How much has India invested in Rwanda?

The brief states that Indian investors committed investments worth USD 445.1 million in 2024, making India the second-largest foreign investor in Rwanda after China. Indian investors accounted for 35 registered projects that year.

Which India-linked businesses does the brief mention in Rwanda?

The brief states that Rwanda's prominent sugar mill, modern textile mill and FMCG factory are PIO-owned, and that Luxmi Tea, a Kolkata based company, has invested in the tea sector. It also mentions Airtel Rwanda, the Agarwal eye hospital in Kigali and TVS motorbikes.

Trade and investment between India and Rwanda

This article covers trade and investment between India and Rwanda: the latest trade figures, the main goods traded, Indian investment and businesses linked to India in Rwanda, business visits and delegations, and the trade events Indian organisations have held in Kigali. It is based on the Ministry of External Affairs (MEA) bilateral brief of April 2026, and all figures are as the brief gives them.

Bilateral trade

According to the MEA brief of April 2026, total bilateral trade in FY 2024-25 was 112.44 million. Rwanda imported goods from India totalling USD 98.74 million and exported goods worth USD 13.69 million.

A Bilateral Trade Agreement was among the agreements signed during Prime Minister Narendra Modi's State visit to Rwanda in July 2018, along with MoUs on dairy and leather cooperation.

Main items traded

The brief lists the most significant imports from India as:

pharmaceuticals
vehicles
electrical and mechanical machinery
apparel
beverages

Rwanda's major imports from India also included cereal, flour, starch, milk preparations and products, miscellaneous chemical products, and paper and paperboard. The brief does not itemise Rwanda's exports to India.

Indian investment in Rwanda

The brief states that India was the second-largest foreign investor in Rwanda in 2024, after China. Indian investors committed investments worth USD 445.1 million in 2024, representing 13.6% of total foreign investments. This compares with USD 175.2 million in 2023, when India ranked as the top foreign investor.

Indian investors accounted for 35 registered projects in 2024, according to the brief.

Businesses linked to India in Rwanda

In its section on the Indian community, the brief mentions the following businesses:

Rwanda's prominent sugar mill, modern textile mill and FMCG factory are PIO-owned.
Luxmi Tea, a Kolkata based company, has invested in the tea sector.
TVS motorbikes are described as quite popular in Rwanda.
Airtel Rwanda is one of the major players in the telecom sector.
The Agarwal eye hospital is a prominent hospital in Kigali.

In iron and steel, the brief names Imana Steel, A1 Iron & Steel Co Ltd and SteelRwa Ltd, and in cement the producer Cimerwa. It states that these companies have greatly aided development of the infrastructure sector in Rwanda. The textile company Utexrwa, according to the brief, has provided job opportunities to Rwandans and reduced the import of textiles.

Indian nationals and PIOs have also invested heavily in the hospitality sector in Rwanda.

Business visits and delegations

Several ministerial visits between the two countries have had a business focus:

In October 2011, Prime Minister Bernard Makuza led a 25-member business delegation to India to explore new investment opportunities.
In February 2012, a high-level delegation led by Smt. Preneet Kaur, Minister of State for External Affairs, visited Rwanda, accompanied by a multi-sectoral CII business delegation.
From 17-19 March 2013, Mr. Francis Kanimba, Minister of Trade and Industry, led a business delegation to the 9th CII-EXIM Bank conclave in New Delhi.
In November 2013, Shri K.H. Muniyappa, Minister of State (Independent Charge), Ministry of Micro, Small and Medium Enterprises, led a business delegation to Kigali for the Technical and Vocational Education and Training Expo and Symposium.

During Vice President Shri M. Hamid Ansari's visit to Rwanda in February 2017, he attended a business forum event organised by the Rwanda Development Board, in which representatives of FICCI also took part.

Kigali as a venue for Indian events

The brief states that Indian organisations and institutions increasingly view Kigali as a place to host conferences. In August 2019, the Telecom Equipment and Services Export Promotion Council (TEPC) organised the India-Africa ICT Expo 2019 in Kigali in collaboration with the Government of Rwanda. The second India-Africa ICT Expo 2020 took place on a virtual platform with the support of the Government of Rwanda in December 2020.

The Indian think tank Observer Research Foundation (ORF) organised the Kigali Global Dialogue in Kigali in July 2019. The second and third editions were held in 2022 and 2023 respectively.