania operates growth. 16 hours, and Nemba, the border In the financial sector, Kenyan banks such as Kenya Commercial The accession of Rwanda into with Burundi, operates 18 hours. Bank (KCB) and Equity Bank and the EAC has also contributed to Cyanika border that links northern insurance firms such as Britam its competitiveness in terms of Rwanda to Uganda works 16 hours and UAP Insurance firm have all proactive implementation of EAC and Kagitumba, another Rwandacommitments. In terms of Customs Uganda border operates 16 hours. opened offices in Rwanda. Mr. Safari noted that investments Union, Rwanda has removed Non-
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www.mineac.gov.rw
July-Dec 2014
