Africa-Press – Botswana. Private sector has been urged to consider the possibility of creating value chains both internally amongst themselves and externally with other countries.
The call was made by Vice President Slumber Tsogwane at Business Botswana (BB) Northern gala dinner in Francistown November 25. He said at times it was just enough to produce goods which could still be used by others as raw materials.
“Let us also embrace new technology and digitisation. Involve the youth to design new production methods that would make it easier to produce goods and services efficiently,” Mr Tsogwane said.
In doing so he said the country would maintain a minimum annual average rate growth of real GDP at six per cent or more, until 2036 with gross national income per capita of approximately USD12 000.
The vice president said as a reflection of a diversified economy, the country’s non-diamond exports must be 39 per cent of the GDP.
“We therefore have to ramp up our non-mineral exports without necessarily slowing down efforts to explore and exploit any mineral deposits. After all, if both minerals and non-mineral sectors can both grow, then we will truly become a prosperous nation,” he said.
Productivity, Mr Tsogwane said must annually rise to 3.2 per cent per annum by 2036.
“I have absolutely no doubt that we can achieve these targets. We need to work hard in a smart way,” he emphasised.
He said government was doing everything in its power to create opportunities for the country’s small economy, adding that maintaining continental economic relations was crucial for the country’s economic transformation. He assured captains of the industry that Botswana remained open to both local and foreign investors.
Mr Tsogwane said government valued the role of the private sector in the socio-economic development of the country.
He said government’s role was to create a conducive environment for businesses to thrive.
“As you may be aware, we set ourselves an ambitious task to be a high income country by 2036 through our national vision.
Government cannot do this alone. We need you to journey with us or even to be in the forefront.”
Thus, Mr Tsogwane said private sector participation in ensuring the achievement of the aspirations of the National Vision was indispensable.
Further, he assured the private sector that government was aware of challenges they continued to face when doing business in Botswana, hence, one of the national priorities was implementation of the Ease of Doing Business and Global Competitiveness.
Mr Tsogwane said this was a deliberate decision by government to, among others, ensure that the country benefited from the bigger market opportunities provided under the African Continental Free Trade Area (AfCFTA).
He said Botswana was a small market compared to its peers in the region, hence the promotion of an export-led economy.
He said the promulgation of the Special Economic Zones Authority Act and the enabling regulations bear testimony to this commitment. The theme; AfCFTA; Key to Economic Growth,” he said resonated well with aspirations of National Vision 2036, in particular high-income status the country set itself to achieve.
Mr Neo Ngwako of BB said the private sector aligned itself with President Dr Mokgweetsi Masisi’s aspirations among them value addition, reset agenda, innovation, and mindset change.
He said the private sector revolution was underway, and was making waves with the revised Private Sector Development Strategy, which was re-engineered towards bringing economic diversification, job creation and income quality in Botswana.
Mr Ngwako said the strategy aimed at creating an enabling business environment for private sector development and growth, by proposing interventions to alleviate major constraints in the socio-economic state of the country and the private sector.
“Realising that the SMMEs are the bedrock of private sector development in Botswana, the strategy is aligned to empower small organisations through programmes that effect collaborations, compliance, digital inclusion and diversity of the export basket, amongst others,” he said
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