8 December 2024
- To create tens of thousands of jobs
- Companies to tap into international markets
- To generate revenues in billions of dollars
The Projects | Economic Transformation
As part of its transformative agenda to place Botswana’s economy on a robust growth trajectory, the new government plans to establish mega sustainable enterprises on a scale comparable to, or even larger than, Debswana.
Debswana, a 50/50 joint venture between the Government of Botswana and diamond giant De Beers, is currently the largest private sector employer in the country, supporting over 10,000 direct and indirect jobs.
Speaking at a Kgotla meeting in Tutume recently, Vice President and Minister of Finance Ndaba Gaolathe announced the government’s ambitious plans to create enterprises that will propel Botswana’s economy to unprecedented levels.
“We have already begun the groundwork to establish large companies of Debswana’s magnitude or even bigger,” said Gaolathe.
“These companies will operate in sectors such as medicine, energy, power, and food processing, among others.”
The Vice President emphasised that with the nation’s support, unity, and patience, Botswana could transform into a global example of a vibrant, thriving economy.
In its manifesto, which brought it to power, the UDC outlined its commitment to building at least two mega-companies in key areas such as manufacturing (including pharmaceuticals) and energy development to drive the economy forward.
These state-owned enterprises are expected to:
- Generate industry revenues exceeding a billion U.S. dollars within five years.
- Create tens of thousands of high-paying jobs.
- Foster significant productivity gains across the economy by establishing rigorous performance standards for local supply chains.
Additionally, the mega-companies aim to stimulate the growth of sustainable clusters of small, medium, and micro-enterprises (SMMEs) and nurture authentic, long-term entrepreneurs.
The initiative is anticipated to open access to large international markets, ensuring indirect and direct economic benefits for the nation. The government is confident that these ventures will not only enhance Botswana’s economic standing within Africa but also elevate it as a prominent player on the global stage.
Source: The Projects Magazine
