Rwanda seeks Expertise from Singaporean Businessmen to Correct Trade Deficit Mistakes

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A group of businessmen from Singapore paid courtesy visit to Rwanda reportedly to extend trade expertise to the East African nation and also find investment potential areas.

Rwanda Private Sector Foundation (PSF) Chief Executive Steven Ruzibiza said the visit will help to strengthen investment partnerships between investors from both countries.

He added that Rwanda can learn from Singapore in areas of capacity building and trade and market promotion.

“The idea is to be able to learn from each other’s experience and promote trade and investments between the two countries,” he said

The country’s export earnings dropped to $268.57 million during the first half of 2016, from $275.12 million in the same period last year according to state owned New Times Newspaper 

Rwanda currently works with countries like China and Dubai in commercial businesses.

Geremie Kalisa, the Director General, Afri-foarm Enterprise, said the two economies should work together to promote fair trade.

“We must work together to  avoid duplication of business by encouraging those investors coming to add value on what we are already producing, but also invest in new areas to boost trade,” he noted.

“This will facilitate our local production in terms of quality and market accessibility,” he added.

Cody Lee, the Senior Director of Global Business Division in Singapore business federation said, it is critical for the two countries to work together and accelerate economic growth.

“Because Rwanda has always been promoted in Singapore as a free market where we can see new technologies, new companies in Africa, it is very imperative to strengthen our partnership and cooperation in areas of trade and investments,” he said.