11 Mar 2018

Botswana continues to diversify sources of export in an endeavour to drive economic growth and create sustainable employment.

Speaking at the 3rd annual Botswana Stock Exchange (BSE) listings and investment conference on March 9, Vice President Mr Mokgweetsi Masisi said the conference theme: Botswana Stock Exchange – A platform for Economic Diversification’ resonated well with the six priority areas of NDP 11 that seek to develop sources of diversified economic growth.

He said Botswana was implementing the Industrial Development Policy of 2014, whose main aim was to achieve diversified and sustainable industries while ensuring beneficiation of locally available raw materials.

He also said Botswana Stock Exchange has established a new board that would be tailor-made for small to medium enterprises to raise the needed capital on the BSE.

The envisaged SME board, called Tshipidi, will have listing requirements that are less stringent compared to those of both the main and venture capital boards.

“I therefore urge all concerned players to observe governance standards and applicable laws and regulations so as to promote and maintain the integrity and stability of the financial sector, and by extension, that of the economy as a whole,” he said.

The Vice President further noted that the existing economic diversification initiatives entail promoting Special Economic Zones and growing SMEs and the informal sector.

Furthermore, Mr Masisi said regional integration was key for sustainable growth of a sparsely populated, landlocked country such as Botswana.

“To this end, in January this year, Botswana signed the first phase of the COMESA-EAC-SADC Tripartite Free Trade Area Agreement that is envisaged to give local companies free trade access to markets in the Common Market for Eastern and Southern Africa (COMESA), East African Community (EAC) and the Southern African Development Community (SADC),” he said.

Mr Masisi also said Botswana continued to enjoy duty free, quota free access to the United States through the Africa Growth and Opportunity Act (AGOA).

“Botswana has initiated processes that will enable the private sector to derive optimum benefits from the negotiated duty free, quota free market access,” said Vice President Masisi. Ends