17 Nov 2021

Botswana offers an excellent springboard for any investor with a bigger eye for Africa, and hopes for renewed zest by the UK to invest in the country.  

President Dr Mokgweetsi Masisi said this yesterday, when presenting at an investor roundtable discussion held at the Legatum Institute, in London, United Kingdom.

Urging the business community to consider setting up in Botswana the President said the country had the distinction of being Africa’s oldest, continuous and most stable democracy. It also had an established economy offering numerous investment and trade opportunities, which included a favourable tax system, a strong regulatory framework and transparent institutions. Transparency International had rated the country as the most transparent in Africa, he said,

He said as Botswana increasingly sought to boost economic growth, the government was determined to improve the ease of doing business to strengthen private sector participation through various investment promotion policies and business-friendly reforms.

“We have also established Special Economic Zones offering some of the most attractive incentives in the region,” he said.

He explained that the sites around Gaborone aimed to transform the city through a multi-sector SEZ linking with developments around the airport, Diamond Trading Centre and the financial services hub.

“Other SEZ locations seek to promote commercial agriculture, and agro-processing, meat and leather industry, cargo [and] logistics”.

Further the President apprised the business community of Botswana’s efforts to build investor confidence.

“As of 21^st October 2021, the Financial Action Task Force removed Botswana from its grey list. The announcement has given us much-needed investor confidence, demonstrating Botswana’s commitment to undertaking continuous business environment reforms,” he said.

He informed the business community that in addition Standards and Poor rating agency had revised its economic outlook for Botswana from negative to stable, giving further credence to the fact Botswana was worth doing business with.

Dr Masisi said Botswana’s ratings were underpinned and supported by the country’s robust and predictable institutional and monetary policy frameworks; modest net general government debt levels and relatively strong net external position, all of which supported durable macroeconomic stability.

He also explained the country had friendlier immigration policies for business.

“Investors can now be granted permanent residence status by the minister even before they have reached the minimum five years of residence,” he said. To make the process of entry to the country easier, Botswana launched the e-Visa system in August this year, allowing travellers from around the world to apply for Visa through the digital platform, which significantly reduced the turnaround time for applications, he said.

He encouraged his audience to utilise the Botswana /UK double taxation avoidance treaty, which entered into force in September 2006, to facilitate investment flows between the two countries

The President noted government had identified some strategic partners in the UK who could help Botswana capitalise on the 4IR technologies to advance the implementation of SmartBots, digital Transformation strategy.

He explained Botswana had developed the digital transformation strategy to drive change across the government, economy and society.

He said the strategy was facilitated through strategic infrastructure, which included an expansive broadband network.

Dr Masisi also invited his audience to visit Botswana and explore the country’s pristine tourism resources, in particular, the Okavango and Chobe National Park. Ends