12 Apr 2022

Southern Africa Customs Union (SACU) should strive for a common vision to advance industrialisation in order to take advantage of opportunities created by the Africa Continental Free Trade Agreement (AfCFTA).

Speaking during a SACU investment roundtable in Gaborone yesterday, President Dr Mokgweetsi Masisi said industrialisation had proven to be a catalyst for development in many economies.

He expressed optimism that the roundtable discussions would inform the development of a focused regional investment plan and strategies to guide the practical implementation of the SACU industrialisation work programme.

President Masisi was also hopeful that the priority sectors of agro-processing, textiles and clothing as well as pharmaceuticals, cosmetics and essential oils identified in the SACU work programme would propel the organisation to become an industrial and innovation hub for Africa.

The identified priority sectors, he said, offered immense and credible opportunities for the development of regional value chains across the SACU region.

It was therefore critical for SACU member states to work together for the advancement of  regional integration objectives and to find solutions to global challenges.

About the roundtable, which ends today,  President Masis said it came at an opportune time when the African continent was implementing one of the world’s largest free trade agreements, AfCFTA.

It also came at a time when countries needed to undertake extraordinary measures to revive and prepare economies for post-COVID-19 pandemic transition, he said.

“In taking advantage of these prevailing opportunities, concerted efforts will be required by both the public and private sector to lay the foundation for a more resilient regional economy by investing in job-rich, highly productive priority projects and greener activities.

This is in line with the priority sectors and their respective strategic projects identified for economic transformation by the SACU region,” President Masisi said.

Stating that governments alone could not achieve the ambition of transforming SACU, he said it was important to collaboratively partner with the private sector in the development of finance institutions and other regional organisations.

“We have learnt over the years that collaboration partnerships result in the generation of sustainable growth, employment creation and poverty reduction. This is more critical today, more than ever before, considering the adverse impact the COVID-19 pandemic has had on our economies,” he said.

President Masisi stressed the need for contributions towards the development of measures and mechanisms that would ensure  private sector engagements led to securing investments.

According to the President, investment allowed for generation of employment and educational opportunities as well as encouragement of advancement, innovation and better utilisation of existing resources.

On the side of Botswana, he affirmed government’s  commitment to creating an enabling environment for investment and trade in general in order to realise the country’s ambition of industrial transformation.ENDS