Rwanda, India sign 7 bilateral pacts

India and Rwanda recently signed seven bilateral pacts in a move set to further boost cooperation between the two nations. The signing of these agreements was witnessed by President Paul Kagame and Indian Prime Minister Narendra Modi, highlighting the commitment to strengthen ties between the two countries. The agreements cover a range of sectors, including agriculture, animal resource corporation, and other industries, marking a significant step towards enhancing economic collaboration. To delve deeper into the implications of these agreements and the overall business climate in Rwanda, Sameer Hussein, CEO of Sameer Hussein TVS Rwanda, joined CNBC Africa for an exclusive interview. One of the key points discussed in the interview was the impact of these bilateral pacts on Indian businesses operating in Rwanda. Hussein highlighted that the confidence in Rwanda as an investment destination has been growing due to the stability and effective government policies in place. This has led to an increase in Indian companies investing in the country, signaling a positive outlook for business prospects. Furthermore, the Indian government's commitment to extending a 200 million credit line for various sectors, including agriculture and corporation, reflects a strong endorsement of Rwanda's growth potential. Hussein expressed that this investment reaffirms his company's commitment to Rwanda and aligns with their strategy to capitalize on the country's development opportunities. In terms of business operations, Hussein discussed the success of TVS in Rwanda, particularly in the motorcycle taxi market. Starting with a modest number of motorcycles in 2003, TVS has expanded its presence significantly and now boasts a large fleet across the country. The company's success can be attributed to strategic franchising and a conducive business environment fostered by government policies that support investment. The conversation then shifted to the broader economic landscape in Africa, focusing on the African Continental Free Trade Area (AfCFTA). Hussein emphasized the potential of the AfCFTA to open doors for increased trade and investment opportunities on the continent. With the operationalization of the agreement, investors from around the world, including India, are expected to explore the vast potential that Africa offers as a unified market. Looking towards the future, Hussein shared insights about TVS's expansion plans in Rwanda. He revealed that the company is in the process of establishing a full assembly plant in Kigali, signaling a significant investment in the country's manufacturing sector. With an initial investment of over a million dollars and plans to increase it to $3 million in the coming years, TVS is optimistic about the growth prospects and the positive business environment in Rwanda. In conclusion, the interview with Sameer Hussein shed light on the evolving business landscape in Rwanda, driven by strategic partnerships, government support, and investor confidence. The signing of the bilateral pacts between India and Rwanda serves as a catalyst for further economic cooperation and paves the way for mutual growth and prosperity.