New Trade Minister pledges to support made in Rwanda products to reduce imports

Elias Hakizimana Sep 7, 2017Sep 7, 2017 0 Comments

By Elias Hakizimana

The new Minister for Trade and Industry (MINICOM), Vincent Munyeshyaka declared to continuously support made in Rwanda products in reducing imports and expand cross border markets by promoting locally made products.

The development, he said, is intended to to widen the presence and sales of made in Rwanda commodities both in the region and all over the world in a bid to balance the country’s imports and exports bills.

According to Rwanda’s Monetary Policy and Financial Stability Statement issued in February 2017, by the National Bank of Rwanda (BNR), Rwanda’s trade deficit — the amount by which the cost of a country’s imports exceeds the value of its exports — improved by 5.9 percent in 2016, to USD 1649.7 million from USD 1752.5 million in 2015.

Total formal exports value increased by 7.1 percent while total
imports value recorded a decline of 2.7 percent during the same period.

Munyeshyaka was speaking Yesterday September 6, during the closing session of international trade fair exhibition that was held at Gikondo exhibition ground since August 22, 2017.

As per the the Domestic Market Recapturing Strategy (DMRS) produced in 2015, commissioned by MINICOM, implementing strategies to promote made in Rwanda products in areas of construction Materials, manufacturing, and agro-processing, would save some $450 million for Rwanda’s economy per year, representing 17.8 per cent of its import bill.

: The Minister for Trade and Industry, Vincent Munyeshyaka during the closure of Kigali International Trade Fair, on September 6, 2017.

He said that the trade fair came on right time when the country was celebrating the victory of His Excellency President of the Republic Paul Kagame in building the country all Rwandans want.

“The government of Rwanda will continue to promote locally-made products in the region as well as in the rest of the world like Asia, Europe and America as this is set in our programmes, the government is proud of helping entrepreneurs and investors in various sectors of the country.” Munyeshyaka said.

He said that the country targets to increase the productivity in line of reducing the gap between imports and exports.

Munyeshyaka said that the country will maintain achieved infrastructures like special economic zone,industries, cross border markets and build more to ease trade between Rwanda and foreign countries.

Together with the private sector federation (PSF), He pledged to relocate the current exhibition ground from Gikondo to another wide place to set up permanent infrastructures for exhibitors.

Munyeshyaka highlighted that the vision 2050 will see the development of Rwandan entrepreneurs.

“I can assure you that the goal to support entrepreneurs is set in our plans to achieve the vision 2050,” he said.

The 2017 trade fair exhibition marked the increase of 4 percent of participants comparing to the one of 2016.

About 20 countries attended this exhibition which attracted 433 institutions in general, and among them were 289 Rwandan institutions, 94 African institutions and 50 from other continents.

The expo attracted between 12,000 and 15,000 clients (visitors) daily during working days and between 25,000 and 35,000 during the week-ends.

: Best exhibitors finally awarded (The Inspirer)

The best overall regular exhibitor during the 20 years ago is SINA Gérald, the CEO and Founder of Entreprise Urwibutso who regularly presented his remarkable locally-made food and beverage products and availed them to consumers in all the past sessions.