Rwanda aims to boost tourism revenues to $800mn by 2025

Rwanda has been making significant strides in attracting investments and boosting its tourism sector, with the goal of increasing tourism revenues to US$800 million by 2025. The country attracted about $1.6 billion worth of investments in 2022, marking a 26 per cent increase compared to 2020 levels. The Rwanda Development Board has been investing heavily in sports infrastructure and the MICE (Meetings, Incentives, Conferences, and Exhibitions) sector to drive economic growth. Claire Akamanzi, CEO of the Rwanda Development Board, highlighted the importance of bringing opportunities for skills development and showcasing talents in Rwanda. The country has focused on sports tourism by investing in key infrastructure such as the Kigali Arena, Kigali golf course, and Amahoro Stadium for football. These investments not only boost the economy through events like the Basketball Africa League (BAL) but also provide opportunities for Rwandans to enhance their skills by supplying services and products to global events held in the country. In addition to skills training, Rwanda is also bringing international events to the country, creating practical opportunities for locals to apply their skills and further improve them. By fostering partnerships with global entities, Rwanda aims to position itself as a hub for creativity and talent, attracting investments and driving economic growth. The CEO emphasized that the country's focus on developing skills and providing opportunities has led to a significant shift in sectors like banking, where Rwandans have taken up leadership roles due to enhanced skills development. Rwanda's investment in sports infrastructure has started to yield positive results, with sports tourism contributing about 15% to the MICE segment, which is one of the fastest-growing segments of tourism. The recent hosting of the Fédération Internationale de Football Association (FIFA) in Rwanda injected nearly $10 million into the economy, highlighting the economic benefits of sports events. Akamanzi noted that sports tourism has the potential to drive further growth in the tourism sector, aiming to boost revenues to $800 million by 2025. Despite the challenges posed by the global pandemic, Rwanda managed to achieve a 90% recovery rate in tourism in 2022, outperforming the global average of 65%. The country attracted $445 million in tourism receipts, with the goal of reaching $600 million in 2023. The CEO emphasized that growth is expected to come from both MICE, particularly sports events and conferences, as well as leisure tourism focusing on attractions like gorilla trekking and the country's natural beauty. Rwanda has extended its partnership with Paris Saint-Germain (PSG) until 2025, utilizing the collaboration not only to promote tourism but also to showcase Rwandan talent and products on a global platform. The partnership aims to tap into PSG's global fan base to attract more visitors to Rwanda and promote locally made products such as fashion, coffee, and tea. The interview also delved into Rwanda's 2022 report, which highlighted the country's efforts to attract investments in key sectors, with notable contributions from Rwandans, China, India, the USA, and the UK. Rwanda saw $1.6 billion in investments, with transformative projects like the Bujesera Industrial Park and initiatives focusing on clean energy solutions such as Cocoa Technologies. The CEO indicated that Rwanda is on track to achieve a full recovery from the pandemic, with plans to attract $3 billion in investments in 2023 through supportive policies and aggressive marketing strategies. By creating an enabling environment for investment and tourism growth, Rwanda is positioning itself as a competitive destination for both business and leisure travelers, driving economic development and showcasing the country's potential on the global stage.