U.S., Rwanda sign investment agreement

Feb. 19, 2008 at 3:23 PM

KIGALI, Rwanda, Feb. 19 (UPI) -- The presidents of the United States and Rwanda signed a trade agreement Tuesday, saying the pact urges U.S. companies to consider Rwanda a good investment.

The bilateral treaty "sends a signal to U.S. companies that they ought to consider investing in Rwanda," said U.S. President George Bush, in Rwanda as part of his African visit.

Rwandan President Paul Kagame understands capital investment "is much more effective in the long term than just grant money," Bush said, because attracting capital leads to job creation.

"The bilateral investment treaty that we have just signed is further testimony to your commitment and the good will of the American people," Kagame said, noting similarities between the two countries. "We believe in investing in our people. We share a commitment to expanding our people's economic and democratic aspirations."

Among other things, the treaty provides legal protection for investors from both countries, including non-discriminatory treatment, transparency and governance, and arbitration mechanisms, Bush said. While not guaranteeing a profit, he said, the treaty provides "a guarantee you'll be treated fairly."

In 2007, U.S. imports from Rwanda were valued at $13 million and U.S. exports to Rwanda totaled $60 million, White House figures indicated.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Joel Osteen heckled, 6 arrested during service at Houston megachurch
Ghost hunters discover woman's body at abandoned Mississippi hospital
Walmart sorry for making Islamic State cake after rejecting Confederate flag cake
Obama signs fast-track trade, worker assistance bills into law
Wildfire burns at least 24 homes, 4,000 acres in central Washington