12 May 2016

Government will continue to champion a drive towards economic diversification.

Therefore, it was important for the public and private sector to work together to achieve this, the Minister of Investment, Trade and Industry, Mr Vincent Seretse, has said.

Speaking during the launch of Stanbic Bank Botswana’s commercial trade products on May 12, Mr Seretse said in every economy, the private sector was the engine of economic growth.

“It is my sincere privilege and honour to be part of this wonderful engagement as you launch your trade product, marking a key step in your journey towards enhancing the benefit of your business customers,” he said.

He said technology had become ubiquitous, but the challenge lied on how to harness it and put it to good use.

“We are gathered here to recognise and appreciate a technology platform that through innovation is going to change business landscape,” he said.

He indicated that the trans-regional offering offered the business banking capabilities beyond our borders, facilitating local entrepreneurship interaction with the global market.

Mr Seretse said  domestic and regional trade were the heart of what made our entrepreneurial climate exist and thrive.

“It is the opportunity for enhanced inter-regional trade that holds the potential for businesses to capitalise and maximize on strengthening relationships across borders,” said Minister Seretse,      

He said his ministry’s mandate of facilitating the promotion of investment and the development of sustainable industry and trade provided conducive environment for trade and drives entrepreneurship and enterprise development within and beyond the borders of Botswana.

“It facilitates and encourages flows of trade for Botswana and indeed to benefit our national economy, our corporate and our SMMEs business owners,” he added.

Mr Seretse said government efforts to eradicate extreme poverty and creation of employment cannot be left to her alone and urged the private sector to join in.

“A thriving private sector is a prerequisite of a healthy economy and I therefore call upon you to be a partner in driving our development agenda,” he said.

For his part, Stanbic Bank Botswana chief exceutive officer, Mr Leina Gabaraane said trade was an integral part of every economy.

He said the international market offered opportunities for Botswana businesses to explore.

“The biggest challenge we have as a country is reducing unemployment and if trade functioned the way we envisioned it we would tackle things such as unemployment,” he said.

Mr Gabaraane further said they had always explored ways to leverage the bank’s position in making it possible to help the country in fulfilling its potential.

“There are quite a number of elements that make it hard for people to start up business and some of them include lack of unserviced land and lack of capital,” he said. ENDS