Beijing Oriental Yuhong Waterproof Technology the Asian largest waterproof material manufacturer has chosen a Rwandan businessman to head its investment in the region a prospect that would create more business opportunities to the Rwandan local investors.
This comes after Rwanda Private Sector Federation (PSF) in partnership with Rwandan embassy in China had organized a study tour to the Asian nation where various local traders visited different investments and held trade discussions with Chinese top investors on possible cooperation.
The four days tour ended this week.
The main objective of the tour was to discover new business opportunities, market research and a possible partnership with Chinese investors as Rwanda continues to strategically attract more foreign direct investment to sustain the current economic growth.
Among the visited industries were in various sectors like construction, packaging, manufacturing to mention but a few.
Francis Gasana, a local businessman who was among the Rwandan investors who participated in the study tour finally landed on a vast deal where he was chosen to represent Beijing Oriental Yuhong Waterproof Technology in regional countries including Rwanda,DRC,Burundi and Uganda as a regional head of the company’s investment.
“This is a great achievement for me and for the country as well. As our government continues to embark on attracting investors such study tours are fundamental and I commend our Private Sector Federation for supporting the local investors to look for opportunities beyond our country,” said Gasana in an interview.
He added “for the betterment of our economy and building enough capacity to local investors we still need more of such study tours to help us network and learn from the developed economies and we search for new investment opportunities,”
The study tour was also intended to attract Chinese investors to relocate their businesses in the country an initiative that would help to surge the local productivity.
“The strategy is also to convince Chinese big companies to relocate and operate in Rwanda since the labor is getting too high and this will help in technology transfer to our country,” Virgile Rwanyagatare the Rwandan deputy Ambassador to China said.
The Asian company will be supplying urban roads and bridge materials, high-speed railway materials, water conservancy facilities, house construction materials among others. The company that operates in 90 countries across the globe has 14 factories based in China producing different types of high-end waterproof materials such as modified bitumen waterproof membrane, thermal insulation materials and non-woven fabric among others.
China which is the second largest economy in the world is trying to shift its economic structure from commodity based to focus on service sector like other Asian emerging economies and this has led the country to enter into shifting its manufacturing factories to African countries as well as other developing nations.
Chinese investments are already progressing in Rwanda’s market in various sectors like construction and textile industry. C&H Textile Company is among the Chinese major investment in Rwanda and it locally produces textile products like clothes and shoes for both local and international market.
“Our main focus is to come up with various strategies to attract more foreign investors in our private sector to boost our local production. To achieve this however we try to link our local investors to other international counterparts in order to share experience and discuss trading partnerships and this is done through organizing study tours in different countries,” Stephen Ruzibiza the Chief Operations Officer at Rwanda Private Sector Federation observed.