Africa-Press – Rwanda. <\/strong><\/span>The just concluded 3rd Belt and Road Forum on International Cooperation published a report, China\u2019s trade and investment cooperation under the Belt and Road Initiative: 2013-2023, illustrating the achievements of BRI partners in the area of trade and investment, one of the five pillars of Belt and Road Initiative (BRI) Cooperation.<\/p>\nThe report revealed that, in 2022, goods trade volume between China and its BRI partners reached nearly $2.9 trillion, up nearly 76 per cent from a decade ago, with new trade models and formats like Silk Road e-commerce and market procurement emerging to add resilience to trade cooperation between China and other BRI economies. As of 2022, China’s investment stock in other BRI economies had amounted to $309.9 billion, or 2.7 times that in 2013.<\/p>\n
Rwanda\u2019s trade cooperation with China also captures the same upward trend.<\/p>\n
Since Rwanda\u2019s signing MoU on BRI cooperation with China in 2018, the bilateral trade and investment between Rwanda and China grows quickly. According to statistics of China\u2019s customs, the total bilateral trading volume between China and Rwanda in 2022 reached 474.5 million USD, which was more than tripled comparing to that in 2017. Moreover, Rwanda\u2019s export to China soared from 28.9 million USD in 2017, to 70.5 million USD in 2022. In the first eight months of this year, Rwanda\u2019s export to China hit a record high of 84.9 million USD.<\/p>\n
Boosted agriculture products exports tell the efforts the two countries made on trade. In 2017, Rwanda\u2019s coffee and tea export to China was around 0.26 million USD. While in 2022, it was 7.43 million USD, registering a steep increase in 2020 and 2021.<\/p>\n
Since Rwanda became the first African country to export dried chili to China, the farm produce gained enough attention. In 2021, 4.8 tonnes of dried chili was exported to China. The number became 13.5 tonnes in 2022, and 34.7 tonnes in 2023 until August.<\/p>\n
Rwanda has also attracted growing Chinese investment.<\/p>\n
In 2017, Rwanda Development Board (RDB) registered 62.0 million USD of investment from China, which ranked fifth among other investors. Since then, Chinese investment kept growing and China became Rwanda\u2019s top foreign investor since 2020. In 2021, the investment hit 357.7 million USD, five times more than that of 2017.<\/p>\n
The numbers don\u2019t increase on their own. The achievements were not thrown into people\u2019s laps or were granted by anyone. Let\u2019s look at some of the past efforts by the two sides on trade and investment cooperation.<\/p>\n
1. Expanding zero-tariff treatment to Rwanda exports to China<\/p>\n
China has started to grant zero-tariff treatment to a range of imports from least-developed countries since 2001. In 2013, 95 per cent of Rwanda exports enjoyed zero-tariff treatment, and the number increased to 97 per cent in 2015. As announced by Chinese President Xi Jinping in November 2021, China has granted zero-tariff treatment to 98 per cent of taxable items from Rwanda and other least-developed countries since September 2022.<\/p>\n
2. Operating eWTP Africa in Kigali<\/p>\n
In October 2018. H.E. President Paul Kagame and Jack Ma, Alibaba Group founder, officially launched the first Electronic World Trade Platform (eWTP) in Africa in Kigali. The ongoing e-commerce cooperation centering around eWTP, has helped Rwandan businesses to directly enter the Chinese market, and stimulated the e-commerce industry in Rwanda, fitting Rwanda\u2019s development strategies and vision.<\/p>\n
3. Promoting Rwandan products online in China<\/p>\n
With combined efforts of the governments of Rwanda and China, Chinese e-commerce platforms, and other stakeholders, \u201cMade in Rwanda\u201d products gain considerable attention in China online and have accumulated a good reputation. Rwanda\u2019s coffee farmers benefit from the market, earning 4 more USD per kilo with boosted sales. Rwanda\u2019s chili farmers gain double income with value-added produced chili products.<\/p>\n
4. Increasing Chinese private investors<\/p>\n
More Chinese private investors are attracted by Rwanda\u2019s business environment, encouraged by the achievements of BRI cooperation between the two countries, and have started their investment in Rwanda. Past years have seen fresh Chinese participation in Rwanda\u2019s economy with motorcycle and electric vehicle dealers, TV set assembly factories, and paper production factories, among others. One highlight is the launch of Anjia Prefabricated Construction Rwanda this August, during which H.E. President Kagame inaugurated the cement factory.<\/p>\n
For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Times Reporter Africa-Press – Rwanda. The just concluded 3rd Belt and Road Forum on International Cooperation published a report, China\u2019s trade and investment cooperation under the Belt and Road Initiative: 2013-2023, illustrating the achievements of BRI partners in the area of trade and investment, one of the five pillars of Belt and Road Initiative (BRI) […]<\/p>\n","protected":false},"author":84,"featured_media":55836,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[760,763,758],"class_list":["post-55837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-rwanda","tag-rwanda"],"yoast_head":"\n
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