Botswana’s renowned businessman, Igbal Ibrahim, has advised the Botswana business community to look for opportunities in the mining industry.
He said local business people can venture into the manufacturing industry by processing minerals into finished products and help in diversifying the country’s economy.
“We are exporting minerals, such as copper and soda ash, why can’t we establish industries here in Botswana where we can process copper into copper cables or process soda ash into glass as is done in South Africa? It is high time that the business community in the country becomes innovative and thinks differently,” he said.
He went on to add that the government of Botswana has done its part in trying to create a conducive environment for business, which then calls for the business community to come up with innovative business ideas and help the government in its drive for economic diversification.
He praised the Middle East country of Dubai, saying that although it is a very small country, with limited resources, the country has managed to diversify its economy and it is a success story which Botswana can copy from.
“There is still a high need to attract more investors to do business in Botswana, especially in the manufacturing sector just like what Dubai did,” he said.
He said that with a population of only 500 000 people, Dubai is a successful country which has managed to attract foreign investors and managed to create a flourishing economy. He added that just like Botswana, which is heavily dependent on the diamond revenue, Dubai was faced with the exhaustion of oil, which is its only resource and managed to succeed in diversifying the economy.
“Dubai has managed to attract foreign investors and as we speak, the manufacturing sector in Dubai is vibrant and people are flooding the country to buy products at even cheaper prices,” he said.