BUSINESS BOTSWANA LAUNCHES ECONOMIC DIVERSIFICATION PROJECT
06 Feb, 2020
Business Botswana launched the Support to Economic Diversification project on Thursday, 6th February 2020 at Cresta Lodge. The Assistant Minister of Investment, Trade and Industry, Honourable Karabo Gare officiated at the launch ceremony.
About 100 participants from Government, development partners, diplomatic missions in Botswana and the private sector witnessed this ground breaking ceremony. The project is funded by the African Development Bank (AfDB) through a Fund for African Private Sector Assistance (FAPA).
The project aims to increase competitiveness of Small, Medium Enterprises (SMEs) and effectiveness of Business Support Institutions in business support and service delivery. The Small Stock, Tourism and Horticulture industries will be capacitated through a number of interventions aimed at improving business linkages and partnerships, strengthening institutional capacities of associations, and strengthening the business development market.
The Technical Assistance is to support Business Botswana (BB) to: ·
a) Review and update of the Private Sector Development Strategy (PSDS) ·
b) Develop and enhance SME Improvement programme(s)
The Assistant Minister Gare reiterated Government’s commitment to g
rowing the private sector, citing that the project came at a right time when the Government has intensified its efforts to diversify the economy. Honourable Gare further mentioned that the government was in the process of developing an E-commerce Strategy which aims to assist SMMEs overcome trade barriers through formulation of effective marketing platform. The Strategy will be in place by June 2020.
In his remarks, the Lead Economist at the African Development Bank (AfDB), Mr. George Hoge mentioned that the Bank has been supporting Botswana since 1974 and has committed loans and grants amounting to USD 2.02 Billion. He further mentioned that believes the project will deliver a significant contribution to the strengthening of the competitiveness of a number of Small, Medium and Micro Enterprises (SMMEs) in this country.