Dr. Saurabh Singhal, Chairman of the India Africa Business Forum, made a compelling case for increased Indian investment in Rwanda during a recent event at the Constitution Club of India in New Delhi.
Speaking on August 24, 2024, Dr. Singhal highlighted Rwanda’s strategic advantages, positioning the East African nation as a prime destination for foreign investors seeking stable and profitable opportunities.
“Rwanda’s strategic regional positioning, combined with a stable government and preferential tax rates, makes it a low-risk, high-reward investment destination,” Dr. Singhal told an audience of dignitaries from over 40 countries.
His remarks were made during a prestigious event organized by FTII, where he was honored with India’s Highest Business Award by Mr. Harsh Malhotra, Minister of State, Ministry of Corporate Affairs, Transport & Highways, and Mr. Sunil Singhi, Chairman of the National Traders Welfare Board, Ministry of Commerce & Industry.
Dr. Singhal emphasized that Rwanda’s growing private sector and enabling business environment provide fertile ground for investors, particularly from India. He encouraged Indian MSME investors to take advantage of the opportunities presented by Rwanda’s rapidly expanding economy.
“Rwanda is not just another investment destination; it is a thriving economy with a clear and stable path for growth,” he noted, underscoring the country’s projected 8% economic growth rate for 2024 as reported by the IMF World Economic Outlook.
As the world grapples with economic uncertainty, Dr. Singhal pointed out that Rwanda continues to offer resilience and strong growth, making it an attractive option for those looking to invest in Africa.
His speech highlighted the importance of seizing this moment, as trade between Rwanda and India has already been on a significant upward trajectory, with both countries’ exports growing at an annualized rate of at least 176% over the past five years.
Dr. Singhal’s advocacy for Rwandan investment comes at a critical time, as India strengthens its economic ties with Africa, including its efforts to include the African Union in the G20.
His ongoing visit to India will also see him engage with various chambers of commerce and export promotion councils, further promoting the investment potential of Rwanda and enhancing the trade relationship between the two nations.