KIGALI, Nov. 20 (Xinhua) -- Rwanda is targeting an annual industrial growth of 14 percent by 2020 from the current two percent in 2016-17 fiscal year, Rwandan minister of industry said Monday during celebrations of Africa Industrialization Day, at the Kigali special economic zone.
Minister of Industry Vincent Munyeshyaka also said that his government target is to see industrial sector contribute at least 20 percent to GDP up from the current 17.1 percent in 2016-17 fiscal year. The move requires close partnership between the government, private sector and development partners, he added.
"We are targeting to develop our local industries because they will play a key role towards social and economic transformation of our country through creation of enough job opportunities for the young and rapidly growing population," said Munyeshyaka.
He noted that across the developing world, countries that have successfully industrialized their economies have greatly registered tremendous development.
He cited Made in Rwanda initiative that was launched in 2015 among the strategies expected to drive up consumption of local products and close trade deficit.
The minister outlined government interventions geared at promoting local industrial development such as amendment of public procurement laws to give preferential treatment to local manufacturers, VAT exemption for raw materials and capital goods for manufacturing sector, and technical assistance.
He said the government looks to reducing the cost of production, access to modern technology, finance, having skilled and productive labour.
He also promised to address quality issues and ensure consumer protection.
The event, marked under the theme "African Industrial Development: a Pre-Condition for an Effective and Sustainable Continental Free Trade Area (CFTA)" brought together government officials, members of the private sector, manufacturers and civil society organizations.
The objective of this year's Africa Industrialization Day is to raise awareness of the importance of African industrial development in implementing a successful Continental Free Trade Area, and therefore further growing Africa's economy and supporting the eradication of poverty, according to the United Nations Industrial Development Organization.
The day that falls on November 20 every year aims at raising global awareness of the challenges faced by the continent with regard to industrialization.
It also aims to mobilize both African leaders and international organizations to advocate for the accelerated and sustainable industrialization of Africa. Enditem
