7 February 2013

Rwanda: Multi-Million Indian Firm to Invest in Rwanda

Micro Tech Global Foundation (MTGF), an ICT firm based in Mumbai, India, has announced intentions to invest in various sectors in the country.

The multimillion dollar company aims at promoting development in the field of education, ICT, health, education, tourism, research and sports, among others, under a secured governance system.

The company's founder, Dr P. Sekhar, was in the country, last week, accompanied by 10 other investors to explore potential areas of investment and kick-start projects that they have already initiated in the country.

The representative of Rwanda Development Board (RDB) in India, Clarence Fernandes, told The New Times that Micro Tech Global Foundation is more interested in investing in Rwanda.

"The founder has met government officials, especially Rwanda Development Board and the Ministry of ICT, over the matter and what is remaining is for the government to approve the proposal," Fernandes said.

The projects

He said MTGF's projects have been successful in India where it has actively engaged in development through promotion of multi-sports and cultural activities, setting up forum for corporate governance, thinktank and publication of security books, among others.

"The organisation has also offered to train Rwandan youth in various sectors, especially in ICT. So far, we have met Rwanda Carnegie Mellon University officials to kick start the initiative," Fernandes said.

The company has a presence in Europe and America; Rwanda will be the first country in Africa where MTGF will open its branch. The firm has the necessary infrastructure, network and capacity to attract other investors once it sets its foundation, officials said.

Fernandes said MTGF invests in secured governance where it acts as a growth centre for individual sector with all other sectors playing a supporting role for development and nation building process.

"MTGF has shown great interest to invest in a number of sectors, but one sector of opportunity they have identified to venture into is the ICT sector," said Vivian Kayitesi, the head of Investment Promotion and Implementation Unit at RDB.

Kayitesi further said that the company plans to set up a training centre that will focus on ICT skills by enabling the youth access their services without heading to India for the same.

Significant engagements

"Its mission to invest in Rwanda befits our vision. Today RDB is working hard to have more investments focusing on innovation centres where start-ups combine innovation and entrepreneurship to produce knowledge in the country," she noted.

The Minister of Youth and ICT, Jean Philbert Nsengimana, said they will get in touch with RDB to critically assess the company's proposal.

"I met Dr Sekhar and learnt that his company's initiative is good since it covers a wide range of sectors hence secure governance system," Nsengimana said.

During his tour to Rwanda, the founder of MTGF launched a book titled, Security Requirements of Rwanda; A global perspective about safeguarding security in various sectors.

For the last couple of years, there have been significant business engagements between Rwanda and India, including business missions on either side.

Several Indian giant firms have started operations in Rwanda. They include telecom giants Airtel and Rajesh Exports, which acquired gold mining concessions, and plans to invest $550 million in mineral exploration, among others.

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