According to an annual report recently published by the Rwanda Development Board (RDB), a total of 612 investment projects were registered throughout the year, reflecting growing investor confidence in the country's business climate and economic trajectory.
The manufacturing sector led the way, attracting $1.35 billion. This was followed by the financial and insurance sector, which drew in $811.2 million, and real estate activities, which secured $377.7 million. Together, the three sectors accounted for nearly 78% of all registered investments.
Notably, Rwanda's industrial base continues to expand, with manufacturing also generating the highest number of expected jobs. Of the 51,635 jobs projected from 2024's investments, 22,500 are expected to come from the manufacturing sector alone.
Among the largest investment projects registered were Bio Usawa Biotechnology Ltd, National Cement Holding Ltd, Parklane Group Ltd, and TTEC CX Solutions Rwanda Ltd, reflecting diversity across biotech, construction, technology, and clean energy. International giants such as Rio Tinto Exploration also featured prominently.
In terms of foreign direct investment, China and India emerged as top contributors, accounting for $460 million and $445.1 million, respectively. Other key investors came from the USA ($442.3 million), Nigeria ($313 million), the UK ($144.6 million) and the Netherlands ($103.9 million).
Despite strong foreign participation, Rwandan-origin investments, including joint ventures, represented the largest share by number, accounting for 24.4% of all registrationsâ€"highlighting a growing local entrepreneurial ecosystem.
Beyond manufacturing and finance, notable investment flows were directed toward information and communication technologies, agriculture, accommodation and food services, and mining. While manufacturing topped job creation, the real estate sector also stood out with 6,600 projected jobs, reflecting growing demand for urban infrastructure.
The financial sector, in particular, recorded rapid expansion, signaling increased investor interest in Rwanda's fintech landscape and a strong push for financial inclusion and digital finance.
Broader economic performance
Rwanda's broader economic performance in 2024 underpinned the strong investment momentum.
According to RDB, tourism revenues reached $647 million, with over 1.36 million visitors. The country's Meetings, Incentives, Conferences, and Exhibitions (MICE) industry generated $84.8 million, welcoming 52,315 delegates across 115 events. Gorilla tourism alone saw a 27% revenue boost.
Exports rose to $4.2 billion, a 22% increase from 2023, driven by high demand in markets such as the UAE and Luxembourg, along with a 33% increase in cargo exports.
More than 240 companies were supported to access international markets, generating $164.1 million in export earnings.
Rwanda's reform-driven economic agenda earned the country a top ranking in the World Bank's B-READY Report, placing 1st in Africa and among the top 10 globally for ease of doing business. The recognition underscores Rwanda's growing reputation as a competitive and innovation-friendly investment destination.
Looking ahead, RDB is targeting over $3 billion in new investments and $700 million in tourism revenue in 2025.
Key initiatives will focus on expanding Special Economic Zones, digitizing government services, and promoting innovation, conservation, and entrepreneurship.
Rwanda is also set to host major international events, including the 20th Kwita Izina ceremony and the UCI Road World Championships. The UCI event, scheduled for September, will be held in Africa for the first time.
Wycliffe Nyamasege
Source : https://en.igihe.com/business/article/rwanda-attracted-3-2-billion-investment-in-2024
