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World Bank, Govt discuss National Entrepreneurship Policy

Botswana World Bank Office in collaboration with Ministry of Investment, Trade & Industry (MITI) gathered over sixty (60) representatives from private sector, government, and academia to discuss Botswana’s draft National Entrepreneurship Policy. 

The two-day event, held this week on Monday and Tuesday is the first-ever entrepreneurship policy discussion convened in Botswana to study the draft policy formulated by MITI. Giving welcome remarks at the event held in Masa Centre, Gaborone, World Bank Botswana Country representative Xavier Furtado said his office has as one of its key priorities assisting Botswana with its National Economic Diversification efforts  as well as  assist the country with the pressing issue youth unemployment.

Xavier explained that the event was meant to create a platform of deepening consultations around the draft policy and also to ensure that the policy in its current draft form is speaking directly to the needs, challenges and priorities of key stakeholders in the entrepreneurship network of Botswana. Mr Furtado noted that Innovation and entrepreneurship are key aspects of a dynamic business environment, a competitive economy and inclusive growth.

“A wide range of factors are vital for innovation and entrepreneurship to succeed. These factors include, inter-alia, appropriate skills, knowledge, access to finance and a regulatory environment that enables entrepreneurs to start and efficiently grow their enterprises,” he said.
Xavier further explained that World Bank Global Entrepreneurship Network is supporting the policy development process by helping to convene the policy hack which is meant to harness the experience and perspectives of the core actors in Botswana’s entrepreneurship ecosystem, so their views are reflected in the new policy and its implementation.

He said the Entrepreneurship Policy Hack provides a platform to ensure that the draft National Entrepreneurship Policy reflects a common understanding of the key challenges facing Botswana's entrepreneurs as well as inform a common vision for prioritized solutions that can accelerate entrepreneurship in Botswana. The hack comprised thematically focused working group discussions addressing key themes identified in the current draft of the National Entrepreneurship Policy. 

“The Entrepreneurship Policy hack provides a platform for an open dialogue with stakeholders on improving the business environment in Botswana, which is critical to the growth of the economy ,Inclusive citizen participation and engagement in the policy making process is essential to successful policy development and implementation,” said Furtado.

Delivering key note speech at the event Minister of Investment, Trade & Industry, Bogolo Kenewendo explained that the ever changing and disruptive technologies pose opportunities and challenges to traditional industries thus Governments grapple with unexpected and unfamiliar regulatory issues. She explained that in response, a new approach to public policy making has emerged, one that is based on dialogue and sandbox-type idea exchanges, namely the Policy hackathon.

“To this end, the Policy hack is defined to help both public and private sector leaders from entrepreneurial ecosystems around the world to experiment and leverage this approach,” said Kenewendo. The Minister further unpacked that prior to the development of National Economic Policy 2019, SMMEs development and Entrepreneurship Policy in Botswana was based on the SMME policy of 1999. 

In 2013, the then Ministry of Trade and Industry commissioned a study to review the Policy and come up with a holistic National Entrepreneurship Policy for Botswana, which will provide a broad and inclusive framework for all initiatives geared towards the promotion of entrepreneurship and SMMEs development in Botswana.

The National Economic Policy was further explained as an instrument developed to provide a framework to stir the creation of new start-ups and expansion of existing enterprises with high growth potential, as well as addressing the challenges that may constrain their development. “The NEP2019 emphasizes export-led growth, hence it is focused at fostering entrepreneurship as well as promoting SMMEs development with a view to creating globally competitive industries,” said Kenewendo.

She said it further emphasises strengthening coordination among all institutions involved in entrepreneurship and SMMEs development for effective implementation of the Policy. “Our role today is to be active listeners to the concerns, feedback and suggestions that are going to be generated as part of this collaborative and co-creation process”, said Honorable Bogolo Kenewendo, “My Ministry commits to take on board all the insights derived from the policy hack and will ensure that they are considered for adoption into the NEP”. Kenewendo explained that the Policy hack will assist MITI to further review and refocus the Policy before resubmission to Cabinet, and subsequently to Parliament, more especially the Policy implementation matrix.

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Jewellery manufacturing plant to create over 100 jobs

30th January 2023

The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.

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Investors inject capital into Tsodilo Resources Company

25th January 2023

Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.

According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.

The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.

Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.

Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.

Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana.  The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.

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Global CEOs Back Plan to Unlock $3.4 Trillion Potential of Africa Free Trade Area

23rd January 2023

African heads of state and global CEOs at the World Economic Forum Annual Meeting backed the launch of the first of its kind report on how public-private partnerships can support the implementation of the African Continental Free Trade Area (AfCFTA).

AfCFTA: A New Era for Global Business and Investment in Africa outlines high-potential sectors, initiatives to support business and investment, operational tools to facilitate the AfCFTA, and illustrative examples from successful businesses in Africa to guide businesses in entering and expanding in this area.

The report aims to provide a pathway for global businesses and investors to understand the biggest trends, opportunities and strategies to successfully invest and achieve high returns in Africa, developing local, sub-regional and continental value chains and accelerating industrialization, all of which go hand in hand with the success of the AfCFTA.

The AfCFTA is the largest free trade area in the world, by area and number of participating countries. Once fully implemented, it will be the fifth-largest economy in the world, with the potential to have a combined GDP of more than $3.4 trillion. Conceived in 2018, it now has 54 national economies in Africa, could attract billions in foreign investment, and boost overseas exports by a third, double intra-continental trade, raise incomes by 8% and lift 50 million people out of poverty.

To ease the pain of transition to its new single market, Africa has learned from trade liberalization in North America and Europe. “Our wide range of partners and experience can help anticipate and mitigate potential disruptions in business and production dynamics,” said Børge Brende, President, and World Economic Forum. “The Forum’s initiatives will help to ease physical, capital and digital flows in Africa through stakeholder collaboration, private-public collaboration and information-sharing.”

Given the continent’s historically low foreign direct investment relative to other regions, the report highlights the sense of excitement as the AfCFTA lowers or removes barriers to trade and competitiveness. “The promising gains from an integrated African market should be a signal to investors around the world that the continent is ripe for business creation, integration and expansion,” said Chido Munyati, Head of Regional Agenda, Africa, World Economic Forum.

The report focuses on four key sectors that have a combined worth of $130 billion and represent high-potential opportunities for companies looking to invest in Africa: automotive; agriculture and agroprocessing; pharmaceuticals; and transport and logistics.

“Macro trends in the four key sectors and across Africa’s growth potential reveal tremendous opportunities for business expansion as population, income and connectivity are on the rise,” said Wamkele Mene, Secretary-General, AfCFTA Secretariat.

“These projections reveal an unprecedented opportunity for local and global businesses to invest in African countries and play a vital role in the development of crucial local and regional value chains on the continent,” said Landry Signé, Executive Director and Professor, Thunderbird School of Global Management and Co-Chair, World Economic Forum Regional Action Group for Africa.

The Forum is actively working towards implementing trade and investment tools through initiatives, such as Friends of the Africa Continental Free Trade Area, to align with the negotiation process of the AfCFTA. It identifies areas where public-private collaboration can help reduce barriers and facilitate investment from international firms.

About the World Economic Forum Annual Meeting 2023

The World Economic Forum Annual Meeting 2023 convenes the world’s foremost leaders under the theme, Cooperation in a Fragmented World. It calls on world leaders to address immediate economic, energy and food crises while laying the groundwork for a more sustainable, resilient world. For further information,

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