Small and landlocked, Rwanda is hilly and fertile. It borders the far larger and richer Democratic Republic of Congo, and East African neighbors, Tanzania, Uganda, and Burundi.
With the support of the International Monetary Fund and the World Bank, Rwanda has made important economic and structural reforms and sustained its economic growth rates over the last decade.
Rwanda has guarded its political stability since the 1994 genocide against the Tutsi. Parliamentary elections in September 2018 saw women fill 61% of seats, the Rwandan Patriotic Front maintain an absolute majority and, for the first time, opposition parties, the Democratic Green Party of Rwanda and Social Party Imberakuri won two seats each. President Paul Kagame was re-elected to a seven-year term in August 2017, following an amendment to the constitution allowing a third term.
Business and Economics of Rwanda
Rwanda now aspires to Middle Income Country status by 2035 and High-Income Country status by 2050. This will be achieved through a series of seven-year National Strategies for Transformation (NST1), underpinned by sectoral strategies focused on achieving Sustainable Development Goals.
The NST1 came after two, five-year Economic Development and Poverty Reduction Strategies — EDPRS (2008-12) and EDPRS-2 (2013-18), under which Rwanda experienced robust economic and social performance. Growth averaged 7.2% over the decade to 2019, while per capita gross domestic product (GDP) grew at 5% annually. The lockdown and social distancing measures, critical to controlling the COVID-19 pandemic, sharply curtailed economic activities in 2020. GDP fell by 3.4% in 2020, the first recession since 1994.
Internal tourism is very important to its economy as in 2019 In 2019, the sector contributed approximately 13% to GDP, which is promisingly growing.
Economic development documents
Business opportunities in Rwanda
Looking for new opportunities, One of the main investment opportunities in Rwanda is in the tourism sector. Another growing sector in Rwanda is agriculture. The IT sector is another area with significant investment potential in Rwanda. In addition, Rwanda has a favorable tax environment, with a low tax rate of only 18%.
Major companies and businesses in Rwanda
- I&M Bank
- Bralirwa
- MTN
- Inyange industries
- Rwandair
