President Kagame sees Intra African trade as a tool to unlock Africa’s economic fortunes

President Paul Kagame this Monday attended the UK-Africa Investment Summit where he began the day with a bilateral meeting with Prime Minister Boris Johnson

The summit is attended by Heads of State and Government from across Africa.

Earlier today, President Kagame joined on a panel on Trade and Investment alongside President Condé of Guinea, President Mutharika of Malawi and Rt Hon Truss, UK Secretary for International Trade.

Speaking on the Panel, the head of state based on the statistics which show that Intra African trade is going to go up, to argue that African countries can greatly benefit from regional trade with the launch of Continental Free Trade Area agreement (AfCFTA).

“Statistics show that Intra African trade is going to go up by up to 50%. This is a huge opportunity which Rwanda and other African countries have been prepared to benefit from as well as contribute to,” President Kagame said.

He added; “The CFTA has become a reality. That means political will on the part of the leaders who came together. This came supporting the efforts and quest for regional integration that we have always sought to achieve.”

Speaking about Rwanda’s preparedness to reap from the regional open market, President Kagame said that the Government of Rwanda has invested in capacity development and creating enabling environment for investment.

“On our side we have all along been investing in capacity to be able to trade and attract investment. World Bank ranks Rwanda among the top countries where there is ease of doing business, we are number 2 in Africa and 29th in the whole world,” the head of state added.

During the opening session of the summit, UK Prime Minister Boris Johnson noted that the meeting will create partnerships that would lead to more investment, jobs and growth in African countries.

Several companies operating in Rwanda are attending the Summit in London. They include Bank of Kigali, Urwibutso, Mara Phones, Rwanda Finance Ltd (KIFC), Ampersand, Cogebanque, Africa Improved Foods, and Water Access Rwanda.

UK is the second-largest foreign investor in Rwanda with $448 million invested in the last four years.