Botswana president eyes UAE as gateway to boost trade
Republic of Botswana President Dr Mokgweetsi Masisi has said that the country has an established base for multilateral investments into several industries, especially, mining, tourism and food.
Botswana is currently recovering and emerging from the adverse economic impact of the Covid- 19 pandemic. But it emerged as a resilient country, he added.
The country has regional trade agreements, which benefit businesses. “We want foreign investors to succeed with our strong ecosystem for them to thrive,” Dr Masisi said. Addressing the gathering of senior investors and key officials from the government and private sector entities across Botswana and the UAE at the Botswana Investment and Trade Conference held at the Ritz Carlton DIFC Dubai, he said: “I am overwhelmed by the success of Expo 2020 Dubai, which created the perfect place for us to showcase opportunities in Botswana for investors to explore and exploit them.” “It will eventually grow them and our economies. Our ministries and companies are here and finding new roadways of connecting with the investors. We have an absolute addiction to the rule of law in the country. It ensures not only the protection of investments but to thrive, as we are signatories to a number of regional and international conventions. We have political stability. We are friends to many countries and we have no enemies. It provides a perfect environment for foreign investors. Therefore, I invite all investors to come to Botswana and witness it.” Botswana offers a profitable, stable, secure and sustainable investment environment. According to Botswana Investment and Trade Centre, the Southern African country offers general and sector- specific investment incentives, no foreign ex
change controls, the United States- Africa Growth and Opportunity Act allows new opportunities for duty- free and quota- free access to the US markets, corporate tax is only 15 per cent for manufacturing and IFSC companies, duty- free and quota- free access to the EU market, duty- free access to South Africa, Namibia, Lesotho and Swaziland, preferential access to markets of 14 Southern African countries, low personal income tax, the highest bracket is 25 percent, zero corporate tax under a Development Approval Order, industrial relations are well- established and amicable and sustainable low tax environment. Welcoming the Botswana president, UAE Minister of State for Foreign Trade Dr Thani Zeyoudi said: “The UAE and Botswana share a longstanding friendship and partnership, underscored by deep trade and investment ties. In 2021, for example, the total value of non- oil
trade between the two nations reached $ 2.5 billion, reflecting a growth of 85 percent, compared with 2020 and 80 percent growth, compared with 2019.” “Strategically located at the heart of Southern Africa, Botswana is today a globally competitive tourism destination, boasting rich natural resources and investment potential.”
“The Botswana Pavilion at Expo 2020 Dubai shows us how strategic partnerships have helped the country accelerate the movement of goods, ideas and wealth,”, he said.
A panel discussion focused on inclusive growth into innovation areas of Botswana’s economy. The panel was headed by Botswana’s Minister of Finance and Economic Development Hon Peggy Serame. Other panelists included Dr Toshokologo Kganetsano, deputy governor of the Bank of Botswana, Cross Kgosiidle, managing director of the Botswana Development Corporation, Steven Bogatsu, the CEO of the First National Bank of Botswana. The speakers deliberated on the transformation Botswana is currently undergoing. Botswana aims at becoming the centre of finance and trade in the African region, as it has an established financial system that supports investors. Acrossthe- board financial inclusion is the cornerstone of the country’s financial strategy and economy. It builds industries to help increase capacities. “We are continuously upgrading our systems to attract foreign investors. We are further strengthening our fintech, consumer and data protection systems, special remitting privileges, and opening to more and more public- private partnerships.” Serame said that Botswana is the only country in the region that enjoys an “A- rating” from agencies and invited the investors to Botswana, to witness it and explore more opportunities. Earlier this month, Botswana Investment and Trade Centre organised two seminars in Abu Dhabi. “Botswana Agribusiness Seminar” on March 8, highlighting on the issues in agribusiness that affect Botswana’s food security and investment opportunities.
The second seminar on March 10 “Botswana mining and minerals business”, addressing the economic growth, development and job creation highlighted the lucrative investment potential in Botswana’s natural resources.
Botswana is a promising destination for both business and leisure and today boasts some of the world’s most pristine safari experiences, hotels, entertainment facilities and malls.
The Botswana Pavilion, located in the Mobility District at Expo 2020 Dubai, continues to welcome and attract businesses and families to explore the country’s natural beauty and a host of opportunities for everyone.