Unpacking Rwanda's trade agenda under NST2 2024- 2029

Rwanda is setting the stage for a significant transformation in its economy through the National Strategy for Transformation 2 (NST2) set for the years 2024 to 2029. The country aims to double its exports from US$3.5 billion to US$7.3 billion and increase investments from US$2.2 billion to US$4.6 billion over the next five years. In an exclusive interview with CNBC Africa, Rwanda's Trade and Industry Minister Fomo delved into the key performance indicators of the previous National Strategy for Transformation 1 (NST1) and shed light on the strategies and initiatives outlined in the NST2 to achieve these ambitious goals. Minister Fomo highlighted the progress made in the industrial sector, with a notable growth of close to 20%, as well as advancements in agriculture, manufacturing, construction, and the services sector. The Minister underscored the importance of investing in productive sectors to drive export growth by focusing on strengthening the industrial sector, addressing skills gaps, and enhancing product standards to meet international market requirements. Additionally, Minister Fomo highlighted the need to tackle trade imbalances by increasing exports, reducing reliance on imports, and improving competitiveness in international markets. By prioritizing infrastructure development, increasing productivity, and investing in local industries, Rwanda aims to not only boost exports but also contribute to sustainable economic development and a balanced trade ecosystem.