Rwanda's exports to Turkey have increased to over $10 million on an annual basis.
Robert Bafakulera, The Rwanda Private Sector Federation (PSF0 chairperson, revealed this during the Rwanda-Turkey Economic and Business Forum which kicked off on November 21 in Istanbul where a number of Rwanda business operators are attending.
The forum which runs up to November 24, was organized in partnership with the Foreign Relations Board of Turkey's Private Sector known as "DEIK".
On the sideline of the forum, the Chairperson of Turkey-Rwanda Business Council, Selim Bora -who is also chairperson of Summa Construction, one of the biggest international companies with projects in Rwanda-had a discussion with Bafakulera.
Rwanda-Turkey Business Council was established in 2016.
He said that trade and investment reflect the growth and maturity of the two economies.
"The two countries have already signed more than 15 cooperative agreements in different fields," he noted.
On imports more than ever, he noted that Rwanda's import volume has increased tremendously up to $79 million in 2021.
Today, he said, the trend has reached $173 million in the first quarter of 2022.
$400 million investments in 10 years
Turkish companies have invested more than $400 million in areas of education, trade, and investment in Rwanda over the past decade constituting roughly 15 per cent plus of the country's direct foreign investment according to the Rwanda Private Sector Federation (PSF).
Bafakulera told Turkish business operators that this is the most favorable time for doing business in Rwanda.
"We are here to look for trade and investment opportunities and we are ready to provide any support you might need to invest in Rwanda. Turkish company Hakan invested in the peat power plant in Rwanda for electricity generation," he said.
Known as "Hackan Peat Power Plant", it is located in Gisagara district, and is expected to start supplying 70MW.
He also mentioned that Turkish company SUMMA led by SALIM has also been involved in Mega construction projects such as the Kigali Convention Centre, the Kigali Arena and the ongoing Kigali International Stadium project.
A TURKISH COMPANY, Doğuş Group, is looking into investing in Rwanda's hospitality sector by setting up at least three luxury resort hotels.
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This was announced in September 2022.
They plan to construct high-end luxury hotels and restaurants in Kigali and Karongi districts, especially around the Lake Kivu belt.
Doğuş Group is one of the largest private conglomerates in Turkey. It has a portfolio of 250 companies in seven industries, including high-end car dealerships, retail stores, restaurants, cafes, construction companies, radio stations, and media and tourism businesses.
Doğuş Construction is considered a world-class leader in the construction sector.
It has completed more than 208 mega-infrastructure projects since 1951 with a total value of $20,6 billion.
Turkish airways
According to Rwanda's PSF chairperson, another area of significance is connectivity.
"Turkish airways fly regularly between Istanbul and Kigali and this enhanced connectivity and expanded trade and commerce with Rwanda," Bafakulera noted.
"I would emphasize to our Turkish business operators that this is the most favorable time for any commercial enterprise considering Rwanda for investment or business. Rwanda is well placed and ranked the best in Africa in terms of easing doing Business as well as 2nd fast-growing economy in Africa," he added.
The bilateral ties between Rwanda and Turkey have over the past few years gained momentum, both in terms of bilateral trade between both countries and politically.
