Total trade volume in 2019 between 2 nations was worth $32.5M
Rwandan officials urged Turkish investors Tuesday to consider greater investment in Rwanda during a virtual Interconnected Business Forum.
Francis Gatare, chief executive of Rwanda Mines, Petroleum and Gas Board, highlighted existing investment opportunities in the mining sector to Turkish investors and said a public-private partnership model is welcomed and Rwanda is ready for partnerships, he said.
Total trade between Rwanda and Turkey was worth $32.5 million in 2019, according to figures by the Rwanda Private Sector Federation.
Turkish companies have invested about $400 million in Rwanda in the past decade, constituting roughly 13% of direct foreign investment, said Stephen Ruzibiza, chief executive of the Private Sector Federation.
Ruzibiza underlined relations between Rwanda and Turkey achieved progress in key areas of cooperation such as trade and commerce, science and technology as well as education.
“I would emphasize to Turkish friends of Rwanda that this is a most favorable time for any commercial enterprise considering Rwanda for investment or business,” he said.
Rwanda’s exports to Turkey increased to more than $8.5 million on an annual basis, but imports are more than twice this figure, he said.
Chairman of Turkish Summa International Construction Group Selim Bora encouraged investors to tap opportunities.
“We have been involved in some mega projects like the construction of the Kigali Arena and Convention Center and we plan to invest more in real estate,” he said.
The two countries have signed 20 cooperative agreements in different fields including education, trade and investment.
Turkey’s Ambassador to Rwanda Burcu Cevik noted the good relationship between the two nations, under which Turkey provides scholarships to students to different Turkish universities.