21 Jun 2023

As Botswana seeks to extract more benefit from her extensive endowment in diamond reserves, Norway with its Sovereign Wealth Fund created out of that country’s oil revenue could offer a good example to learn from, President Dr Mokgweetsi Masisi has said.

Receiving the diplomatic letters of credence from the Norwegian Ambassador Designate, Mr Gjermund Sæther, President Masisi said as Botswana concluded negotiations with long standing diamond industry private sector partner De Beers, the country could learn from the experience of countries such as Norway.

Dr Masisi said since independence, Botswana used diamond revenue for development, but more could have been achieved and the current aim was to ensure the country extracted more value for its resources.

He said the over US$ 1 trillion Norway Sovereign Wealth Fund, founded in 1990 by the Norwegian government through investing surplus from the country’s petroleum industry into a state-owned investment fund, is a model Botswana could glean from in accumulating wealth from natural resources.

He lauded Norway as a historic partner that had supported Botswana through aid funding during the country’s earlier stages of development. He called for improved economic partnership in strategic areas.

Dr Masisi said Botswana and Norway also shared a common belief in democratic tradition, the rule of law, and a belief in multilateralism, territorial integrity and non-interference in the sovereignty of nations; further calling for an immediate cessation of the Russia-Ukraine conflict and a peaceful solution to be found through dialogue.

For his part, Ambassador Sæther said over the years, Botswana had proved to be a good model for other developing nations in terms of prudent use of development aid funds, with aid consistently used appropriately for intended development spending.

Now, as Botswana has graduated to upper middle income status, largely reliant on its own revenue to finance its national development plans, Norway now sought a more matured partnership with a focus on investment and mutually beneficial trade links.

Meanwhile, the Ambassador Designate of Italy, Mr Gianni Bardini, who also presented his credentials to President Masisi on the same morning.

He said he was eager to get environmental projects running in Botswana because there were already agreements between the two countries on that sector, and funding availed by the Italian government.

Mr Bardini said he would work with Botswana’s ambassador to Italy, to organise an event to be held in Milan, Italy to showcase and market Botswana to targeted Italian companies for possible investment.

He also said he wanted to foster high level political dialogue between the two countries and explore economic opportunities in sectors such as renewable energy. Ends