Country Profile: Rwanda
About
Rwanda, known for its breathtaking scenery, is located in east-central Africa. It is one of the highest population densities in sub-Saharan Africa, mainly driven by the youth. The country's economy is overwhelmingly agricultural, with four-fifths of the workforce engaged. Farming has also seen more activities, with commonly raised livestock beginning to increase. To accelerate the adoption of electricity, the country has leveraged natural landscape advantage for hydroelectric power installation, however, remaining needs to import from DRC. Rwanda has been one of the most favorable business places on the African continent; a steady and high growth of GDP in the last decade is a track record. Besides businesses around natural resources, the country has a high potential for the tourism industry.
Factsheet (Editing)
Capital
Kigali
Area (km²)
26K
Official language
Kinyarwanda, English, French, Swahili
Currency
Rwandan Franc (RWF)
Population
23.2M
(2022)
Natural increase
26.8
(2020)
GDP (USD)
13.3B
(2022)
GDP per capita (USD)
996
(2022)
Real GDP growth
8.2
(2022)
GDP composition
Agriculture 25%, Industry 21%, Services 46%
(2022)
Major cities
Kigali, Butare, Gitarama, Ruhengeri, Gisenyi
Port
0
Int'l airport
2
Imports (USD)
4.4B
(2022)
Exports (USD)
3.0B
(2022)
FDI stocks (USD)
3.3B
(2022)
Inward FDI (USD)
399M
(2022)
Opportunities
Rwanda has a strong track record of matching population growth and economic development, with an impressive averaging over 7% growth rate in GDP over the last 2 decades. Robust governance has enhanced value-added productivity in agriculture - the backbone of the economy. The country has reserves of cassiterite, coltan, gold and precious stones, offering lucrative opportunities for international trade. In parallel with modern infrastructure development projects in transport and energy, tourism has been recognized as an inevitable booming sector with growth potential in birding and business/conference tourism.
The Rwanda government has shown ambition to be one of most foreign friendly international counties. Since May 2015, a new investment code has been implemented by the government to attract more FDI. The benefits include a preferential corporate income tax rate of 0%, exemption from taxation on capital gains, and customs tax for exported products; and various immigration documents facilitation. The country has over 10 million people with a rapidly growing middle class, under years of political stability. The establishment of Special Economic Zones further unlocked access to over 125 million population with neighboring countries, part of EAC Common Market and Customers Union.
Strengths
Strong agricultural base
Led by rural workforce, top exports include beans, potatoes, maize, rice, cassava, among others
Steady high growth
Averaging an increase of GDP over 7% in the last 2 decades. It always ranks top 10 among all countries
Access to markets
Being the regional hub with pro-business government, Rwanda is the entry to markets across East Africa
Reasons to invest
Untapped opportunities
Key sectors promoted by the governments are tourism, construction, manufacturing and agro-processing
Tourism potential
Kigali has gained international recognition for its sustainable urban development and cleanliness
Incentives for foreigners
Zero corporate income tax, special assistance to foreign investors to establish local operations
Looking to Invest?
Meet our specialists to explore allocating investments or operating projects in Rwanda.
Schedule a call
