19 Nov 2024

In light of staggering decline in diamond revenues of over 60 per cent in recent years,  President Advocate Duma Boko underscored an urgent call for economic diversification.

Presenting his maiden State-of-the-Nation-Address yesterday, President Boko emphasised the necessity for Botswana to pivot towards broader economic horizons, harnessing the potential offered by sectors such as tourism, agriculture, manufacturing, information technology, and healthcare.

A key point raised by the President was Botswana’s advantageous climate, receiving more than 3 200 hours of sunlight annually - one of the highest globally, which he believed presented immense potential for solar energy development.

Additionally, he said there was a need for innovative agricultural solutions to bolster food security in the country.

President Boko further urged the exploration of new avenues in the sports and entertainment industries, tapping into Botswana’s rich cultural creativity. He acknowledged the need for local manufacturing factories to reduce reliance on foreign imports.

On the technological front, he urged embracing Fourth Industrial Revolution, aiming to digitalise access to essential services and enhance connectivity throughout the nation.

He asserted that a robust healthcare system capable of competing at an international level was critical to the welfare of citizens.

To bring this vision to fruition, the President announced several strategic initiatives, including the establishment of a National Development Fund.

The government-funded endeavor aims to finance vital national projects, support key economic sectors, and be a strategic partner for foreign investors.

“This fund will drive economic growth, lessen our dependence on diamonds, and fortify our economic resilience,” he said.

To promote local industries, Advocate Boko outlined plans to launch national sectoral strategies focused on enhancing agriculture, food security, and manufacturing.

“These strategies will foster agricultural innovation, improve infrastructure in rural areas, and support local producers. We must reduce imports while boosting local production, which is essential for job creation and sustainable growth,” he explained.

Additionally, President Boko pledged to implement comprehensive reforms in capital markets, facilitating financing in the local currency for both public and private sector projects.

Such step aims to provide businesses and the government with affordable funding for essential initiatives.

He also announced plans to update the National Infrastructure Plan with a focus on energy, logistics, and internet connectivity - fundamental components for modern economic progress.

Such enhancements are to lay groundwork necessary for fostering private sector development and creating jobs across various industries.

President Boko’s vision for diversifying Botswana’s economy signals a proactive stance to build a resilient, multi-faceted economy that can sustain growth and improve the quality of life for all citizens.

He also announced plans to update the National Infrastructure Plan with a focus on energy, logistics, and internet connectivity - fundamental components for modern economic progress.

Such enhancements are to lay groundwork necessary for fostering private sector development and creating jobs across various industries. Ends