Rwanda is turning its attention to Asia for investment as the country sets up efforts to fast-track economic growth.

According to the International Monetary Fund, Rwanda’s economy can grow by 8.5 per cent this year, above its projection of 7 per cent growth.

However, this would require additional investment of between $200 million and $300 million or about 4-8 per cent of GDP annually over the medium term.

According to Rwanda Development Board (RDB), for the country to achieve its investment targets, it is focusing on attracting investment specifically from new economic powerhouses in Asia.

The country has recently sent investment teams to India, Malaysia, and Thailand while it has received delegations of investors from Singapore and China.

“Over the past few months we have targeted India strongly. As a result we have seen a lot of interest and actual investment coming in India; we shall continue to look at countries where we think our sectors could particularly benefit from,” RDB chief executive John Gara told The EastAfrican.

Following recent investment road shows in India, Rwanda signed a preliminary investment partnership worth $250 million with India’s Universal Empire Infrastructures Ltd, to construct medical and IT facilities, technical training institutes as well as to improve agricultural mechanisation.

Multi-disciplinary university

The agreement will focus on establishing a knowledge hub that entails a multi-disciplinary university with different school faculties, particularly in medicine, engineering, agriculture and several arts.

The second part of the pact will focus on establishing an integrated food processing facility.

Mr Gara noted that the country is keen on attracting investment in its priority sectors including agriculture, trade and manufacturing, tourism, ICT and services.

“One of the reasons we decided to target India is because they have experience in the tea sector. We have also targeted some countries in Europe in terms of trying to promote our horticulture sector,” he said.

Recently, RDB announced that Cadila Pharmaceuticals Ltd part of CSM Global Pharma, will invest $65 million to set up a pharmaceutical manufacturing facility in Kigali.

The plant which will be a joint venture partnership with Rwanda’s Social Security Fund, Camerwa and Crystal Ventures is expected to be fully operational by 2015.