Investment flow between Rwanda and Italy could surge after a new highly needed business agreement was signed between Private Sector Federation (PSF) and an umbrella body of Italian business community known as Confindustria Assafrica & Mediterraneo.
The association represents and supports Italian companies with business interests in African, Mediterranean and the Middle East countries.
According to the agreement signed over the weekend in Turin, Italy, both parties committed to providing sufficient facilitation in terms of promoting investment among the two business communities.
The agreement will see PSF facilitate the Italian investors to access the local market by providing all the necessary information regarding potential investment opportunities in the country.
Both parties approved that PSF will further assist the Confindustria Assafrica and Mediterraneo members and other Italian companies for the approval and implementation of investment and business projects in Rwanda as this is likely to boost Italian investment in the country.
The Private Sector Federation Chief Executive Officer, Stephen Ruzibiza who signed the Memorandum of Understanding observed that the new agreement has now officially opened up the market for investors from both countries to access either markets.
“Our main focus is now looking at all potential investment opportunities for our business community, that’s why these agreements are inked. We are targeting all possible foreign markets and this is a good opportunity for Rwandan investors to now start strategising the best way to tap into Italian market,” he said.
Italy with a population of 60 million people is the third largest economy in Eurozone with the highly developed manufacturing sector, service sector. The country is the world’s largest wine producer and it also has developed energy, finance and transport sectors that would provide immense opportunities for Rwanda’s investors.
“Confindustria Assafrica and Mediterraneo will circulate all the relevant Rwandan investment information among its members and other Italian companies to target potential partnerships with Rwandan counterparts,” reads part of the agreement also signed by Pier Luigi d’Agata who leads the Association.
Established in 1980, Confindustria Assafrica & Mediterraneo is the only intersectoral business Association of the Italian private sector dealing with a specific geographical area and a platform for Italian companies in the concerned area with the aim of expanding business contacts of Italian member companies in Africa, Mediterranean, and the Middle East.
Italian business association is the latest to sign cooperation agreements with PSF to boost investment. Other agreements have been recently signed by African, Asian and other European nations.