20 Nov 2024

Attracting Foreign Direct Investment is not just about capital; it is about fostering innovation, creating jobs and transferring skills to our people.

Delivering the State-of-the- Nation Address (SONA) in Gaborone on Tuesday, President Advocate Duma Boko said when the world looks at Botswana, they must see a nation open for business, fair in its dealings and ambitious in its vision.

He said attracting investment and improving housing were deeply connected.

By creating a legal framework that encouraged investment, he said his government would be unlocking the resources needed to fund large-scale development projects, housing included.

He said a robust housing sector provided the stability and infrastructure that investors sought when deciding where to place their capital.

The President said for too long, Botswana’s growth potential had been constrained by outdated legal frameworks and regulatory hurdles.

He said both domestic and international investors required clarity, efficiency and predictability to commit their resources.

Without these elements, he said Botswana could not compete with nations that had created more business-friendly environments.

In that regard, he said government would prioritise simplifying regulations by streamlining bureaucratic processes and reducing red tape to make it easier for investors to set up and operate businesses in Botswana.

He said his administration would also modernise legal frameworks by updating commercial, tax and labour laws to align best practices, ensure transparency and fairness in all transactions.

He also said they would guarantee legal protections by offering clear guarantees on property rights, intellectual property and dispute resolution mechanisms to provide investors with the confidence they needed.

Advocate Boko said they would incentivise strategic investments by introducing targeted investment in key sectors such as technology, renewable energy, manufacturing and agriculture to attract investments to align with the long-term development goals.

He said economic reforms must go hand in hand with social development, adding that the nation could not thrive when its people lacked access to safe and affordable housing.

He further said the absence of a coordinated housing strategy had left many Batswana without stable homes, exacerbating inequality and stifling economic mobility.

President Boko said to address lack of accommodation government was to introduce affordable housing for all by working with local developers and international partners to construct housing that met the needs of low and middle income families through innovative financing models, establishing low interest loans, rent to own schemes and public and private partnerships to make home ownership achievable for more citizens.

He also said through sustainable urban planning they would develop modern well-planned communities with access to essential services such as school, healthcare and public transport.

He further said revitalising rural areas ensured that housing programmes were not limited to urban centres, but also extended to rural communities fostering balanced national development.

Adv. Boko said with the support and determination of the nation, government would turn the vision into reality, building a prosperous an equitable Botswana that was prepared for the challenges of the future. Ends