05 Feb 2024

 Reforming the business environment is crucial for fostering economic growth, attracting investment, promoting entrepreneurship as well as supporting value chain development.

This was said by Minister of Finance, Ms Peggy Serame delivering the budget speech in Parliament yesterday.

Ms Serame said a development budget of P2.11 billion was therefore proposed to support the private sector through business environment reform and value chain development in the 2024/2025 financial year.

“This requires a multi-faceted approach that addresses regulatory efficiency, financial accessibility, market competition, infrastructure development, and governance standards,” she said.

She said opportunities existed in the country’s domestic value chains, which comprised mineral beneficiation, tourism, food processing, education, agribusiness including horticulture, cattle, small stock, finance and indigenous products.

Moreover, the minister said the ratification of the African Continental Free Trade Area (AfCFTA) agreement in February last year affirmed Botswana’s dedication to the historic continental initiative which opened the doors for the private sector to participate in the growing Continental Free Trade Regime, providing access to a market comprising 1.3 billion people.

“Therefore, it is paramount that our private sector seizes golden opportunities presented by the AfCFTA agreement and become competitive in regional value chains and cross border trade,” she said.

She further said the Botswana Exporter Development Programme (2020-2024) would continue to build the capacity of the local private sector to produce goods and services that were competitive in international markets.

She also revealed that government would undertake a comprehensive review of business support products and funding models with a view to provide innovative and tailored financial solutions for the private sector to address the current implementation challenges, emerging issues and gaps that affect businesses at different stages of development. Ends