Sunday, May 28, 2023

BEDIA/ IFSC merger slated to take off in April

The merged entity of BEDIA and IFSC, which will operate under the trade name Botswana Investment Trade Centre (BITC), is set to take off in April this year, said Kediretswe Pule, the Public Relations Officer in the Ministry of Trade and Industry.

Pule said so far no employees are expected to be laid off as a result of the merger. He said that current employees will automatically be deemed to be employees of the new entity with continuity of employment in line with Section 28 of the Employment Act, which provides for such that in the event that a business is transferred from one entity to another.

“Since the activities of both BEDIA and IFSC are being subsumed under the BITC, unless contracts of employment are terminated prior to the merger, employees of both BEDIA and IFSC will automatically become employees of the new entity,” he said.

Pule added that the Government has also made an undertaking in Section 27 (3) of the BITC Act that no employees of either organisation will lose their jobs solely by virtue of the merger.

The unified investment promotion entity encompassing business facilitation and export development wings is expected to influence and promote economic efficiency, service delivery and improved policy coordination and shareholder oversight among others.

“The new umbrella body will consolidate the mandates of BEDIA, IFSC and the Brand Botswana Management Organisation (BBMO) since the three entities are performing related activities of Investment Promotion and Branding,” said Pule.

The merger is expected to position Botswana as competitive in the international environment for the promotion of investment and trade. The 35 IFSC-certified companies will continue to enjoy all their incentives and benefit from the one-stop shop set up favouring export development and trade. He said a board has been appointed that has been effective 3rd February 2012 and is currently recruiting.


Read this week's paper