Botswana Investment & Trade Center (BITC) newly appointed Chief Executive Officer (CEO), Keletsositse Olebile this week delivered a new strategic path for the investment wooing and trade facilitation agency.
Olebile who has been with BITC since inception fully ascended to the helm beginning of August this year after the organization went for more than a year without a substantive Chief Executive. This came about after both founding Chief Executive Sejoe Letsebe and Meshack Tshekedi’s resignations. The latter was Acting CEO after the former resigned early 2017.
Mandated with facilitation of both Foreign and Domestic Investment, employment creation and export earnings value amongst others BITC was established in 2012 by an act of parliament as a merger between Botswana Export Development and Investment Authority (BEDIA) and the Botswana International Financial Services (IFSC) to become an integrated Investment and Trade Promotion Authority (ITPA).
Olebile revealed that since its inception in 2012 Botswana Investment Trade Centre has delivered annual corporate performance of around 80 percent on average with the least being 73.8 percent in the 2016/17 financial year. “Overall performance as evaluated against strategic focus areas over the past five year as been above our 80 percent target on average at 83.95 percent, “he said.
Olebile explained that since its establishment BITC has delivered a total of over 12 billion pula in capital investment with Actual foreign Direct Investment accounting for 6.162 billion pula and Domestic Investment accounting for over 5.8 billion pula. “From all this a total of 11 881 jobs were created, this is measured from business facilitated and accredited by BITC only, we have taken a deliberate decision to gauge our performance within the investments we facilitated only, on the national economic space as per the Central Bank statistics and Statistics Botswana figures the number obviously in tens of volumes of billions more than this” he said.
Transiting from the lapsing strategy which took-off in 2013 ending this year, Olebile shared that the strategic direction was based on two themes, notably, ‘Effectiveness’ and ‘Growth’. He deliberated that the effectiveness theme focused on improvement of service effectiveness through effective coordination, technology optimization, service quality, process optimization and partner performance.
On the part of ‘Growth’ the just ended strategy premised on expanding and growing the market through targeted promotion, service differentiation, focused value proposition, sector prioritization and optimization of funding opportunities. Going forward, after five years of formative years, setting-up of operational structures and creating cordial relationships with local economic growth stakeholders as well external investment promotion authorities, BITC now seeks to take investment promotion to the next level with a new 5 year strategy that will run from this year until 2023.
The new captain explained that his organization borrowed a number of lessons from the past strategy such as a compelling need to continuously raise the level of attractiveness of the country’s value offering to investors, the need for effective stakeholder alignment in facilitating opportunities for investors. “We also took home the need to engage more in strategic advocacy agenda with various stakeholders,” he said.
Further deliberating on the new strategy Olebile echoed that the new path will be anchored around and aligned to Botswana‘s macro economics goals as outlined in the National Vision 2036; National Development Plan 11 and the Ministry of Investment, Trade & Industry (MITI) strategic plan. “We seek to archive alignment to national plans and strategic objectives , for instance the National Vision 2036 already dictates to us the key sectors we have to promote , they are well defined in the document as Botswana ‘s national priorities,” he said.
With the new strategy national investment wooing vehicle also intends to align to global trends and best practice in a bid to keep the agency at par if not ahead of other competitors. “We have crafted the strategy in such a way that it provides a window of continued updating and aligning of our deliverables to keep base and with times of evolving global economic & investment trends,“ noted Olebile.
The CEO also echoed that the main strategic drive behind BITC’s support to the macro-economic landscape was anchored on positioning Botswana as a destination of choice for investment, to accelerate local and foreign investment and equally facilitate export development and promote the Nation’s Brand.
“With this new strategic blueprint we seek to transform BITC into a leading Investment and Trade Promotion Agency, and by extension, propel Botswana into a renowned and globally acclaimed trade and investment destination,” he said. Another key goal in the Botswana Investment & Trade Centre new paths is the ambition to expand revenue generated in-house.
Currently BITC‘s budget is 85 percent resourced by government subvention which is in the region of 95 million pula annually while 15 percent of the budget is self generated from in-house revenue sources such as 47 000 hectors of industrial factory shells rented to BITC accredited investors.
“Our aspiration also as per encouragement from our principals, being government, is to increase our self-generated income by exploring various avenues such as industrial property space, we seek to increasingly move towards winning ourselves from government funding, we believe with some of these targeted investments in property and other asset portfolios as permitted by underpinning act that established us we can ultimately with time relieve the government of the subvention funding.
BITC as the organization also tasked with the National image building and global awareness revealed that more deliberate actions will be taken to further package and promote Botswana‘s image and brand on the global space as an ideal place for business. Bame Moremong, Executive Director of Brand Management Botswana shared that BITC has engaged Botswana National Sports Commission (BNSC) and Botswana National Olympic Committee (BNOC) on how the country can leverage on the exceptional performance of local athletes on international competitions to raise further awareness on Brand Botswana and facilitate the investment attraction narrative. BITC revealed that going forward the institution would engage international media corporations such as BBC for raising global awareness about Botswana.
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.
The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.
In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.
Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.
China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.
Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.
On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.
According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.
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.
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.