Business

Xi, Nyusi visits important to Rwanda’s economy

The recent High profile visits from the China, Mozambique made Rwanda in trade connection as various bilateral agreements was being signed with those countries.

President Paul Kagame’s speech while receiving Xi Ping in Rwanda says, Africa and China are always in good ties.

Xi was in Kigali in the last week, followed by his Asian counter-part Narendra Modi after Nyusi departed few hours.

It was the first time for the Asian president of China and India. China is taken as the fastest economy in the world in 2018.

Jared Jeffrey, a political analyst, in Africa, as interviewed by the CNBC told that, Rwanda would be a quickest channel on the developmental activities that would impact Africa. While referring to the Africa’s single market treaty signing that was hosted in Rwanda. said the signing of the AFCFTA Treaty was very fundamental for impacting the economic development on the continent.

He added that the Chinese president Visit will impact greatly the Africa-China trade relations but specifically Rwanda which is currently not in good ties in trade with America after the Chagua export ban.

Jeffery says Rwanda is moving faster to relieve herself on reliance of the foreign aid as China and Rwanda show interest in the cooperation.

Xi’s visit to Rwanda was a sign of stronger bilateral relations and cooperation between China and Rwanda, and a manifestation of China’s opening up and building new relationships with African countries to promote development and shared prosperity.a

In an interview with journalists last week, Chinese ambassador to Rwanda H.E Rao Hongwei, said the Chinese president’s visit was about trade, investment, mutual cooperation and contributing to security in Africa.

During Xi’s visit, several cooperation agreements for mutual benefit and improving the lives of their people was signeda. Infrastructural developments especially roads, agriculture, industrialization, tourism and security are some of the areas of cooperation expected to be on the menu.

Rwanda has been called the second easiest country to do business in Africa and several Chinese investors have opened up businesses in several fields, including real estate, garments and mining. The visit by the Chinese president will give confidence to Chinese investors to consider Rwanda an investment destination.

China has confidence in Rwanda as a reliable partner, since the two countries have much in common. Rwanda is a small country that has against all odds made a miraculous turnaround in the last 24 years, from an almost failed state to one of the fastest growing economies on the continent. Rwanda has one of the highest population densities in Africa, and China is the world’s most populous country.

The large populations of these countries are considered a great asset, a resource to advance economic development. This is a world outlook that is different from the Western capitalistic view. Rwanda and China view their big populations as an opportunity rather than a burden.

China is expected to have eliminated poverty by 2020. Over 68.5 million people were lifted out of poverty in a period of five years, with an annual poverty alleviation rate of 13 million people, a figure not found anywhere else in the world. In Rwanda, over one million people have been lifted out of poverty in the last decade, and more homegrown social and economic policies have been put in place to reduce poverty levels further.

The Express News

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