The Rwandan trade with Turkey has taken a new turn as it has upsurged to over $10 million on an annual basis.
The Rwanda Private Sector Federation, Robert Bafakulera revealed this during the Rwanda-Turkey Economic and Business Forum which kicked off in Istanbul where a number of Rwanda business operators are attending.
The forum which runs up to November 24, was organized in partnership with the Foreign Relations Board of Turkey’s Private Sector known as “DEIK”.
On the sideline of the forum, the Chairperson of Turkey-Rwanda Business Council, Selim Bora -who is also chairperson of Summa Construction, one of the biggest international companies with projects in Rwanda-had a discussion with Bafakulera.
He said that trade and investment reflect the growth and maturity of the two economies.
“The two countries have already signed more than 15 cooperative agreements in different fields,” he noted.
On imports more than ever, he noted that Rwanda’s import volume has increased tremendously up to $79 million in 2021.
Today, he said, the trend has reached $173 million in the first quarter of 2022.
$400 million investments in 10 years.
Turkish companies have invested more than $400 million in areas of education, trade, and investment in Rwanda over the past decade constituting roughly 15 per cent plus of the country’s direct foreign investment according to the Rwanda Private Sector Federation (PSF).
Bafakulera told Turkish business operators that this is the most favourable time for doing business in Rwanda.
“We are here to look for trade and investment opportunities and we are ready to provide any support you might need to invest in Rwanda. Turkish company Hakan invested in the peat power plant in Rwanda for electricity generation,” he said.
Known as “Hackan Peat Power Plant”, it is located in the Gisagara district and is expected to start supplying 70MW.
He also mentioned that Turkish company SUMMA led by SALIM has also been involved in Mega construction projects such as the Kigali Convention Centre, the Kigali Arena and the ongoing Kigali International Stadium project.
Rwanda-Turkey Business Council was established in 2016.
