26 Aug 2024

As a country cognisant of its limited internal market size, government has over the years taken steps to expand market opportunities for Botswana’s goods and services, through negotiating and ratifying regional and international trade agreements.

Officially opening the 17th National Business Conference in Francistown yesterday, His Honour the Vice President, Mr Slumber Tsogwane said this was part of government commitment to support a private sector-led economy as indicated in the National Transformation Strategy.

Consequently, Mr Tsogwane said the private sector would remain a critical partner for policy implementation and a partner for inclusive growth.

He said this was even greater within the context of export development imperatives under the African Continental Free Trade Area (AfCFTA), whose objective was to create a single market for both goods and services in Africa, anchored on protocols for the free movement of people, goods and capital.

Within this context, he said the AfCFTA offered a much greater option for local businesses and those willing to come and set up in Botswana.

“We, therefore, have to leverage on AfCFTA as our gateway to industrialisation by marshalling our capacity for manufacturing goods towards product beneficiation and growth of our regional and global value chains,” said the Vice President.

He said enhancing the country’s manufacturing capacity would go a long way in reducing the over reliance on the mining sector, more so that Botswana continued to experience headwinds in the global diamond market.

He said lower consumer demand and global economic weakness had lowered the demand outlook for diamonds, hence resulting in the current slower economic growth than had been anticipated at the time of the 2024/25 budget session.

Further, Mr Tsogwane said the intended outcome of the 17th National Business Council was a decisive shift in the economy through identifying opportunities for actions to realise an export-oriented, private sector-led economy, by efficiently utilising value chain development.

“I am comforted to see that Business Botswana is supporting our citizen economic empowerment agenda as seen by the #PushaBW support to Small Micro and Medium Enterprises (SMMEs) and the informal sector,” he said. However, the Vice President said there was still more to be done within the private sector to support one another.

 “We want to witness growth and graduation of SMMEs to large enterprises as this will create more opportunities for the emergence of more SMMEs,” he said. Mr Tsogwane, however, said it was important to mention that even though government was always willing to support private sector, it was necessary to also look further for support and collaboration through the Public-Private Partnership model.

Mr Tsogwane also noted that government spending allocations and productivity-enhancing initiatives were important interventions that could enhance the growth of Botswana’s economy.

Business Botswana president Mr Neo Nwako said the call for a private sector-led and export-led economy had become loud. 

“We need honest, robust and uncomfortable discussions at this NBC to unearth these issues and identify opportunities for actions to realise a private sector-led economy, utilising value chain development and export led economy,” he said.

The theme for this year’s conference is: Invigorating Economic Transformation Through Private sector. ends