First Rand CEO lauds 'stable' Botswana
WANETSHA MOSINYI
Staff Writer
| Friday January 25, 2008 00:00
Speaking at a luncheon hosted in his honour by First Rand's subsidiary FNB Botswana, Nxasana said such initiatives 'send the right message' and attract foreign investment. He commended the country for its good macro-and-micro economic policies, political stability, good governance and an investor-friendly market. 'Botswana's economy has been stable and growing, even though it slowed down last year, but that is part of the economic cycle,' Nxasana said. 'In the context of SADC, especially with the ongoing turmoil in Kenya, it is vital that the country maintains the stability. This will show the rest of the world that in countries like Botswana, Africa can still be (a place) to do business.'
He said the economies of developing countries are currently growing faster than those of the developed world and that Africa should take advantage of this.
The continent should utilise all opportunities emerging markets such as China and India offer. Nxasana believes current fears that a recession in the US will lead to a global economic meltdown illustrate that when the US suffers, the rest of the world suffers as well. But the feared downturn could also mean an increase in trade between emerging markets.
He said his banking group has already started to place itself strategically by investing in the emerging markets. 'Last year, we opened a banking operation in China and we are currently looking at India and Latin America.
This will give our customers here in Africa all the support they need when doing business with the rest of the world.' Since taking over as CEO of First Rand Bank in 2006, this is Nxasana's second visit to Botswana to meet customers for an insight into the activities of business here. First Rand has a 75 percent stake in the BSE-listed FNB Botswana. Different investors hold the remaining 25 percent.