27 Nov 2018

Youth Development Fund (YDF) guidelines are being reviewed to accommodate the co-operative model which can give birth to manufacturing enterprises, President Dr Mokgweetsi Masisi has said.

The president, who was speaking at the official launch of the new and innovative plumbing technology, the Flotek flowguard CPVC on November 26, stressed the importance of manufacturing in any country and encouraged Botswana’s young people to consider venturing into the sector.

He described the sector as a key driver of long sustainable economic growth, creating more jobs than any other and driving innovation in multiple segments of the economy.

Dr Masisi said the YDF review would see co-operatives receiving more funding to enable them to establish viable  business projects.

Through the model, he said, greater access to resources to set up businesses would be availed to young people.

According to president, local manufacturers, particularly Small and Medium Enterprises (SMEs) could become an integral part of the manufacturing supply chain and would employ more people.

“As a growing economy which relies heavily on mineral revenues we believe manufacturing has the potential to contribute in no small measure to Botswana’s elevation to high-income status as espoused in our National Vision 2036,” he said.

He further noted, “For us to successfully diversify our economy we require firm political commitment, consistent and predictable public policies and substantial financial resources. I would like to assure you that government is firmly committed to seeing this revolution through.”

Dr Masisi said active participation of the private sector was required in efforts to grow the economy through the manufacturing sector.

He said countries that had succeeded in diversifying their economies placed more emphasis on promoting industrialisation.

“Botswana has adopted a number of policies, strategies and programmes to promote the manufacturing sector. Among these is the Economic Diversification Drive (EDD) initiative which seeks to strengthen local manufacturers by promoting the procurement of locally produced products,” he said.

EDD aims at achieving quick wins in targeted sectors of the economy where private sector efficiency and competitiveness could be achieved quickly.

Dr Masisi said the Citizen Entrepreneurial Development Agency (CEDA) was currently assessing investment opportunities in Botswana’s manufacturing sector so as to unlock sustainable business opportunities.

He said the government was in the process of reviewing the Botswana Exporter Development Programme to help local companies to export to regional and international markets.

“During the 2018/19 financial year, about 20 companies will be enrolled into the programme to help them export their products through among others enhancing their export readiness and competitiveness. I wish to affirm that Botswana is open for business and to actualise this government is on a drive to promote investment which can unlock the potential for existing industries and startups,” he added.

Dr Masisi said in 2019 Botswana will have the Economic and Investment Board in place which would then pave way for the establishment of the Investment Clearing House whose purpose would be to facilitate investment flows into the country. ENDS