Ethiopian firm in Kigali spearheads mutual business ties
30 local investors to visit Kigali
Ethiopian consulting firm,based in Kigali, Rwanda, is working on creating a Pan-African business platform that linksboth Rwandan and Ethiopian businesses.
According to MeklitAbdella, general manager of Queen Nyabinghi, an investment promotion and consultancy company in Rwanda, has been working with public and private entities to initiate an Ethio-Rwanda investment and business links.
Accordingly, the first leg of the vAfrica Business Link (ABL), a pan African investment and business platform that has facilitated business to business meetings was held in Addis Ababa at the Embassy of Rwanda, in early October.
Meklit told The Reporter that in collaboration between “Excel Consul trade,” an Ethiopian based private business, Queen Nyabinghi and with various African public investment agencies,“Our aim is to connect African nations through investment promotion and opportunities. The first event has taken place between two neighboring and historically connected East African Countries: Ethiopia and Rwanda”, she said.
The idea of the business and investment promotion is that ABL seeks to create interstate links, where Ethiopian companies will engage in investment outlays in Rwanda, where business and market opportunities have been attracting many players from the west. Meklit said that investment opportunities are huge and Ethiopians should seize and capitalize on it. She also advises Rwandans to come and explore potentials of investment and trade.
The sectors deemed to have potential for investment, according to Meklit includes: manufacturing, real-estate and housing, energy, agriculture, tourism and hotel, ICT and mining. For instance, the aging cement industry in Ethiopia could explore the real-estate and housing activities in Rwanda, where a few factories operate in a growing demand for cement and other construction materials.
According to statistics, Rwanda remains one of the most attractive economies in Africa with an economic growth, averaging 7 percent per a year,over the last 18 years. Moreover, investments in Rwanda shot up from USD 398 million in 2010 to USD 2 billion in 2018, echoing business confidence.
An index of the World Bank Doing Business Report places Rwanda 29th globally and second in Africa.
Putting that into perspective, a group of 30 affluent and prominent Ethiopian investors are aboutto visit Rwanda to access investment opportunities. According to Meklit, the businesspersons will be visiting Rwanda’s economic and industrial zones, in addition to meeting with counterparts and government officials.