In order to strengthen trade ties a memorandum of understanding was signed between Rwanda and Congo Brazzaville to facilitate traders in both countries to access potential investment areas as well useful information for better decision making.
The agreement signed between Private Sector Federation of Rwanda and Congo Brazzaville Chamber of commerce, Agriculture and Trade, for the two countries to exchange ideas in trade.
Hannington Namara, the Chief Executive Officer (CEO) of the Private Sector Federation, said. ”As the federation, we will advocate for the market and facilitate them (traders).”
Adding that the idea would provide a platform to share information of the existing investment potentials between the two countries, fuel, ICT and the agriculture sector.“The MoU creates aback born for fair play.”
PSF says that the annual trade missions would be arranged by both countries annually with samples of different products giving traders a chance to showcase what they can offer and explore the available market.
The agreement comes as a follow up to President Paul Kagame’s visit to Congo Brazzaville in 2011 and the launch of RwandAir’s direct flights to the West African country.
During the same year 2011 through PSF, Rwanda Development Board (RDB), RwandAir and Ministry of Trade and Industry, organised an exhibition in Congo Brazzaville.
The RwandAir country manager in the Republic of Congo Brazzaville Josephine Fifi Rurangwa, said there is great business potential in the central African country. She called on her country men to explore the Rwandan market.
RwandAir flies to Congo every three weeks which is likely to generate benefits in trade for both countries.
It would be very beneficial if Congo Brazzaville entered the Rwandan market especially in areas of meat processing and packing as the country usually imports meat products from Brazil for six to eight hours compared to two hours from Kigali.
The Chairman of PSF Faustin Mbundu urged the business community to form collective investment groups in a bid to have big volumes and take advantage of the Congo market. PSF is in a position to request for technical assistance from IFC or the World Bank to study their business plans and advise on the viability or competitiveness of the project.
“We have the capacity to do but we have not seen people approach us for such assistance and that is why we encourage the formation of associations,” Mbundu said.