Enhancing a conducive business landscape in Rwanda

Rwanda has been making significant progress in creating a conducive business environment by streamlining business registration and licensing processes to eliminate bureaucratic hurdles. The country's commitment to reducing barriers and providing access to finance and investment incentives has empowered small and medium enterprises (SMEs) and attracted foreign investment. CNBC Africa's Flora Limukii recently interviewed Juliana Muganza, Deputy CEO of the Rwanda Development Board, during the CEO Forum in Kigali to discuss the opportunities and challenges faced by the private sector in Rwanda. During the interview, Muganza highlighted the goals outlined in the national strategy for transformation, including doubling exports from $3.5 billion to $7.2 billion and private investments from $2.2 billion to $4.6 billion by 2029. The strategy also aims to achieve over 9% annual GDP growth, driven by significant growth in agriculture, industry, and services sectors. Muganza emphasized the importance of engaging all players in the economy, from small businesses to large corporations, to ensure inclusive economic growth. One key focus of the discussion was the challenges encountered by SMEs in Rwanda. Muganza acknowledged the unique obstacles faced by small businesses, such as regulatory compliance issues and the limitations imposed by their size. In response to these challenges, the Rwanda Development Board is working to tailor solutions that address the specific needs of SMEs, including dialogue sessions and tailored support from government agencies like the Rwanda Food and Drug Authority and the Rwanda Standards Board. Furthermore, Muganza highlighted the concept of a one-stop center for businesses in Rwanda. The Rwanda Development Board has been designated as the central hub to facilitate business operations and investment activities. The one-stop center, which now houses 22 institutions, aims to streamline processes and reduce redundancies to make it easier and more cost-effective for businesses to interact with government agencies. The next phase of this initiative involves digitizing the one-stop center to enable businesses to access services remotely, saving time and resources. Overall, Rwanda's commitment to enhancing its business landscape demonstrates the government's dedication to supporting economic growth and fostering a favorable environment for both local and foreign investors. By addressing the needs of SMEs, streamlining business processes, and embracing digital transformation, Rwanda is poised to achieve its ambitious economic goals and solidify its position as a business-friendly destination in Africa.