EU’s Koen Doens on what makes Rwanda attractive to investors

The European Union's investment in Rwanda has been a significant driving force behind the country's economic growth and success. With the EU's investment representing more than 32 per cent of Rwanda's total FDI stock and continuing to expand, Rwanda and the European Union have established themselves as key economic partners. In a recent interview with CNBC Africa, Koen Doens, EU Director General for International Partnerships, European Union, discussed the key priority areas for the EU in Rwanda and highlighted the immense potential for growth and collaboration between the two entities. Doens emphasized the importance of redesigning the engagement between the EU and its African partners, citing the evolving geopolitics and geoeconomics as well as the challenges posed by the digital and green transitions. He praised Rwanda for its clear vision, organization, and conducive investment climate, making it an ideal partner for European businesses. Doens highlighted the success of the first-ever business forum between European and Rwandese businesses, which resulted in valuable partnerships and opportunities. One of the key initiatives mentioned in the interview was the development of the first mRNA vaccine production facility on African soil. This project, a result of collaboration between a European company and Rwandese partners, is a significant milestone in Rwanda-Europe cooperation. The groundbreaking ceremony for the production facility has already taken place, with production expected to commence in 2024. In addition to the pharmaceutical sector, the EU is actively involved in other key sectors in Rwanda, such as agri-business, mining, and green finance. The EU's commitment to sustainable development is reflected in its support for various projects aimed at driving economic growth while ensuring environmental sustainability. Doens also highlighted the importance of addressing funding challenges in sectors like e-mobility, where support is needed to make clean energy solutions more affordable and accessible. By providing expertise, funding, and de-risking guarantees, the EU aims to facilitate the implementation of bankable projects in Rwanda. When asked about the EU's key priority areas in Rwanda, Doens underscored the significance of agriculture, renewable energy, transport, and mining. He emphasized the potential for growth and investment in sectors like horticulture, pharmaceuticals, and mining, where EU support can play a crucial role in realizing Rwanda's economic potential. Overall, the EU's investment in Rwanda reflects a strategic partnership focused on driving sustainable economic development, fostering innovation, and creating opportunities for mutual growth. With a strong emphasis on collaboration, innovation, and sustainability, the EU and Rwanda are paving the way for a prosperous future built on shared values and common goals.