Population (2019, millions)¹	12.62
Population Projections (2030, millions)¹	16.23
Capital	Kigali
Surface Area (km²)²	26,340
Weather¹¹	In Kigali: Average annual temperature, 19°C; average monthly rainfall, 85 mm
Languages³	Official: Kinyarwanda, French and English - Others: Swahili and others
Main Religions³	Main:  Protestant, Roman Catholic, - Others: Muslim, others and none
Time⁴	Central Africa Time (CAT) +0200 UTC
Driving Orientation⁵	Right Side
Internet Country Code⁶	.rw
Country Calling Code	+250
Plug, Socket and Voltage⁷	Type C and J - 230V/50Hz
Currency	Rwandan Franc (RWF) - 1/100 = Centime
Exchange Rate (As of 4 February 2019 , per USD)⁸	885.00 (buy rate)
GDP at Market Prices (2018, current, billions of USD)⁹	9.5
GDP Growth (2018, annual %)⁹	8.67
Average GDP Growth (2014-2018, annual %)⁹	7.44
GDP per Capita, PPP (2018, current international $)⁹	2,253
Inflation, Consumer Prices (2018, annual %)⁹	(0.31)
Average Inflation, Consumer Prices (2014-2018, annual %)⁹	4
Total Reserves in Months of Imports (2018)⁹	3.15

Sources:

¹United Nations Population Division, Department of Economic and Social Affairs.
²COMESA Statistics, COMESTAT Data Hub.
³CIA World Factbook.
⁴Time and Date Portal.
⁵Chartsbin Portal, "Worldwide Driving Orientation by Country".
⁶Wikipedia, "List of Internet top-level domains"; and, Internet Assigned Numbers Authority, Root Zone Database.
⁷International Electrotechnical Commission, World Plugs.
⁸The National Bank of Rwanda.
⁹World Bank, World Development Indicators 2019.
¹¹Economist Intelligence Unit.

Reasons to Invest in Rwanda

• A Robust and Pro-Business Government; ranks 2nd in Africa in the World Bank Ease of Doing business and among top 10 globally in public trust in politicians and government. 
• Rwanda has the 3rd strongest regulatory framework in sub-Saharan Africa and is considered as the 2nd fastest growing economy in Africa (7.5% p.a since 2007). 
• Rwanda is 5th safest country to walk at night worldwide, lowest debt ratio in the EAC region and stable credit ratings with B+ by Fitch ratings, S&P. 
• Rwanda offers many untapped business opportunities, not only in the traditional sectors such as Agribusiness and Mining, but increasingly in the knowledge-based sectors of ICT, BPO and Financial Services 
• Rwanda is well placed as a hub for rapidly integrating East Africa and is part of the EAC and with a market of over 180 million people. Rwanda also has a substantial and growing middle class – currently estimated to be around 20% of the population 

Source: Rwanda Development Board - RDB. 

Population Projections (millions)

Population (2019)	12.62
Population Projections (2030)	16.23

Source: United Nations Population Division, Department of Economic and Social Affairs.

Population Residing in Urban Areas (%)

Population Projections (2019)	17.31
Percentage of Population Residing in Urban Areas (2030)	19.61

Source: United Nations Population Division, Department of Economic and Social Affairs.

Youth Literacy Rates (2017, %)

Youth Literacy Rate, Population 15-24 Years, Both Sexes	86.49
Youth Literacy Rate, Population 15-24 Years, Female	88.5
Youth Literacy Rate, Population 15-24 Years, Male	84.32

Source: United Nations Educational, Scientific and Cultural Organization, UNESCO Institute of Statistics.

Unemployment (2018, % of Total Labour Force)

Unemployment, Total	0.97
Unemployment, Female	0.99
Unemployment, Male	0.94

Source: World Bank, World Development Indicators 2019.

Labour Force (2017, % of Ages 15+)

Labour Force Participation Rate, Total	83.88
Labour Force Participation Rate, Female	84.17
Labour Force Participation Rate, Male	83.57
Labour Force, Total (number)	6,193,988

Source: World Bank, World Development Indicators 2019.

GDP

	2014	2015	2016	2017	2018
GDP at Market Prices (current, billions of USD)	8.01	8.27	8.47	9.13	9.5
GDP Growth (annual %)	7.62	8.86	5.98	6.05	8.67

Source: World Bank, World Development Indicators 2019.

Value Added by Sector (% of GDP)

	2018	2019
Agriculture	37.28	37.40
Manufacturing	7.52	7.52
Industry	21.33	21.23
Services	60.40	60.36
Construction	8.78	8.69
Electricity, gas and water	2.00	2.03
Mining and quarrying	3.02	2.99
Education	3.32	3.26
Finance, real estate and business services	25.37	25.40
Public administration and Defense	6.11	6.11
Health and Social Work	2.86	2.83
Other services	6.25	6.39
Transport, storage and communication	6.74	6.68
Wholesale and retail trade, hotels and restaurants	9.75	9.68

Source: AFDB Socio Economic Database.

Import Partners (USD ‘000)

	2014	2015	2016	2017	2018
World	1,750,482	1,729,453	1,533,232	2,616,190	2,626,389
China	352,221	334,440	328,679	488,068	510,534
United Arab Emirates	112,528	88,494	80,836	274,943	256,771
India	159,056	163,035	117,326	244,781	245,283
Uganda	233,822	204,594	170,041	184,504	212,796
Kenya	163,739	131,479	121,320	141,221	143,853

Source: COMTRADE Statistics.

Export Partners (USD ‘000)

	2014	2015	2016	2017	2018
World	651,775	591,362	620,150	968,238	1,085,419
Congo DR	131,622	132,087	157,110	222,927	272,712
United Arab Emirates	11,055	34,039	85,975	252,100	237,946
Kenya	67,726	94,638	85,654	104,063	102,790
Congo DR	60,238	60,343	43,952	62,670	64,793
Switzerland	75,988	52,850	54,146	65,302	60,742

Source: COMTRADE Statistics.

Rwanda’s Top Import Products (USD ‘000)

Chapter	Description	2014	2015	2016	2017	2018
	All products	1,750,482	1,729,453	1,533,232	2,616,190	2,626,389
27	Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	75,291	30,392	21,261	362,861	428,515
85	Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles	248,160	252,556	252,130	298,947	284,253
84	Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof	152,535	214,892	146,472	239,052	249,894
87	Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof	96,461	112,955	124,814	209,852	167,997
10	Cereals	84,708	65,778	72,747	156,341	151,599

Source: COMTRADE Statistics.

Rwanda’s Top Export Products (USD ‘000)

Chapter	Description	2014	2015	2016	2017	2018
	All products	651,775	591,362	620,150	968,238	1,085,419
71	Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewelry; coin	7,847	30,176	80,034	241,619	284,739
09	Coffee, tea, mate and spices	118,278	131,542	133,507	154,777	166,974
27	Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	103,232	89,815	109,294	157,705	162,964
26	Ores, slag and ash	202,033	118,361	86,736	123,504	143,468
15	Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes	12,548	20,637	26,114	28,678	41,226

Source: COMTRADE Statistics.

FDI Inflows (millions of USD)

Year	2014	2015	2016	2017	2018
FDI Inflows	459	380	342	356	398

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Inward Stock (millions of USD)

Year	2014	2015	2016	2017	2018
FDI Inward Stock	1,152	1,402	1,680	1,959	2,265

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Outward Stock (millions of USD)

Year	2014	2015	2016	2017	2018
FDI Outward Stock	28	28	28	44	61

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Inflows Main Source Countries (in terms of number of projects)

Kenya, Uganda, United States, India, South Africa, Tanzania, UAE, China, Nigeria, and Luxembourg.

Source: Financial Times, fDi Markets, 2018

FDI Inflows Main Sectors (in terms of number of projects)

Financial Services, Communications, Business Services, Food & Tobacco, Hotels & Tourism, Coal, Oil and Natural Gas, Healthcare, Software & IT services, Metals, and Real Estate.

Source: Financial Times, fDi Markets, 2018

FDI Inflows Main Companies (in terms of number of projects)

Kenya Commercial Bank (KCB), Access Bank Rwanda, Equity Bank Rwanda, Car and General, STEG International Services, Techno Brain, MTN Rwanda, Uchumi Supermarkets, Hakkan Mining and Generation Industry and Trade, and Fina Bank.

Source: Financial Times, fDi Markets, 2018

Overall Doing Business Ranking

2020	38/190
2019	29/190

Source: World Bank, Doing Business, 2020

Starting a Business

2020 Rank	35/190
Procedures (number)	5
Time (days)	4
Cost (% of income per capita*)	0.0
Paid-in Minimum Capital (% of income per capita*)	0.0

*GNI per capita used: USD 780
Source: World Bank, Doing Business, 2020

Paying Taxes

2020 Rank	38/190
Payments (number per year)	9
Time (hours per year)	91
Total Tax Rate (% of profit)	33.2
Profit Tax (% of profit)	25.7
Labor Tax and Contributions (% of profit)	6.0
Other Taxes (% of profit)	1.5

Source: World Bank, Doing Business, 2020

Trading Across Borders

2020 Rank	88/190
Time to Export: Border Compliance (hours)	83
Cost to Export: Border Compliance (USD)	183
Time to Export: Documentary Compliance (hours)	30
Cost to Export: Documentary Compliance (USD)	110
Time to Import: Border Compliance (hours)	74
Cost to Import: Border Compliance (USD)	282
Time to Import: Documentary Compliance (hours)	48
Cost to Import: Documentary Compliance (USD)	121

Assumptions:
* It is assumed that shipment travels from a warehouse in the largest business city of the exporting economy to a warehouse in the largest business city of the importing economy.
* It is assumed that each economy imports a standardized shipment of 15 metric tons of containerized auto parts (HS 8708) from its natural import partner—the economy from which it imports the largest value (price times quantity) of auto parts. It is assumed that each economy exports the product of its comparative advantage (defined by the largest export value) to its natural export partner—the economy that is the largest purchaser of this product.
* A shipment is a unit of trade. Export shipments do not necessarily need to be containerized, while import shipments of auto parts are assumed to be containerized.
* Shipping cost based on weight is assumed to be greater than shipping cost based on volume.
* If government fees are determined by the value of the shipment, the value is assumed to be $50,000.
* The mode of transport is the one most widely used for the chosen export or import product and the trading partner, as is the seaport, airport or land border crossing.
* Time is measured in hours, and 1 day is 24 hours.
* Costs do not include tariffs.
Source: World Bank, Doing Business, 2020

Legal Framework

Investment Code - Investment Law, 2005.
Law Relating to Investment Promotion And Facilitation N(06/2015)

Key guarantees in terms of investment protection include:

• The Constitution guarantees protection of property. At the same time the Investment Law 2006 stipulates that the Government is responsible for the protection of foreign investment.
• Financial transfers to service debt payments, dividends, royalties and profits are unrestricted.
• For dispute settlement, investors can choose between using an internal institutional arbitrage or institutional arbitration under the rules established by the ICSID 

Source: United Nations Conference on Trade and Development, iGuide Rwanda.

Investment Incentives

Tax Incentives

• Investment allowance – An investment allowance of 50% of the amount invested in new, or used assets, is available provided the amount invested is at least USD 50,000 million and the business assets are held for at least three tax periods.
• Training and research expenses – All training and research expenses incurred and declared, as agreed by a taxpayer, and which promote activities during a tax period, are considered as deductible from taxable profits in accordance with provisions of Article 21 of this Law. Expenses on training, research and on promotion of activities, as applied in this Article,
• Losses carried forward – If the determination of business profit results in a loss in a tax period, the loss may be deducted from the business profit in the next five tax periods; earlier losses being deducted before later losses.
• Tax discount and exemption – A registered investment entity that operates in a Free Trade Zone (FTZ), and foreign companies that have their headquarters in Rwanda, that fulfil the requirements stipulated in the Rwandan Law on Investment Promotion, is entitled to:
• Pay CIT at the rate of 0%.
• Exemption from 15% WHT on interest
• Tax-free repatriation of profits.
• Companies that carry out micro-finance activities, approved by competent authorities, pay CIT at the rate of 0% for a period of five years from the time of the approval of the activity. However, this period may be renewed by the order of the Minister.
• A registered investor who invests an equivalent of at least USD50 million plus contributing at least 30% of this investment in form of equity in priority sectors as stipulated by the investment code, will be entitled to a maximum of seven-year corporate income tax holiday.
• Exemption of Customs Tax – A registered investor investing in products used in Export Processing Zones shall be exempted from customs taxes and duties according to the provisions of customs rules and regulations of the EAC.

Other Incentives

• Immigration Incentives for registered Investors to recruit 3 foreign employees 
• Duty drawback to apply on input of goods from domestic tariff area; or 
• No export tax

Source: Deloitte, Guide to Fiscal Information, Key Economies in Africa 2018 and KPMG, Rwanda Fiscal Guide 2017/18.