Rwanda, once a quiet name on the global economic map, has risen as a testament to what disciplined governance, innovation, and strategic foresight can achieve. In just three decades, the country has evolved from recovery to reinvention, positioning itself as one of Africa’s most attractive destinations for business and investment.
In 2024, the country achieved a Gross Domestic Product (GDP) growth rate of 8.9%, driven by equally strong performances from the services and industrial sectors, as well as steady gains in the agricultural industry. In the first half of 2025, the economy expanded by 7.8% in both Q1 and Q2, following a recent rebasing of GDP data for greater accuracy, according to the National Institute of Statistics.
Agriculture still matters, as approximately 40% of Rwandans work in agriculture, and it contributes roughly 27% to the country’s GDP, but the balance is shifting. Services now dominate as the largest employer, and the industry is rapidly catching up.
Foreign investment in Rwanda has surged. In 2023, foreign Private capital inflows reached USD 886.9 million, up 33.8% from 2022. Foreign Direct Investment (FDI) accounted for over 80% of these inflows.
These numbers aren’t just about money; they reflect confidence. They also translate into jobs, infrastructure, and exports. Sectors like manufacturing, ICT, and finance are drawing particular attention.
In 2024, Rwanda recorded USD 3.2 billion in investment commitments, representing a 32.4% increase from the previous year. Of that, manufacturing, financial services, and real estate accounted for 77.9% of all registered investments.
Manufacturing alone attracted over USD 1.35 billion (about 43.6% of the total investment) in 2024.
Between 2017 and 2023, under the National Strategy for Transformation (NST1), Rwanda created 1.37 million jobs. Exports more than doubled in the same period, growing from just over USD 1 billion in 2017 to over USD 2.4 billion in 2023.
Strategic reforms & enabling environment
What makes Rwanda attractive isn’t luck, it’s strategy. Some of the key reforms and enabling factors include:
Rwanda’s Investment Code offers benefits, including VAT exemptions for imported machinery, corporate tax holidays, and accelerated depreciation. These incentives make setting up manufacturing or industrial ventures more viable.
The Rwanda Development Board’s One-Stop Centre (OSC) is a facility designed to simplify all investor-related procedures. The centre brings together services from multiple government institutions, including immigration, land, tax administration, utilities, and business registration, all under one roof.
Through the One Stop Centre, both local and foreign investors can register a business in under six hours, obtain necessary permits, and access aftercare services without bureaucratic delays.
Rwanda has established Special Economic Zones (SEZs), which include the Kigali SEZ and Bugesera Industrial Park. These zones provide infrastructure, reliable energy, and ready logistics, all of which are critical for factories, export businesses, and tech manufacturing.
National strategies, including the “Second National Strategy for Transformation” (NST-2), aim to double private investment by 2029, build human capital, promote innovation, and enhance agricultural resilience.
For someone who hasn’t followed Rwanda’s recent story closely, here’s what makes it compelling.
Rwanda is pushing into ICT, fintech, clean technologies, and beyond. Also, with ease-of-doing-business reforms, digital governance, and emphasis on sustainable development, Rwanda is positioning itself not simply as a place to extract resources, but as a partner in building a modern, diversified economy.
Although landlocked, Rwanda has capitalised on regional trade agreements and is improving logistics, connectivity, and export infrastructure. Its exports have grown significantly.
Rwanda’s merchandise export revenue rose by 6.9% in 2024, reaching US$1.691 billion, up from US$1.582 billion in 2023. At the same time, the volume of exports increased by 14.8%.
Of course, Rwanda is not without its challenges. Even with robust growth, agriculture’s growth remains more modest, and rural incomes still lag, as do access to capital for small businesses and entrepreneurs outside Kigali.
(the capital city of Rwanda), remains constrained.
There are concerns around ensuring that growth is inclusive, so that the benefits reach ordinary citizens in all regions.
For investors, entrepreneurs, or businesses exploring Africa, Rwanda offers something increasingly rare: predictable growth, a government that has demonstrated resolve, and an environment where doing business is becoming increasingly frictionless.
For the rest of the world, Rwanda’s progress is a reminder that high growth, innovation, and positive change are possible, even for countries that were rebuilding just a few decades ago.
