Korean builders bet big on Rwanda’s fast-growing economy


The Kigali Convention Center, often referred to as the Kigali Convention Centre, has become a symbol of Rwanda's rapid economic growth and its strategic emphasis on fintech, leading some to compare the country to the "Singapore of Africa." South Korean construction and financial companies are showing keen interest in expanding their presence in this growing market, with high expectations for the upcoming Korea-Africa summit talks in Seoul. Since establishing diplomatic relations in 1963, Korea and Rwanda have continued to strengthen their economic partnership. In 2023, Korea's exports to Rwanda totaled $17.27 million, primarily comprising pesticides, medicines, cars, and steel products, while Rwanda exported tech parts, coffee, and tea worth $2.32 million to Korea. Korea's cumulative investments in Rwanda have reached $100 billion, with significant contributions from corporations like telecom giant KT Corp. and a total of 16 Korean companies having established offices in Rwanda. The Korean Trade-Investment Promotion Agency's recent report highlights the growth potential for manufacturing and advanced industries in Rwanda, particularly in the agricultural sector, which accounts for 27 percent of the country's GDP. The Rwandan government's focus on industrialization and attracting investments for growth and restructuring further underscores the potential for collaboration between Korea and Rwanda. Korea's government and industrial groups are actively pursuing opportunities to support Korean businesses in Rwanda, with efforts to foster bilateral cooperation in construction, infrastructure, and human resource development. Rwanda's Ambassador to Korea, Bakuramutsa Nkubito Manzi, envisions increased cooperation between the two countries in the coming years, emphasizing Rwanda's predictable business environment and the potential for Korean investors to capitalize on new opportunities in the country. Manzi also expressed Rwanda's commitment to advancing collectively and swiftly, highlighting the enduring progress that can be achieved through collaboration.


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