The Rwanda Development Board (RDB) has signed a Memorandum of Understanding (MoU) with China’s Huajian Group to increase the export potential of the East African nation’s finished products.
“Rwanda is next best place to do business in Africa, the political climate is steady, the governance is efficient and the population is relatively educated,” said the Chairman of the Huajian Group Zhang Huarong while revealing plans to set up a factory in Rwanda in the next 10 years.
His $1 billion investment in the manufacture of shoes, clothes, bags, cell phones, and computers will create more than 20, 000 jobs for Rwandan youth.
The company will initially import raw material which will then be manufactured and produced in Rwanda with plans to source over half of its raw materials locally in the long-term.
RDB’s Chief Executive Officer Clare Akamanzi expressed Rwanda’s confidence that Huarong’s commitment to invest in the country will diversify and improve the exports of its finished products.
The Chinese investor noted Rwanda’s potential in ICT and offered training and scholarships in China to over 200 Rwandan students starting this year to enhance technical skills transfer.
The MoU was signed by Akamanzi and Huarong on behalf of the Government of Rwanda and the Huajian Group respectively.
It was enabled by Rwanda’s flagship trade policy to diversify exports of local products and increase returns for the sustainable development of the country.
The vision of the Rwanda Development Board is to transform the country into a dynamic global hub for business, investment, and innovation to track economic development in Rwanda by enabling private sector growth.