19 Mar 2019

The signing of a Memorandum of Understanding between Botswana Investment and Trade Centre (BITC) and Export Credit Insurance and Guarantee Company Botswana (BECI) will help advance and sustain Botswana’s economic diversification drive.

Speaking during the signing ceremony in Gaborone recently, BITC chief executive officer, Mr Keletsositse Olebile stated that the new marriage would also support the export of Botswana’s goods and services by providing a wide range of export credit and investment insurance or reinsurance products.

“The signing of the MoU aims to enhance cooperation in promoting export trade and investment in Botswana through the advancement of export credit and investment insurance instruments as offered by BECI to Botswana exporters,” he said.

He stated that their cooperation with BECI would support the country’s trade and export industry and likewise, serve as a means for seeking mutual cooperation in promoting regional trade and strategic development of Botswana’s economic sectors.

“The collaboration will help form close co-operation between BITC and BECI in supporting small and medium enterprises operating in Botswana and encourage them to export and to provide solutions to meet their funding problems,” he said.

Furthermore, he said the agreement would further open up the potential for both institutions to make significant contributions towards unlocking the full potential for delivering the much needed developmental impact on the region.

For his part, BECI general manager, Mr Cowell Habana said the signing aimed at promoting export development and facilitation of trade locally.

“The signing is with a view to strengthen export development and promotion as well as develop reciprocal cooperation between the two entities,” he said.

Mr Habana further stated that the importance of the MoU was to strengthen the institutional relations and capacity building through mutual cooperation.

Regarding BECI services, he said they offered many policies with a small cost of percentage, and that their services were designed with cost-effectiveness in mind and could be tailored to enterprises of any size.

He pointed out that the biggest cause of business failure in Botswana was lack of cash flow and not lack of profitability.

“At BECI we take the pressure of cash flow off your business, giving you the breathing room you need to shine in the market place,” he said

Mr Habana also said that their initiative has been designed specifically to give highly motivated locally owned construction businesses the performance bonds, financial backing and business mentorship they needed to compete for and deliver projects on time.

He said they created relationship opportunities with other countries for investment, make world markets as well as advice accordingly.

He also expressed excitement at the opportunity to formalise the relationship with BITC, saying the friendship provided capacity building. ENDS