UK Rwanda Forum : catalyst for opportunities and partnerships for African development
As U.S. Secretary of State Antony Blinken concluded his African tour and Italy unveiled its ambitions for the continent during the Italy-Africa Summit, Kigali hosted a British-Rwandan business forum, a prelude to the upcoming UK-Africa summit.
« The hard work and dedication of Rwandan leaders offer individuals and businesses in the room a real opportunity to capitalize on this exceptional economic climate. » This is how Lord Dolar Popat, the UK’s Trade Envoy to Rwanda, opened the UK-Rwanda Business Forum held from January 29 to 31, 2024, at the Kigali Convention Centre (KCC) and the Radisson Blu Hotel in Kigali. It’s worth noting that Rwanda had previously hosted the Commonwealth Heads of Government Meeting (CHOGM2022) from June 20 to 25, 2022.
Dedicated this time to UK-Rwandan relations, the forum aimed to showcase investment opportunities in Rwanda’s rapidly growing economy. British and Rwandan business leaders, investors, and high-ranking government officials gathered to discuss available business opportunities and the business climate in Rwanda under the theme « Succeeding in Rwanda: Unleashing Growth and Opportunities. »
We are confident that there are enormous opportunities to further strengthen trade links
The main objective was to highlight investment opportunities in Rwanda’s fast-growing economy, as emphasized by the British High Commissioner to Rwanda, Omar Daair, in an article published in local media before the meeting. « The UK and Rwanda have been strong partners for many years. We collaborate on numerous development initiatives in Rwanda to increase trade and investments between our two countries and achieve common goals on the global stage, » he recalled, supported by significant figures. Over the last five years, trade between the UK and Rwanda has more than doubled, rising from $25 million in 2017 to $51 million in 2022. During this period, 36 British projects with a total investment value of $662 million were registered in Rwanda, creating over 9,500 jobs. « We are confident that there are enormous opportunities to further strengthen trade links. »
More than 100 British investors responded to the invitation, with a British delegation led by Lord Popat and John Humphrey, Her Majesty’s Trade Commissioner for Africa. Aimed at catalyzing business and investment development between the two countries, the forum focused on six priority sectors: manufacturing, agriculture, financial and professional services, green economy, infrastructure, and essential minerals. The essential minerals sector was particularly highlighted, with experts advocating for investments in the mining industry and strengthened partnerships between Rwanda and the UK.
DelAgua, a company benefiting from a favorable business environment in Rwanda since its establishment in 2012, participated in the forum. Speaking on a panel about « Advancing Investment Opportunities in Rwanda’s Green Economy, » the group’s COO, Euan McDougall, stated, « One thing we took seriously at DelAgua over the past year is building a team of Rwandan staff to manage our carbon operations, ensuring that Rwandans have the necessary skills to participate in the growing green economy. We look forward to working many more years in Rwanda and leveraging the benefits provided by the carbon market framework. » Highlighting that Rwanda is one of only two African countries with a formalized green taxonomy supporting environmental and socio-economic projects, the first African country to implement its carbon market framework, and has set an ambitious goal to reduce greenhouse gas emissions by 38% by 2030.
DelAgua’s Tubeho Neza program has distributed 1.5 million high-quality improved stoves across Rwanda, creating jobs for over 200 Rwandans and 7,000 community health workers over the years. Announcements were made, including Bboxx, a data-focused company working to improve energy access in Africa, announcing the relocation of its headquarters from London to Kigali during the forum. This decision aligns with Bboxx’s commitment to Africa, planning to invest over $100 million in Rwanda and train more than 1,000 Rwandans over the next five years.
Rwanda, « a hub for smart and sustainable investments »
This allowed Francis Gatare, the new CEO of the Rwanda Development Board, to declare, « The transformation of Rwanda into a hub for technology and innovation is not a coincidence; it is the result of deliberate policies, a conducive business environment, and our commitment to providing a competitive jurisdiction. Bboxx’s decision to relocate its headquarters to Kigali is a welcome decision and aligns with our efforts to make Rwanda a hub for smart and sustainable investments. Our unique ecosystem offers fertile ground for companies like Bboxx to innovate and grow, signaling to the world that Rwanda is open for business and ready for the future. »
Waiting for the next UK-Africa Investment Summit (UK-AIS)…
And Omar Daair concluded, « The UK’s partnership with Rwanda is based on shared values and mutual commitment to sustainable development. Bboxx’s move to Kigali reflects this strong relationship and illustrates the UK’s continued support for African innovation. » So, the forum achieved its goal without dwelling on the controversy surrounding the migrant agreement between the UK and Rwanda. The next UK-Africa Investment Summit (UK-AIS), initially scheduled for April 2024, now postponed to a later date, promises to be auspicious. The 2024 Summit is expected to build on the commitments made during the previous 2020 Summit, laying the groundwork for new partnerships between the UK and African countries.
The UK’s exit from the European Union led to the renegotiation of its trade agreements, including with African countries, aiming to strengthen economic ties with the continent. Key sectors of interest include energy, natural resources, agriculture, and other industries. British exports to Africa increased, totaling £18.5 billion, representing 2.7% of total British exports. Imports from Africa to the UK totaled £16.7 billion, or 2.3% of the UK’s total imports. The UK’s Developing Countries Trading Scheme (DCTS), effective since June 2023, improved market access for 37 African countries.
Meanwhile, Britain is not the only one nurturing new African ambitions. In parallel, Italy hosted its Italy-Africa summit in Rome on January 29 and 30, presenting the « Mattei Plan » with over €5.5 billion for development. With the ambition to make Italy a bridge between Europe and Africa.
These events confirm the growing interest of global powers in Africa, highlighting its importance on the international stage.
