Rwandans living abroad are playing an increasingly significant role in the country’s economic transformation, with annual diaspora remittances surpassing $500 million, Rwanda’s Minister of Foreign Affairs and International Cooperation, Ambassador Olivier Nduhungirehe, has said.
Addressing delegates on the second day of the National Umushyikirano Council, Minister Nduhungirehe revealed that remittances sent by the Rwandan diaspora have grown from just $9.2 million in the early 2000s to $502 million per year, emphasizing a sharp rise in confidence and engagement with the country’s development agenda.
He compared the figures to those recorded during the first Umushyikirano in 2003, noting that the current level of remittances represents a 52-fold increase over the past two decades.
The minister linked the growth in diaspora remittances to a sustained rise in foreign direct investment (FDI), driven by Rwanda’s deliberate policy to attract global investors alongside Rwandans living abroad.
According to official data cited during the forum, foreign investment inflows exceeded $2.47 billion in 2023, marking a 50 percent increase from the $1.6 billion registered the previous year.
Minister Nduhungirehe said the parallel growth in foreign investment and diaspora remittances reflects Rwanda’s standing as a stable, credible and trusted partner in the international arena.
He added that Rwanda’s investment-friendly environment is reinforced by a range of bilateral and multilateral agreements, including double taxation avoidance treaties, which are designed to ease cross-border investment and protect investors.
Concluding his remarks, the minister emphasized that the next priority for the country is to further scale up investment inflows and expand exports, positioning Rwandan businesses more competitively in regional and global markets.
