Foreign Investment in Rwanda Nearly Triples in Five Years

The industrial sector accounted for 22% of the country’s gross domestic product in the 2024/25 fiscal year and continued to drive employment growth. A total of 111 new factories were established nationwide, including 84 processing agricultural and livestock products, 15 producing various goods, 10 manufacturing construction materials, and two processing minerals.

Among the new ventures is A1 Iron & Steel, which converts ore into steel at the Musanze industrial park. The company received $20 million in foreign investment and is one of several international firms entering Rwanda in recent years.

Data show that foreign investment has steadily increased each year: $548 million in 2021, $663 million in 2022, $886.9 million in 2023, and $1.1 billion in 2024. Mauritius led foreign investment in 2024 with $251.1 million, followed by Kenya at $140.3 million, China at $108.6 million, the United States at $103.9 million, and Germany at $65.3 million.

By regional blocs, COMESA countries contributed $418.6 million, OECD members $340.6 million, SADC countries $293.4 million, Asian nations $228.2 million, and the East African Community $159.1 million.

Foreign loans to Rwandan businesses also rose, reaching $543.6 million, up 28.5% from the previous year. The report noted that 60.8% of these loans came from domestic companies investing in similar foreign businesses, while 39.2% came from unrelated sectors.

Foreign investment supported 69,341 jobs in 2024, with Rwandans filling 97.6% of the positions. That compares with 59,916 jobs created by foreign investment in the previous year.

The report reflects Rwanda’s growing attractiveness to international investors and the government’s continued push to expand its industrial and commercial base.