M a r k e t N e w s

East Africa woos Indian investment

Posted on : Tuesday, 11th November 2014

 NEW DELHI, India - President Paul Kagame has taken his search for investors to India, promising red-carpet reception for Indian investors to take advantage of the unrivalled business opportunities that Rwanda offers. 

Kagame, who was in New Delhi, outlined specific investment areas to the Confederation of Indian Industry last week ahead of the World Economic Forum and India-Africa Summit.  
“It’s not where I am sure all of us would wish to be. Our economies are ready and we need more of India both in Rwanda and East Africa generally,” he said. 
According to a press release, Kagame said Indians have already invested in Rwanda and that Rwanda is happy to invite more investors into service delivery, manufacturing, infrastructure, and agribusiness.
Rwanda is pushing for massive irrigation projects to boost agricultural production, where an investment of $200 million is needed for 35,800 hectares of farmland. Government wants financing for food commodities markets, seed industry, and food processing.
In the health sector, Rwanda is seeking investors to construct health centers and specialized clinics, such as surgery facilities. Sugar, tea, and rice processing plants are also other areas showcased. On the menu as well is a new $700 million airport, a billion-dollar rail line, oil pipeline and a cross border energy transmission line.  
India is a significant investment source for Rwanda. 
There are about 60 fully owned investment projects and 12 joint ventures with Rwandans, totally worth $275 million. Bharti Airtel, a global telecommunications services provider and India’s biggest telecom is parent company of Airtel Rwanda, which has invested over $100 million since 2012.
Engineering group Punj Lloyd has been in the country since 2011 - investing over $370 million to produce 100MW from peat. India’s McLeod Russel, the world’s largest tea producer is by far the biggest investor in Rwanda’s tea sector. Last month, it bought more factories and plantations. 
Kagame assured Indian investors that the Northern Corridor Integration Projects, involving Kenya, Rwanda, Uganda, South Sudan, and Ethiopia connect people and markets to the world, like never before. “Connecting our region to India would be beneficial for both sides,” Kagame said. 
 

Source : www.busiweek.com
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