{{Kigali, 30 November 2014}} –{Rwanda is hosting the annual Services Investment Forum (SIF) starting today December 1st and 2nd 2014. }
The event comes at a time when the country is ramping up its focus on inviting interested investors to set up businesses in the services sector.
Themed ‘Growing Beyond borders’ the forum recognizes that the services sector cuts across several industries with huge business opportunities including tourism, information and communications technology, creative, healthcare, transport, logistics and education industries, across nations.
The Rwanda Development Board’s Chief Operating Officer Clare Akamanzi said that this year’s forum was being held following the success of the first one held last year that established key priority industries for Rwanda’s quest to attract more investors. “Currently, the services sector is the biggest contributor to the country’s GDP; contributing 46 per cent and is targeted to play an even bigger role in propelling Rwanda in its journey to become a middle-income economy by 2020.
Akamanzi added that “Rwanda has initiated the most comprehensive liberalization process in the East African region and will pursue further liberalization of more services sub-sectors in a bid to attract high quality investors. The expansion of professional services will be accompanied by a stronger focus on training and skills development of the local workforce to meet growing demand.”
She encouraged investors to take advantage of the incentives in place. For instance, investors who invest in Kigali are entitled to an investment allowance of 40 per cent of the invested amount in new or used assets while those who invest outside Kigali are entitled to a 50 per cent allowance. Companies that engage in micro finance activities, approved by competent authorities are exempt from corporate income tax for a period of five years commencing from the time of their approval. Another incentive is the tax discounts accorded to all registered investors depending on the number of jobs created. The more jobs created, the higher the discount. A new investment code that will be enacted early 2015 will give attractive incentives aimed at diversifying the economy.
Rwanda intends to increase cooperation with regional partners to strengthen regulatory institutions and policy making in the area of services, particularly those that have been prioritized for liberalization in East African Community (EAC).
“We are encouraging Public-Private sector Partnerships and laying emphasis on developing a culture of quality and excellence, which will enable Rwandan service firms to be competitive.” said Akamanzi.
The two- day forum is a platform through which participants can interact and learn from other services-based economies and engage potential investors.
{{Follow live the Services Investment Forum 2014 on http://igihe.tv}}
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