The Rwanda Development Board (RDB) has released its highly anticipated annual report for the year 2023, showcasing a year of unprecedented growth and development across various sectors. Despite facing global challenges, Rwanda has demonstrated remarkable resilience and dedication, achieving significant milestones that underscore its commitment to economic prosperity and sustainability.
One of the standout achievements of 2023 was the remarkable increase in new investment registrations, totaling USD$2.4 billion, representing a staggering 50% increase compared to the previous year. These investments are poised to generate over 40,000 jobs, highlighting Rwanda’s growing attractiveness as an investment destination in the region.
In the tourism sector, Rwanda witnessed a surge in revenues, surpassing US$620 million, marking a substantial 36% increase compared to 2022. This growth is a testament to Rwanda’s appeal as a premier tourism destination, with the leisure segment alone contributing US$236 million to the total revenue.
The launch of the Rwanda Global Business Services (GBS) Initiative was another pivotal moment in 2023. Designed to position Rwanda as a leading GBS destination, the initiative aims to create 10,000 jobs by 2030, further bolstering the country’s economic growth and development.
A significant milestone in healthcare was achieved with the inauguration of Africa’s first BioNTech mRNA-based vaccine manufacturing plant.
This groundbreaking facility not only strengthens Rwanda’s healthcare infrastructure but also positions the country as a hub for innovation and excellence in the field of biotechnology.
Operationalizing the Gabiro Agribusiness Hub (GAH) was yet another highlight of 2023. GAH, now hosting seven companies specializing in high-value crop production, plays a pivotal role in boosting agricultural productivity and ensuring both export capabilities and food security within the nation.
Francis Gatare, CEO of RDB, expressed his pride in Rwanda’s achievements, saying, “In 2023, Rwanda demonstrated remarkable resilience and dedication amidst global challenges. As CEO of the Rwanda Development Board, I’m privileged to highlight our nation’s significant milestones.”
Gatare emphasized the prioritization of key sectors such as the green economy, infrastructure, ICT, health, and conservation, all of which contributed to inclusive growth and resilience.
Itzhak Fisher, Chairman of RDB, echoed Gatare’s sentiments, praising Rwanda’s progress in the face of adversity. “The year 2023 stands as a testament to Rwanda’s commitment to progress despite formidable challenges. Through strategic foresight and concerted efforts, the country has not only overcome hurdles but has also laid down the foundation for an outstanding future.”
Looking ahead, Rwanda remains steadfast in its commitment to innovation, sustainability, and inclusivity, promising even greater potential for economic prosperity and opportunity.
With gratitude to all stakeholders for their continued support and partnership, the RDB said it looks forward to unlocking Rwanda’s vast potential and realizing Vision 2050.
Full report here
