Kenya has investments worth Sh43 billion in Rwanda, emerging the single largest source of foreign direct investment, Rwandan Ambassador to Kenya James Kimonyo has revealed.
Mr Kimonyo who earlier served as the Rwandan Ambassador to the US with responsibilities in Mexico and Argentina said the proximity of Kenya to his country has partly contributed to this and he has vouched for even stronger regional trade among East African Countries.
"When I was in the US as an ambassador I held many of these business fares but distance was always a major challenge," he said.
He said Rwanda has created an enabling environment to attract investors. "You can register your business online through the Rwanda Development Board and it will take just six hours for your business to be registered," he explained.
Scoffing off at countries calling on President Paul Kagame to step down, he said whilst they had the freedom of speech, Rwandans had the ultimate and last word on who to lead them. "Our country's CEO has run the corporate Rwanda well and there is a general feeling that he should continue. Leave it to the Rwandans," he urged.
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Rich Management Managing Director Aly Khan Satchu who moderated the plenary session showered President Kagame with praise saying that he had made brilliant moves leading Rwanda through an amazing journey of recovery. "Eight per cent of GDP growth is no mean feat for one of the most refreshing countries in the World, after the 1994 debacle," he said.
Speaking during the event attended by business investors, diplomats and economists, Equity Bank Rwanda Managing Director Samuel Kirubi shared his company's experience investing in Rwanda. He spoke of the efficiency within which government bureaucracy through the Rwanda Development Board where licensing is a one stop shop and with the shortest time compared to other countries in the region.
"When we made a decision to open regional business in Rwanda it was the same time that we made the decision to be in Tanzania. It took our business nine extra months to start was after the Rwandese enterprise," he said.
He informed the meeting that today Equity Bank can actually lend with securities such as land titles across the borders. "An investor with a security in Rwanda can secure a loan from a Kenyan bank based on securities established in Rwanda," he illustrated adding that policy in Rwanda has made business environment predictable in the country.
Ambassador cited Equity's novel branching idea that revolutionized rural banking in Rwanda and something he encouraged investors to emulate.
"One day on my tour of a remote side of my country I saw a building with Equity Bank brand and that was a pleasant surprise to see a bank in the rural Rwanda for the first time."
Addressing participants, the Kenya National Chamber of Commerce Charles Wako invited compatriots to put their money in Rwanda citing a growing middle class, demand for housing and opportunities in the Agricultural and security sectors.
The Rwandese Second Secretary in charge of business, Glory Mbabazi presented the prospects of investing in Rwanda stating that land is affordable in Rwanda with one Square meter going for Sh6,300.
"Land leases go up to 49 years for investors but special considerations can be made depending on the kind of investments including 99 years lease for an investor interested in putting land under forestry," she explained.
She disclosed that Rwanda has large deposits of minerals including Iron Ore, Gold and Limestone awaiting exploitation.
Today Tourism is Rwanda's highest forex earner with 1 million tourists visiting annually.
