Why an Economic Diplomacy in Rwanda
INTERNATIONAL JOURNAL ON ECONOMICS, FINANCE AND SUSTAINABLE DEVELOPMENT, (2022)Abstract
This research seeks to provide an understanding of the Economic Diplomacy Program (EcoDiplo) in Rwanda including but not limited to why it is necessary, what it will deliver, and how it will be delivered.
Why need an Economic Diplomacy Program?
The Government of Rwanda (GoR) has a clear vision: to become an Upper-Middle-Income country by 2035 and a High-Income Country by 2050 . For this, it targets over 9% GDP/capita growth until 2050 necessitating 17% annual export growth to 2035 and 2X growth in private savings and investment by 2025 and 3X by 20351. The NST1 indicates that this growth will be driven by trade and investment; hence Rwanda needs to have an efficient trade and investment strategy.
The implementation of the actions that lead to these targets is scattered across many players. When these actions are not linked or coordinated, efficiency suffers and there is a redundant use of human and financial resources.