Trade between Rwanda, UAE Strengthened further

Trading between the Government of Rwanda and the United Arab Emirates (UAE) has reached one billion US dollars.

Last year alone, Dubai’s non-oil exports to Rwanda reached a value of $143.8 million, while imports from Rwanda exceeded $514.5 million, representing a 33-percentage increase.

This was announced on Monday 6th November 2023, by the Minister of Trade and Industry, Dr. Jean Chrysostome Ngabitsinze, during a recent meeting that brought together 18 investors from the City of Dubai, represented by Dubai Chamber, and the Rwanda Private Sector Federation (PSF).

The meeting aimed to explore opportunities for further enhancing business collaborations between both countries.

Dubai Chamber, led by its President and CEO, Mohammad Ali Rashed Lootah, has been actively working to strengthen business relations with Rwanda as part of its New Horizons initiative.

“This expansion could mean seeking potential investments and partnerships, setting up new branches, franchising, outsourcing, or diversifying trading partners.”

He added; “While our markets have established flourishing trade relations, I believe we can still do more to strengthen bilateral trade and investments.”

This initiative seeks to boost Dubai’s foreign trade value to AED 2 trillion by 2026, aligning with the emirate’s five-year foreign trade plan. The trade mission to Rwanda is a testament to Dubai’s commitment to expanding its presence in the East African region.

Minister of Trade and Industry, Jean Chrysostome Ngabitsinze and Mohammad Ali Rashed Lootah, President and Chief Executive of Dubai Chambers

Speaking at the ceremony, Minister of Trade and Industry, Jean Chrysostome Ngabitsinze asserted that UAE remains a major trading partner for Rwanda with over $I billion in total trade.

In the first quarter alone of 2023, exports from Rwanda to UAE were valued at $211.51 million accounting for about 50 percent of Rwanda’s share of exports, at the same time imports from UAE amounted to $87.26 million.

“These are substantial numbers but nonetheless, there is room for more growth. The kind of growth that I believe can be established here with the work of the Dubai Chambers International through this Doing Business in Rwanda Forum,” he said.

Dubai’s main imports from Rwanda consist of precious stones and metals, fruits and nuts, coffee, tea, spices, oil seeds, and dairy products.

Dubai Chamber, with approximately 19,000 African businesses under its umbrella, including 26 from Rwanda, has recognized the potential of Rwanda as a favorable investment destination. The unique aspects of Rwanda that have caught the attention of Dubai Chamber include its stability, diverse business opportunities, investment-friendly policies, and the emphasis on technological development and infrastructure.

The collaboration between Dubai Chamber and PSF aims to further increase the volume of goods exchanged between the two regions. Key areas of focus include construction materials, technology, and other equipment. Dubai Chamber is also considering investing in international business projects amounting to $543 billion by 2026, which would significantly benefit the Rwandan economy.

The meeting between Dubai Chamber and PSF marks a crucial step in strengthening the spirit of friendly collaboration between Dubai and Rwanda. The shared commitment to enhancing bilateral trade and investment opportunities is a testament to the growing ties between the two regions.

PM