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Botswana seeks investments from India

The Vice President Mokgweetsi Masisi has sought investments from India’s key sectors like diamond, agriculture, mining, energy, information and communications technology (ICT), which is appropriate for the priority sectors of its economy.

“Our goal is to attract as diversified a number of Indian investors and entrepreneurs as is appropriate for our priority sectors of the economy as possible so as to meet the economic impetus by investors in India,” Masisi said.

He said Botswana Investment and Trade Centre (BITC) offers a sustainable low-tax environment for financial services companies. “Financial services companies get a discounted corporate tax rate of 15 per cent of profits and are exempted from withholding tax on interest, dividends, management fees and royalties paid to a non-resident.”

They are further exempted from value added tax. Capital gains tax and disposal of shares are also tax exempt for these companies,” he said. The vice president said there is also huge opportunity in the diamond sector in Botswana.

“We are particularly focused on the diamond sector that provides trading cutting and polishing. We want to finalise developing a diamond institute in Botswana with India's support,” Masisi said.

The diamond sector also has investment opportunities in ancillary support services like banking, security, insurance, certification and brokerage services. The vice president, who is on a four-day visit to India leading a 25-member business delegation, said Botswana is also keen on investment in the ICT sector.

“ICT is a key sector and provides huge investment opportunities in our country and will help every other sector, including infrastructure, energy, among others,” he added.

Agriculture is another sector in which Botswana is seeking Indian investments, especially technology, for better agricultural practises. “Except beef, we import most agricultural produce to meet the needs of the country. As we are mostly dependent on rains, which are mostly erratic, we are dependent on imports.

“We import tea, coffee, live trees, cut flowers, roots, spices, bulbs, among others, from India. We would like to partner with India for irrigation and good agricultural practices for better yield in order to become self-sufficient," he said.

Masisi said during his four-day visit to India, he will also promote Southern African Development Community (SADC) as a strategic investment destination for Indian investors.

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China’s GDP expands 3% in 2022 despite various pressures

2nd February 2023
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.

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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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