BITC aims to expand Botswana’s export base
Pauline Dikuelo | Monday August 29, 2022 06:00
Figures availed by the country’s chief investment and export development agency also revealed that they recorded a total domestic investment of P2 billion over the same period against a target of P1.5 billion. Briefing the media recently, BITC CEO Keletsositse Olebile said their overall corporate performance was 89.7% a slight improvement from 86.6% attained last year.
“Investment for Botswana is quite favourable and the private sector is taking the services sector at a fast pace. We want to boost FDI promotion into strategic sectors such as agric-business, light manufacturing, medicals, automotive components, and electronics,” he said. In the reporting period, BITC assisted companies to create 5,668 jobs against a target of 2,000 jobs. The CEO said, during the 2021–2022 financial year, BITC continued to drive Botswana’s economic growth through the attraction and promotion of FDI into the country. “We also continue to carry out several initiatives targeted towards expanding Botswana’s export base in line with the country’s desire to be an export-led economy,” he said.
During the year under review, about P3.84 billion was realised as export earnings, against a target of P3.6 billion recorded from BITC facilitated companies. Meanwhile, the centre has also supported the existing investment companies in Botswana by facilitating their expansions. In the reporting period, BITC assisted 19 companies with an investment level of P204.4 million and 1,121 job opportunities were assisted with land, while two were rejected. About eight companies with a projected investment level of P495.5 million and 1,119 job opportunities were offered space.
The CEO said over the centre’s 10 years of existence, they have facilitated P15.24 billion in FDI against a target of P13.09 billion as well as P13.14 billion in Domestic Investment and Expansion against a target of P13.72 billion. The export earnings realised were 97%, recording P23.25 billion against a target of P24.09 billion.
Touching on challenges, the CEO said they have realised deterioration of market conditions due to the effects of COVID-19 and are experiencing an uncertain operating environment due to geopolitical pressures as well as a lack of investment law. “We are waiting on the appointment of the board of investment, it has taken too long, as priority was given to COVID-19. However, we see the recommitment in the appointment by the Attorney General as the investment appetite has sprawled back. The time is ideal and we will be waiting on the relevant authorities to finalise on that,” he said.