02 Sep 2018

Government intends to embark on overhauling the current resource-based economic model, President Mokgweetsi Masisi has said.

Officiating at Botswana-China Business Forum in Beijing on August 31, President Masisi said the country should transform to a fully industrialised, diversified and knowledge-based economy.

When luring Chinese investors to Botswana at the forum, which was a precursor of the Forum on China-Africa Cooperation (FOCAC) that starts today, he said Botswana had over the decades availed a conducive environment in which private enterprises could thrive.

“In this regard I am here to invite you personally to Botswana, our pride, your next investment destination. We declare with confidence that Botswana is the right and reliable place to grow your investment,” he said.

He said the country was fast- tracking the implementation of Business Reform Roadmap with a view to ease doing business in Botswana and attract investment.

President Masisi further admitted that while he painted a rosy picture, there were challenges of an economy that was driven by diamonds, high poverty levels compounded by high unemployment, especially among the youth.

“We are way too low on innovation as well as technological readiness,” he said.

He said progress to transition from middle income status to high income status depended on deliberate steps to create an economy that thrives on high productivity, innovation and competitiveness.

“In an endeavour to improve competitiveness, my government will continue to, among others, endeavour to improve ease of doing business and development and maintenance of economic infrastructure,” he said.

To that end, he said government was setting up an investment board that would be chaired by him and that over P9 billion had been devoted to energy, water, road maintenance and ICT infrastructure during the current financial year.

“We intend to pursue economy that is aimed at de-regulation to create opportunity for private sector to be the engine of growth and primary job creator,” he said.

He said the reduction of administrative burdens, systems review and deployment of ICT particularly e-Government would be some of the additional measures.

For his part,  China’s Council for the Promotion of International Trade chairperson, Mr Jiang Zengwei said Botswana was a high profile country in Southern Africa that China greatly valued and strongly desired to cooperate with.

He said China was keen on deepening cooperation with Botswana in manufacturing,  textile and infrastructure development.

Minister of Investment, Trade and Industry, Ms Bogolo Kenewendo reiterated government’s commitment to working with Chinese private sector and openness to the rest of world.

She said the visit by President Masisi and cabinet ministers was an assurance that Botswana was a credible player in economic affairs.

“I hope the contacts that we will establish here will prove mutually beneficial of both countries and we will see tangible benefits from this business forum,” she said,

Ms Kenewendo further said the recent successful visit of high powered delegation of Chinese investors to Botswana that ended in signing agreements would be operationalised, given the strategic importance of the Chinese economy globally on the context of Africa and the context of renewed relationship between Botswana and China. ENDS