06 Aug 2019

Botswana is looking to leverage on strategic economic partnerships with regional and global emerging markets, President Dr Mokgweetsi Masisi has said.

He was officially opening the 2019 Global Expo Botswana held under the theme “Harnessing the Power of Emerging Markets for Economic Growth,” in Gaborone yesterday.

“The theme resonates well with the need for industralisation so as to unlock the potential of the country’s human and financial capital, as embraced by mid-tier emerging economies that the country aspires to do business with,” Dr Masisi said.

He said emerging markets were gradually disrupting the traditional dominance of the more industrialised economies.
 Botswana, he said, was willing to learn from the experience of other developing economies and develop mutually beneficial partnerships.

Dr Masisi said the country was prepared to increase trade linkages with the largest emerging markets on the African continent, notably South Africa,   Nigeria, Kenya and Egypt.

The President therefore urged Botswana businesses to reorient themselves to leverage on opportunities presented by BRICS countries comprising Brazil, Russia, India, China and South Africa,

“In order to achieve accelerated growth, Botswana’s industrial development agenda presents an opportunity for integration into regional and global value chains within these emerging markets.

We need to nurture the spirit of entrepreneurship in this country in order to stimulate economic growth through value addition and beneficiation of our natural resources,” he said.

He said entrepreneurship could be achieved through strategic partnerships with emerging economies which were more advanced in digitalisation and application of artificial intelligence.

The President said the world had now moved from reliance on natural resources towards knowledge-based economies, with rapid advancement in digitalisation.

“In light of these advances, unique contributions to the economy and society by human beings will be based on growing soft skills.

In this regard, the biggest question that has to be addressed by this global exposition will be what value system, behaviours and skills could be instilled into the next generation so that they can adapt to the demands of the fourth industrial revolution and artificial intelligence,” Dr Masisi said.

On the expo, the President noted that it had grown exponentially from inception in 2006 with an increase in exhibitors and international participants.

Minister of Investment, Trade and Industry, Ms Bogolo Kenewendo underscored the need for the country to build strong beneficial economic relationships with emerging markets in the region and globally.

“We want to industrialise and leapfrog to the fourth industrial revolution, and for this we want to work with emerging markets in order to achieve desired economic transformation over the next 10 years.

Since taking over, the President has been building relations across the world, including South-South cooperation,” Ms Kenewendo said.

She said Botswana’s economic growth rate average of 4.2 per cent over the past three years was better than the 2.5 per cent southern African average but still fell short of the desired growth required to move the country towards high income status.

Minister Kenewendo said there was need for better regional and international trade links for Botswana and southern African countries to improve economic growth. ENDS