KIGALI, April 25 (Xinhua) -- Rwanda recorded a 50 percent increase in investments in 2023, up from 1.6 billion U.S. dollars in 2022 to 2.4 billion dollars last year, the Rwanda Development Board (RDB) has said.
The new investments are expected to generate 40,198 jobs, according to an annual report released Wednesday by the RDB, a government institution mandated to accelerate the country's economic development by enabling private sector growth.
"In 2023, Rwanda demonstrated remarkable resilience and dedication amidst global challenges," RDB Chief Executive Officer Francis Gatare said in a statement. "Throughout the year, we prioritized investment in key sectors like the green economy, infrastructure, ICT (information and communications technology), health, and conservation to foster inclusive growth and resilience."
He noted major achievements, such as the inauguration of groundbreaking facilities like the BioNTech mRNA vaccine facility and IRCAD (Research Institute against Digestive Cancer) Africa, which position Rwanda as a hub for innovation and excellence.
"This achievement solidifies Rwanda's position as a premier tourism destination. Looking ahead, Rwanda's focus on innovation, sustainability, and inclusivity promises even greater potential for economic prosperity and opportunity," Gatare said.
Tourism revenues surpassed 500 million dollars for the first time, reaching 620 million dollars, generated from receiving more than 1.4 million visitors, according to the RDB report.
Total revenues from the export of goods and services amounted to 3.5 billion dollars, up from 2.9 billion dollars recorded in 2022.
The top 10 exported products in 2023 were unwrought gold (including gold-plated with platinum), zirconium ore, tin ore, tungsten ore, cement, malt extract, wheat or meslin flour, cereal flours, coffee, and tea, the RDB said.
To enhance the ease of doing business, the RDB One-Stop Center was expanded in 2023 and now hosts over 20 government institutions, offering more than 440 services essential for business and import/export operations in Rwanda, according to the report.
Rwanda's economy grew 8.2 percent in 2023, higher than the initially projected rate of 6.2 percent, according to National Bank of Rwanda figures released in March. ■