Global business leaders, philanthropists and heads of state are in Rwanda for the three-day World Economic Forum 2016, and for some of the 1,500 delegates, it will be their first time visiting the country that aspires to be “the Switzerland of Africa.”
Rwanda wants to build relationships with the visiting business leaders and decision makers and make the most of their presence, said Francis Gatare, CEO of Rwanda Development Board, NewTimes reported.
“From our perspective, many of the global business leaders may be coming to Rwanda for the first time. The forum is the reason for them being here. This is an opportunity to let them know more about Rwanda,” Gatare said.
More than 20 years after genocide claimed the lives of 800,000 Rwandans, the country is looking more like the closest thing Africa has to Switzerland, Bloomberg reported. The economy of this tiny, landlocked, mountainous country has outperformed almost all its continental peers, with annual growth averaging 7.8 percent since 2000.
Some of the people on the World Economic Forum agenda or panels in Kigali include U.S billionaire-philanthropist Howard Buffett, former British Prime Minister Tony Blair, Africa’s richest man, Aliko Dangote; Ashish Thakkar, co-founder of Atlas Mara; philanthropist and investor Tony Elumelu, humanitarian Graça Machel; former and current African Development Bank presidents Donald Kaberuka and Adesina Akinwumi; and Fred Swaniker, founder of the African Leadership Group.
Other leading global figures include Winnie Byanyima, director of Oxfam International; and Carlos Lopes, head of U.N. Economic Commission for Africa, according to NewTimes.
Here are a few ways Rwanda is punching above it’s weight in tech, tourism and other areas, earning it a reputation as “Africa’s doer,” according to Mail&Guardian:
Rwandan President Paul Kagame, long a champion of technology, has made headlines recently for favoring a third presidential term — not something associated with a democracy. But under his watch, the country has built its tourism industry into it biggest foreign-exchange earner, Bloomberg reported.
Events such as the World Economic Forum and the African Development Bank’s 2014 annual meeting have helped attract visitors to see endangered mountain gorillas and climb volcanoes. Rwanda also boosted agricultural output and manufacturing by improving roads and electricity supply, according to Bloomberg:
“Rwanda’s experiences feature high on the agenda of the WEF gathering, which will focus on how African countries can harness technology and knowledge to spur growth.”
Technological innovation will be central to this year’s World Economic Forum with discussions focusing on how technology can help African countries diversify their economies beyond relying on natural resources, World Economic Forum Director Oliver Cann said, according to an IndependentOnline report.
The theme for the forum is “Connecting Africa’s Resources through Digital Transformation.”
Today — Day 1 of the three-day forum — addresses African issues of concern such as increasing opportunities for youth entrepreneurship, expanding trade and cooperation and increasing competitiveness of Africa’s products and services.
Panelists will discuss how businesses can help address risks to Africa’s development as well as ways to modify and transform Africa’s production and manufacturing to increase productivity.
Africa can capitalize on the technology revolution and leapfrog other regions, Cann said. “For instance, African countries could use technology to improve their healthcare systems without going the route of building hospitals.”
Some African countries are taking the lead on technological innovations such as mobile payments. But along with tech innovation, entrepreneurs need to be supported, he said. “I am referring to access to credit, access to markets and support in terms of supply of a well-trained workforce.”
Several major deals including an ICT fund in Rwanda will be announced and initiatives launched at the World Economic Forum, said Claver Gatete, Rwanda’s Minister for Finance and Economic Planning, NewTimes reported.
Rwanda has decided to focus on marketing itself as a conference destination to support growth, Gatete said after a press conference Tuesday in Kigali, Bloomberg reported.
“At conferences like these, we expect to sign deals during side events in key areas like energy, science and technology,” he said.
On Tuesday, Rwanda and the European Union signed a financing deal worth 177 million euros ($201 million) to support the country’s electricity provision over the next five years, according to the finance ministry’s website. More deals in other areas such as agriculture can be expected, said E.U. representative Michael Ryan.
“Rwanda has led the way by cutting red tape, providing tax incentives and improving governance, which has helped overcome the disadvantages of its small size, lack of port access and limited natural resources,” said Mark Bohlund, Africa economist with Bloomberg Intelligence in London, Bloomberg reported.
