53 years of cooperation between China and Rwanda continued to develop the economy of both sides, where the Ministry of Trade and Industry, MINICOM shows that the investment of those in this second richest country in the world, in 'Thousand Hills' reached $1 billion.
It did not represent investment coming to Rwanda only because in the last five years what Rwanda sent to China has doubled 20 times in the past years.
It made the trade between Rwanda and China increase by 84% from $300 million to $500 million. In continuation of that relationship, this is the seventh time that Rwanda has participated in the International Trade Fair organized by China since 2018, an event that Rwanda has never missed.
It will be attended by more than 1000 people from more than 152 countries while more than 10 thousand will participate as buyers or exhibitors.
The China International Import Expo (CIIE) is a major initiative launched by the President of China, Xi Jinping, to expand trade between China and the rest of the world.
Among the participants of the CIIE, which was opened by the Prime Minister of China, Li Qiang, was the Minister of Commerce and Industry, Sebahinzi Prucence. Minister Prudence Sebahizi pointed out that since Rwanda started participating in CIIE, it has been seen that Rwanda's exports to China have doubled 20 times.
He said, "It is something that is obvious to Chinese investors because when we look at the numbers we have, we see that the Chinese have already invested in Rwanda about $1 billion in various projects."
These are the figures he shows that this exhibition is a good platform to promote Rwanda, talk to investors, introduce what is being done in Rwanda and show Rwandans how they can improve what we do and help them.
Currently, the trend is to increase what Rwanda is doing, especially since there is a large market in this country, but Rwandans are not satisfied even in ½.
Minister Sebahizi gave an example of the pepper market that China gave to Rwanda but Rwandans were unable to satisfy. This he says is justified because recently it was shown that Rwanda needs more than 470 million dollars to increase its export of pepper by 10 times, reaching more than 38.7 thousand tons per year in the next six years.
It is when it is destroyed or assembled and used immediately on the table. On the other hand, Minister Sebahinzi points out that Rwanda does not only export pepper, but that energy should be increased in other products such as tea, coffee, oil and others.
He said, “But we don't have enough products to satisfy the market here, which is worth 1.4 billion dollars. We have to increase our efforts to increase production.”
In what he pointed out, attention will be paid to the development of internet business which has taken another step in this country, the closest example being the Alibaba website which is already famous in the world, a website Rwandans can also produce if they put effort into what they do.
The increase in production will go hand in hand with the building of warehouses in China, which will allow consumers to find products nearby instead of waiting for months to get what they want.
In the next five years, Rwanda has decided to increase non-government investment, which will double from $2.2 billion to $4.6 billion in 2029. At the same time, exports will increase from $3.5 billion to $7.3 billion.
Although the Chinese continue to invest in Rwanda, Minister Sebahizi has indicated that there is a need for investment that increases the value of Rwanda's products, such as in agriculture, minerals, etc., which increase the production.
He said, "The investment we encourage is to add value to what we already have instead of taking it and making it here in China." In relation to the fact that many Rwandans go to China, the leader said that it is necessary for the Chinese to be encouraged to come and organize what Rwandans go to do in that Asian country, so that Rwanda does not lose foreign exchange going to China.
In Rwanda, China has done a great job because since 2003, 118 Chinese companies entered Rwanda and provided jobs to 29,902 people.
