Botswana Investment and Trade Centre (BITC) has presided over the inflow of over P6 billion value of Foreign Direct Investment (FDI) in the last five years.
BITC Chief Executive Officer, Keletsositse Olebile, revealed this on Wednesday when briefing the media about BITC achievements in the last five years in line with the just-ended strategy. He used the same opportunity to launch their new five year strategy, covering 2018 -2023.
Olebile, who was appointed to the position just a few weeks ago, said during the last five years over 11 000 jobs were created from P6.2 billion of FDI.
BITC, Olebile said, has overseen a total of P10 billion in export earnings from 2013 until 2017.
This was from a variety of products such as textiles, salts and salts products, iron castings, meat products and many more like automobile batteries which were exported to different countries within the continent as well as the UK, EU, USA and Asia.
Olebile explained that BITC’s mandate include facilitating exports which are diversified to a similarly diverse market as well. He said one of the challenges that the country is faced with is the limited market and hence it was important to cushion that through exports.
He said BITC succeeded in introducing sector value propositions, motivating the repeal of the Sunset clause on IFSC incentive framework and initiating the review of Point Based System in the awarding of work and residents permits.
It was during this period that the business facilitation law recommendation was adopted as well as setting up of the Special Economic Zones Authority. Olebile said what has been learnt over the past years from the strategy is that there is a compelling need to continuously raise the level of attractiveness of the country’s value offerings to investors.
In addition, he said there is also a need for effective stakeholder alignment in facilitating opportunities for investors as well as engaging more in strategic advocacy agenda with various stakeholders.
The new strategy is said to be aligned to the country’s macro-economic goals, as outlined in the National Vision 2036, NDP 11 as well as the Ministry of Investment, Trade and Industry’s strategic plan.
The new strategic direction, Olebile said, is also aligned to global trends and best practice.
He explained that the main strategic drive behind BITC’s support to the macro-economic landscape is anchored in positioning Botswana as a destination of choice for investment in order to accelerate local and foreign investment and equally facilitate export development and promote the nation’s brand.
The strategy is also intended to transform the centre into a leading Investment and Trade Promotion Agency and by extension propel the county into a renowned and globally acclaimed trade and investment destination.
The success factors of the strategy include nation image building and global awareness; business and market intelligence; establishing greater market share for Botswana products internationally and continuous, effective monitoring and evaluation among others.