Botswana Remains One of Your Safest Bets-Masisi To Investors At US-Africa Business Summit
May 16, 2024By Ajong Mbapndah L
Dr. Mokgweetsi E.K. Masisi, President of the Republic of Botswana, has made a strong case for Botswana as a top investment destination, citing the country's stability, progressive policies, and strategic initiatives promoting economic growth and sustainability.
The Botswana leader spoke during the ‘Doing Business in Botswana’ session of the US-Africa Business Summit 2024 in Dallas, Texas.
Addressing a strong audience of potential investors, and summit attendees, President Masisi outlined Botswana's strategic priorities under the 'Reset Agenda,' which aims for significant post-pandemic recovery and sustainable development.
He emphasized vital areas such as digitization, value-chain development, and green energy, highlighting the country's commitment to digital innovation and boosting key economic sectors such as agriculture, tourism, and mining.
“These priorities are not only geared towards recovery measures in the aftermath of the pandemic, but are also an embodiment of our people-centric approach to inclusive governance, where full focus is directed towards our people as we strive to eliminate poverty, address inequality, unemployment, as well as enhancing sustainability across our key industries and sectors,” said President Masisi while underscoring the active role of the youth who constitutes 60 per cent of the population.
President Masisi also called for long-term investments in green energy, reflecting Botswana's commitment to meeting global climate goals, such as achieving net-zero emissions.
He announced that Botswana consistently ranks in the Top 10 for ease of doing business and global competitiveness in Africa, as well as the Botswana Board of Investment formation, which he will chair to improve the country's business environment.
“As part of our broader investment promotion drive, and to ensure that we remain investor friendly and competitive, my government has taken a decision to set up the Botswana Board of Investment, which I will chair, as a way of affirming our total commitment to the ease of doing business in Botswana,” he added.
Additionally, President Masisi outlined significant infrastructure projects for the 2024/2025 fiscal year, including the development of the Mmamabula-Lephalale Railway line and investments in road, rail, and air infrastructure totalling USD 216 million. These projects aim to better integrate Botswana into regional economic networks and capitalize on the African Continental Free Trade Area (AfCFTA).
“Botswana in collaboration with Zambia have invested in the construction of a bridge across the Zambezi River, at a strategic place called, Kazungula, thus creating a transport and logistics corridor linking Southern Africa with Central Africa, and the rest of the African continent.”
Botswana's digital transformation strategy was also highlighted. The President emphasized the critical need to improve ICT networks and establish local data centres to reduce reliance on external data hosting. He also emphasized the importance of strengthening innovation and supporting knowledge-based industries.
Looking ahead, President Masisi reassured investors about Botswana's political and macroeconomic stability, describing the country as a democratic, investor-friendly platform for doing business in Africa.
He also mentioned the upcoming national elections in October, promising they would be conducted transparently and fairly as Botswana's democratic process.
“Our democratic and investor-friendly Botswana is positioned to become a launch pad for doing business in Africa through our unrivalled good governance, macroeconomic and political stability, as well as our commitment to continuously improve our business environment,” added President Masisi.
At the same time, he invited the attendees to explore investment opportunities in Botswana and directed potential investors to the Botswana Investment and Trade Centre (BITC) for further assistance.
President Masisi also called for enhanced women's role in trade during the summit. Speaking at the event focused on "Facilitating U.S.-Africa Trade and Investment: Women and the Diaspora," he underscored the urgent need for increased female participation in trade locally and internationally.
The side event was organized by the African Women's Entrepreneurship Program (AWEP) in partnership with the United States Department of Commerce Commercial Law Development Program (CLDP), the Africa Women and Youth Empowerment Group (AWYEG), and the Corporate Council on Africa.
President Masisi pointed out women's significant economic contributions, particularly through informal cross-border trade valued at USD 17.6 billion.
In spite of their contributions, women frequently face exploitation and violence, with little protection.
To address these challenges, Botswana's head of state emphasized the importance of the African Continental Free Trade Area (AfCFTA), which is expected to boost Africa's income by USD 450 billion by 2035 and significantly increase intra-African exports.
Masisi stated that the Botswana government has proactively assisted women entrepreneurs through various initiatives, including a focus on public procurement opportunities for women-owned businesses and a partnership with UN Women on entrepreneurship training programs.
President Masisi further stressed the importance of transformative trade reforms that explicitly reduce gender discrimination and strengthen women's capacity to meet global trade demands.
He referred to the World Trade Organization's Buenos Aires Declaration on Women's Economic Empowerment as a motivator for incorporating gender considerations into trade policies.
“I note with appreciation the adoption of the Buenos Aires Declaration on Women’s Economic Empowerment by the World Trade Organisation in December 2017. This continues to motivate Governments to mainstream gender in trade, including in cross-country trade agreements,” he stated.
Highlighting the barriers women entrepreneurs face, such as access to markets, finance, and capacity building, President Masisi called for tailored support programs that can propel small and medium-sized enterprises (SMMEs) to global competition.
President Masisi also advocated for significant investments in programs that not only prevent violence against women but also encourage their leadership in critical areas such as digital technology and climate action.
Furthermore, President Masisi recommended a comprehensive policy shift to ensure that women have equal opportunities in international trade, which aligns with the goals of Agenda 2030 for sustainable development and gender equality.
Described by some as Botswana’s Chief Marketing Officer, President Masisi was accompanying in making the sales pitch for his country by a strong cast of different agency staff handling key sectors of the economy with strong investment potential. Noticeably present in Masisi’s delegation were dynamic young entrepreneurs who were presented with the opportunity to directly pitch some of their services and opportunities to investors.
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