President Kagame President challenge to the business community in Uganda and Rwanda to do more to ensure economic growth and transformation for the people of both nations it timely.
It comes at a time when business between the two nations in growing rapidly despite a global thawing in economies across the globe.
As the president said on Oct.11 during the Second Edition of the Rwanda- Uganda Business Forum, the two nations have been doing business with each other long before the two countries became states in the modern sense.
It is only proper that we do everything possible to facilitate growth of the historical process of doing business together.
"The business community has the challenge and responsibility to make our economies competitive and self-sustaining. This is the only way we can truly create prosperity for our people. Greater opportunities exist and I am convinced that we have hardly tapped the business potential to any significant extent," the President said.
Uganda's High Commissioner to Rwanda, Richard Kabonero, says there has never been "a better time than now" for local investors to cross between the two countries.
"Uganda and Rwanda share a rich history, politically and socially. Our people are practically the same, yet this opportunity has not been fully utilised by private sector investors from both countries," Kabonero said.
In the second quarter of 2013, Rwanda's total trade of US$ 631.7 million was made up of imports of US$ 380.1 million, exports of US$ 220.4 million, and re-exports of US$ 31.2 million, according to the National Institute of Statistics of Rwanda.
On the imports side, Rwanda registered 2.8 percent decrease in current price terms in the second quarter of 2013 compared to the same quarter of 2012.
So far this year, Rwanda has imported goods from Uganda worth Frw48 billion compared to Frw30.6 billion over the same period last year.
Uganda is the second topmost origin of imports to Rwanda after China. Kenya, India, and the United Arab Emirates are the other top sources. Imports include mainly Portland cement, vaccines for human medicine, medicaments in measured doses for retail sale, Gas oil (automotive, light, amber for high speed engines) and sugar.
