President Paul Kagame has said Africa has become a profitable investment destination.
Kagame who was addressing participants at commonwealth business forum in Perth, Australia said that Africa had in previous decades not considered for these kinds of ventures due to several turmoil.
He told the forum that many African countries have economically developed tremendously and have attained political stability which would now give security to investments.
“My country Rwanda managed to grow by 8% economically in the past ten years.” Kagame said.
The economy of Rwanda has for the previous years, recovered from sharp downturn from 2.1% in 2000 and finance Minister John Rwangombwa has predicted to will continue its growth by 8.8% due to increased exports, expansion in the growth of services and construction sector.
“In many times Africa has been taken as unstable continent to invest in but most cases including exaggerations because there is nowhere you can’t find these kinds of problems. Africa has now stood up to confront all these economic development challenges and seeking way forward to the sustainable development,” Kagame added.
Giving an example of African countries that have been ranked in better positions in the world’s ease of doing business report, Kagame said Rwanda was ranked the 45th best country in ease of doing business among 183 countries across the world.
He continued to say that Rwanda was ranked 143rd nation in doing business report by 2009 and then shifted to 58th position last year 2010.
Kagame noted that this kind of development needed all African nations; there is a need for strong partnership between governments and private sectors.
“Partnership between governments and private sector is the way forwards for sustainable development. It has been vividly realized that governments alone or private sector alone cannot develop with support from each other,” Kagame said.
About 1000 global government & business leaders have participated in Perth, Australia meeting of guest speaker included President Paul Kagame while international business leaders invited included speakers expected to James Gatera, CEO & Managing Director, Bank of Kigali, Rwanda.
Many of the dignitaries including Nigerian President Jonathan Ebele Goodluck hailed Kagame’s leadership also welcoming Rwanda into commonwealth heads of governments meeting (CHOGM) since it was her first time to attend the high profiled meeting.
After this commonwealth business forum which is expected to end tomorrow, it will be followed by heads of government meeting on Friday.
Leave a Reply