Botswana ‘s leading service business professional service provider, Grant Thornton and Business Botswana, have collaborated with the Botswana Investment Trade Centre(BITC) to deliver a mouthwatering private sector business award targeted at promoting growth in the non-government engaged economic activates.
On their third year running the awards recognize privately owned businesses in Botswana that approach growth from both a strategic and a holistic perspective and create a positive impact well beyond their bottom line. The awards pioneers, Grant Thornton says the stories of Botswana private companies committed to strategic and holistic growth need to be shared, not only to draw attention to these phenomenal businesses and their impressive achievements, but to illustrate to the country that it can be done.
The Private Business Growth Awards provide a great opportunity to share and celebrate private sector inspirational stories, economic growth, diversification and promote job creation. First held in 2015, the awards have since grown and gained recognition from different stakeholders. This year‘s awards have attracted government aided private sector and investment facilitators, Botswana Investment & Trade Centre (BITC).
Speaking at a media briefing recently, Grant Thornton Botswana executive, Mr Vijay Kalyanaraman highlighted that the coming onboard of BITC gives the awards important recognition and raise awareness about initiative. “The collaboration with BITC would see the awards grow to another level and every business across the country would be included,” he noted. Anticipating growth in this year’s awards, Kalynaraman observed that the previous awards entries were companies mainly from Gaborone explaining that this time around they have expanded to cover other parts of Botswana.
Acting BITC Chief Executive Officer, Mr Meshack Tshekedi observed that their support for the awards was influenced by the fact that as a investment promotion organization, the initiative afforded them a opportunity to further their mandate and recognize companies that contribute to the quest of building a private sector led economy.
Mr Tshekedi revealed that the BITC would introduce new awards in four categories to include the manufacturing sector, the services sector and Innovation and Exporter of the year in line with their interest and mandate of export promotion from the manufacturing sector.
The BITC CEO indicated that the emphasis on the Innovation category would be in recognition of a company that had clearly demonstrated market intelligence and unique approach to exploring new opportunities. On the other hand, the Exporter of the Year they would handpick a company which has proved to have a consistent and significant stake in the export space.
A representative from Business Botswana noted that the awards appreciate and recognize growth orientated and good corporate governance as the business entities awarded would be those that have demonstrated high levels of innovation, strategic management, sound market development, sustainable and holistic growth and had contributed substantially towards economic growth.
Ms Zoe Issacs said Business Botswana pledges to support the awards because they complement their effort as private sector advocates. “This initiative promotes employment creation, innovation and contributed to the government efforts of economic diversification drive as well as foreign direct investment,” she said.
Scheduled for sometime after August this year, The Private Business Growth awards were established to encourage private sector development and to recognize private companies that had operated for over five years with over 100 employees. According to the awards organizers the entrants for the awards would submit applications by mid August this year to be considered for the prestigious recognition. Form different categories the previous awards were won by Nashua, Chobe Marina Lodge, Parts Sales Botswana, Flo-Tek, Motovac just to name but a few
Grant Thornton is the second largest professional services firm in Botswana offering a wide range of business advisory services in addition to audit, tax, outsourcing and corporate services.
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.