Botswana is working hard to boost its exports, reduce its imports, and stimulate industrial growth with the help of both domestic and foreign investors. Leading this effort is the Ministry of Trade and Industry, headed by Minister Vincent Seretse. At the Global Expo Botswana trade fair held in November 2014, the minister commented, “Botswana has a narrow manufacturing base and 80% of what the country consumes is imported. Investors in manufacturing in Botswana can not only reduce this huge import bill but also access the SADC market, with its 50 million consumers, without being hampered by duties and quotas.”
Addressing potential international investors, the minister added that Botswana’s government continues to work with the local business community to improve the country’s business climate. He said, “As a market-led economy, Botswana’s objective is to provide a conducive investment climate which will nurture economic growth through maintaining a stable macroeconomic environment and providing institutional support.”
Vincent Seretse formerly served as Botswana’s Assistant Minister of Finance and Development Planning and as the CEO of national telecom provider Botswana Telecommunications Corporation, where he spearheaded the company’s successful restructuring. He is well placed to recognise the potential of cooperation between the government and the private sector. He explains, “Botswana’s private sector has a key role to play, and an effective partnership between the government and the private sector is essential for Botswana’s industrial growth and economic diversification.”
Positioning Botswana as top international business base
Vincent Seretse urges foreign investors to look into opportunities in Botswana. He says, “Botswana is a great destination for business thanks to its political and economic stability. Botswana also has no exchange controls and is rated the least-corrupt country in Africa. Our government provides financial assistance to potential investors through entities such as Botswana Development Corporation, and we are creating special industrial zones for export-oriented companies.” He adds, “We want to position Botswana as a top international business location like Singapore, Malaysia and the Scandinavian countries.”
Foreign investors who create jobs are especially welcome. At the opening ceremony for Malaysia’s Pasdec Automotive Technologies (PAT) plant, which recently relocated from South Africa to Lobatse, Botswana, Vincent Seretse commented, “The Botswana government’s top development priority is job creation, so I am pleased that this PAT project will create 500 jobs in its first phase.” He added, “Botswana is currently establishing institutions that will train students in the skills they need to make them an indispensable part of the mainstream workforce.”
Another focus for Vincent Seretse is Botswana’s integration into the SADC region. He represented Botswana at the SADC Extraordinary Summit held in Zimbabwe on April 29 to discuss the SADC Industrialisation Strategy. Reporting on the summit, Vincent Seretse said, “The new strategy focuses on member states improving their economies, investing in technology, deepening regional integration, increasing regional trade and exports, and creating jobs. More importantly, the strategy calls for raising the average SADC GDP growth rate from the current 4% to 7%. In addition, the industrialisation strategy is aligned with Agenda 2063, which aims to optimise the use of Africa’s resources for the benefit of all Africans.”
Vincent Seretse is also promoting entrepreneurship among the people of Botswana and strongly supports the government’s programmes to empower and create jobs for all members of Botswana’s population, including women and young people. Addressing the people of Botswana, he says, “You should be willing to take chances, be innovative, make and follow your own path and not just follow the well-trodden one. Chart your own course and destiny and be the person you were meant to be.”
