Botswana Takes Extra Steps to Grow Local Businesses

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Botswana Takes Extra Steps to Grow Local Businesses

Botswanan Government has renewed commitment to improving businesses in the country.

Mr Karabo Gare, Botswana’s Assistant Minister Of Trade and Investment while speaking at the Africa Industrialisation Day, stated Botswana is strategically positioning itself to derive better benefits by tapping into external markets.

Mr Gare revealed that the African Continental Free Trade Area (ACFTA) agreement brought together 55 African countries to create a single market of 1.2 billion people with a combined gross domestic product (GDP) of over $3.4 trillion.

“Botswana through its regional integration initiatives is a party to SADC Industrialisation Strategy. The strategy seeks to facilitate the region in the transition from being commodity-dependent to become value-adding and industrialised economies,” he added.

He noted that like other Africa countries, Botswana like its was still dependent on minerals coupled with narrow industry base and called for the various countries to introspect and develop measures for improved technology transfer, which will see the production of products with a standard quality that meets international standards. He said if this can be done, it will facilitate Industrialisation financing, transforming the technology sector and providing meaningful growth to the economy

Minister Gare stated that the Botswanan government has approved the Industrial Development Policy with emphasis on import substitution. This policy which focuses on an export-led economy is expected to create a conducive environment for industrial growth in Botswana.

“MITI has this year initiated the process to further review the Industry Development Policy of 2014 to align it to new developments of critical importance such as the fourth industrial revolution (4IR). A swift response to the advent of the 4IR would assist in creating wealth, contributing to socio-economic prosperity and facilitating sustainable development and growth,” he said.

Mr Gary added that the Ministry of Trade and Investment had amended the Industrial Development Act and the Trade Act amongst other relevant acts, which are aimed at improving the turnaround time from five days to a day in the issuance of licenses for businesses with health and safety concerns when all requirements had been met.

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