Edmund Kagire
6 May 2009
Myarugenge — Rwanda Development Board (RDB) has organised a 2-day regional construction investment roundtable aimed at wooing potential investors who could invest up to the tune of US $600m in Rwanda's growing construction industry.
The revelation was made yesterday by RDB during a Press Conference to announce the roundtable from May 19 -20 at Serena Hotel.
It will be attended by local and international investors, government officials, and representatives from the construction industry, real estate companies, development consultants as well as infrastructure specialists from all over the world.
Addressing members of the press at the RDB offices yesterday, Rosemary Mugisha Mbabazi, the RDB Acting Director General for Investment Promotion explained that the roundtable to be opened by President Paul Kagame is aimed at luring potential investors who could invest in Rwanda's fast growing construction industry especially in the area of product manufacturing.
"Rwanda is currently the largest importer of construction materials in the region. This is because we have few manufacturers in the industry yet according to last year, the construction industry is growing by 16 percent," she explained
Mbabazi, who was flanked by the RDB CEO, Joe Ritchie and the Deputy Principle CEO George Mulamula, cited the example of Cement where CIMERWA, the country's sole cement manufacturer has an annual output worth US $100m but imported cement is also worth the same amount, which is a clear sign of shortages.
"To address this shortfall, we have identified key areas of possible investment worth US $600m and we will encourage investors to invest here because the returns are massive since the demand of materials such as tiles, glass, cement and others is very high" she explained.
The conference is a follow up of the First EAC Investment Conference held last year in Kigali but according to Mbabazi, it was agreed that the next conferences to be organised under EAC arrangement be restricted to different sectors until the 2nd EAC Investment Conference to be hosted by Kenya in 4 years time.
In the same light, RDB/ Business Operations and Services has organised an Outward Mission that will see a delegation of 60 people from EAC Member states go to Canada to showcase investment opportunities available within the EAC to Canadian Investors.
"During the investment conference last year, it was agreed that Rwanda proceeds to organise an outward mission and after a consensus Canada was chosen," said Mbabazi.
Thirteen participants will be coming from Rwanda and the Minister of Trade and Industry Monique Nsanzabaganwa will lead the delegation.
The 5-day mission funded by all member states and the Secretariat will visit Toronto and Montreal cities where they will meet with the Private Sectors there.
Canada was chosen out of other alternative countries including India and the UK because it's known to have a strong private sector and a big number of EAC diaspora members, 55,000 people.
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