17 Oct 2024

 Digital technology presents an opportunity for economic growth and job creation hence government decision to prioritise investing in digital infrastructure, skills development and broadband networks. 

The Minister of Entrepreneurship, Mr Karabo Gare therefore noted that it was through initiatives such as Precious and Partners Embassy Direct, that digital technologies were harnessed with the aim to connect with foreign investors to ultimately diversify the economy.  

“We must invest in digital infrastructure, skills development and accessible broadband networks. The recent passing of the Data Protection (Amendment) Act is a positive step towards establishing a secure and open digital market,” he said during the launch of Precious and Partners Embassy Direct in Gaborone recently.

Precious and Partners Embassy Direct is a platform offered by Precious and Partners (PnP) legal practice, that aims to connect foreign investors with local opportunities to revitalise the economy through foreign direct investment.

In line with the Sustainable Development Goals and the National Development Plan 11, Minister Gare highlighted that his ministry was committed to ensuring that right policies were in place to unlock the country’s aspiration of a digital economy particularly to empowering small and medium start-ups. 

He noted that it was equally important for Botswana and the rest of Africa to consider digital economy as getaway to modernisation and economic empowerment. 

Mr Gare said it was also crucial to coordinate innovation systems and align them with entrepreneurial frame works in an effort to commercialise effective innovation. Similarly, he highlighted that Botswana’s early-stage entrepreneurial activity remained low with start-up failure rates high. 

Through fostering an entrepreneurial mindset among the youth, Minister Gare said government could inspire future generations to pursue careers in entrepreneurship. 

To that effect, he said facilitating access to finance was another important aspect towards uplifting small and medium entrepreneurs, adding that it is imperative to create an enabling environment towards financing young entrepreneurs. 

“We must enhance financial support by intergrating business development hubs and incubation centres and business accelerations programmes,” he said. 

He expressed optimism that the Precious and Partners Embassy Direct initiative would assist in the facilitation of business setups in Botswana. 

Mr Gare stated that there was need to eliminate impediments that hinders the growth of entrepreneurs through the formulation of legislations that safely guard and promote the growth of young entrepreneurs. 

He said Botswana was lagging behind in the ease of doing business reforms compared to Asian and Latin American countries, hence the need to eliminate any bottlenecks that could hinder direct foreign investment. 

“We must embrace the paradigm shift that positions innovation and entrepreneurship at the forefront of economic recovery post the COVID-19 pandemic,” the Minister said. 

He further noted the need for Botswana to position itself towards benefiting from the ratification of the African Continental Free Trade Area (AfCFTA) agreement instruments. 

Further, Precious and Partners' Chief Executive Officer, Advocate Precious Masuku-Gondwe explained that the Embassy Direct was formulated with the intent to facilitate potential foreign investors. 

“We are hoping to provide a value adding service to investors hoping to partner with local entrepreneurs with a product that would help them navigate the market space in Botswana,” she said.

She said the initiative aims to eliminate immigration and licensing challenges that foreign investors face in the process of investing in Botswana. ENDs