President Paul Kagame has made a case for Rwanda as a viable investment destination that is very ready to welcome investors from Europe and specifically Germany.
“The partnership Rwanda has with Volkswagen, with Siemens now coming in and SAP, demonstrates the competitiveness of our economies and the reforms that have been happening in the ease of doing business,” Kagame said.
“Rwanda is a small country but with big ambitions. So you are most welcome,” Kagame invited the potential investors.
Kagame told delegates at the summit that Africa is ripe for business and investment; “we want to be seeing more from Germany, Europe and G20 in this partnerships”
The Head of state is currently in Germany for the G20 Compact with Africa (CwA) Investment Summit bringing together German businesses and CwA countries to discuss ways to strengthen economic ties.
Meanwhile, on the sidelines of this summit, President Kagame met with Kristalina Georgieva, Managing Director of IMF. She was selected to serve as IMF Managing Director and Chair of the Executive Board for a five-year term starting on October 1, 2019.
Peter Altmaier Germans Federal Minister for Economic Affairs and Energy told the delegates, “We have to focus on Africa”: The Minister wants companies to use current spirit of optimism especially for promising markets in (CwA) compact with Africa states.
During this summit, some ambitious deals were signed including; hydropower projects in Benin and with Senegal, signed for solar development project by Clean Power Generation in Guinea.
For too long, Africa had struggled to get the G20’s attention as the continent struggles with large infrastructure gap, slow regional integration, and high levels of unemployment all stem from underdevelopment.
Established in 2017 under the German G20 Presidency, the CwA primary objective is to increase attractiveness of private investment through substantial improvements of the macro, business and financing frameworks.
Member states of CwA include; Benin, Burkina Faso, Côte d’Ivoire, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia.