Friday, December 1, 2023

BITC bullish on economic diversification drive

The newly merged entity, Botswana Investment Trade Centre (BITC), has vowed to refocus its attention on sector value chains in a bid to trigger an integrated and aligned economic diversification strategy (EDD).

The EDD is a government initiative seeking to leverage the state’s purchasing power to enhance local production and consumption through local procurement and the application of price preference margins based on annual turnover.

“As BITC our strategy is to integrate deeper into sector value-chains thereby increasing the share of value-added products within exports,” said Letsebe Sejoe Chief Operations Officer at BITC.

Particular emphasis will be on food production value chain, mining value chain, leather value chain. Sejoe revealed BITC are looking for new market opportunities with the SADC region and beyond in order to diversify the export base for new products. So far, BITC’s promotional efforts are bearing fruit especially that the share of export value-added products to the SADC market and beyond is growing.

“There is need to continuously explore opportunities offered by SADC market as well as gradually facilitate new products into the niche areas,” he added.

Sejoe said BITC is looking into investment projects that will generate employment, improve on the existing technology, and make available existing inputs of production as well as those that can facilitate the process of economic diversification through upstream and downstream beneficiation of different sectors of the economy.

If implemented well, the EDD holds great potential to increase the country’s resilience hence promoting a robust and sustainable economic growth.

Sejoe further said they are looking to engage in extensive networking and effective lobbying to influence investor friendly regulatory frameworks. He added that key developments are underway to intensify awareness locally and also penetrate the international market.

“When rolled out effectively, the Botswana brand will pave the way for our local manufactured products and manufacturers will use the Pride Mark as leverage when they sell outside,” he said.

Meanwhile, the Global Expo is being repositioned and a new strategy being put in place to ensure that the expo maximises on the implementation of access strategies for Botswana products into SADC and SACU regional markets.


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