Rwandan and Moroccan businesses formed a joint council and signed a partnership agreement in the presence of the leaders of the two countries, President Paul Kagame and King Mohammed VI. The newly-formed partnership comes at a time when Morocco is investing in several sectors of the Rwandan economy, including pharmaceutical industry, banking, fertiliser production and insurance, among others.
Local business leaders who are party to the agreement stated that the business council is a lobby group, which will advocate for better business environments in the two countries to spur investments and trade. As more Moroccan investors venture into the Rwandan market, the Rwandan business community was also looking to pursue opportunities in the North African country. Some members of the Rwandan business community visited Morocco in June, where they interacted with their counterparts and identified areas of interest.
Another major opportunity for local business operators is forming partnership with the Moroccan firms that are investing in Rwanda. Mostafa Terrab, the chief executive of Phosphate Mining Company, one of the firms investing in Rwanda, stated that they were looking to create an ecosystem which would involve members of the local private sector. Rwanda has in previous years exhibited a lot of potential in multiple sectors, making it an ideal destination for foreign investors.
Rwanda serving as a hub, the firm is targeting the regional market, which he said also holds enormous potential. Experts say the establishment of the joint business council will serve to address expeditiously issues that could hold back trade between the two countries.