ANKARA: Investments by Turkey in Rwanda total $400 million and over 20 investment projects are already operational, just in the past three years. Rwanda received $3.1 billion in local and foreign investment inflows over the period, with Turkey contributing 13 per cent of that amount.
The biggest investment project from Turkey is a $335 million peat energy project by Hakan Mining, which is expected to produce up to 100MW. Other investments are in schools, hotels, agricultural processing and construction.
“Over the past few years, we have seen a surge in Turkish investments in the country. We are committed to boosting trade relations between our two countries,” said Innocent Bajiji, the division manager monitoring investment promotions and implementation at the Rwanda Development Board.
RDB said the establishment of a Rwandan embassy in Ankara, “scaled up the political and economic relations between the two countries and this has further strengthened business partnerships and co-operation, especially in the areas of energy, education and exports.”
The launch of Turkish Airlines flights on the Istanbul-Kigali route has also increased trade and investment ties. It has reduced the cost of air transport and eased the movement of cargo between the two countries. However, the trade is still lopsided as very few Rwandan traders are exporting goods into Turkey.
