9 October 2024
“Our commitment is to respond to emerging dynamics, one of which is opening up the economy for fair competition.” H.E. DR. Mokgweetsi Eric Keabetswe, President of Botswana
The 1960s marked a turning point in Botswana’s history as the country discovered diamonds that would make it one of Africa’s wealthiest in the course of a few years. Over the past six decades, the southern African country produced some of the ten largest diamonds in the world, the latest of which was a massive 2,492-carat diamond – the second-largest diamond in the world.
But Botswana knows ‘diamonds are not forever’ and is pivoting away from relying on the mining industry to a knowledge-based economy, valuing human creativity and innovation. The shift is expected to expand the nation’s GDP from 4.7% to 5.3% by 2036, backed by an Indigenous Knowledge System policy and strategy that the country is currently developing.
President Mokgweetsi Masisi’s government has set its sights on education and skill development, implementing initiatives to improve funding and equip its workforce with relevant skills.
“In the past five years, we’ve made significant investments in our education sector. We’re also introducing progressive legislation that will create a conducive environment for Botswana to support and facilitate innovation and embrace technology,” says Diane Mongudi, Acting CEO of the Botswana Digital and Innovation Hub.
According to the 2022 Global Innovation Index, Botswana has climbed the ranks to become the fifth most innovative country on the African continent. The country aspires to become an innovation hub in the region, supporting ICT companies, entrepreneurship, and digitalisation, undertaking a significant initiative towards digital governance.
In a commitment to enhance citizen access to services, the government has allocated over US$11.8 million to facilitate the online migration of 400 government services. To date, over 170 services have been successfully transitioned to online platforms.
“Investing in Botswana offers a wealth of incentives. Lower taxes make it an attractive option, and you can freely repatriate your profits. We also boast an innovation hub with tax holidays ranging from five to ten years, depending on your chosen sector.
Doing business in Botswana is now remarkably easy. Company registration takes just two days with a streamlined process. We’re a peaceful country with a strong record of good governance. This stability is especially evident this year, even with national elections approaching in October,” says Serty Leburu, Executive Director of the Botswana Accountancy College.
Botswana envisions an economic leap through the implementation of its Vision 2036 agenda, aspiring to join the ranks of high-income countries in the next 12 years. This transformation plan fuels investment in growth sectors like tourism, agriculture, and technology. Further solidifying this vision, the nation announced a massive 33% increase in infrastructure spending for 2024/25, focusing on water, transport, and energy.
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Source: https://www.forbesafrica.com/africa-undiscovered/2024/10/04/botswana-africas-best-kept-secret/
