Friday, March 1, 2024

Businessman calls for increased spending, reduced tax to grow economy

By Kabelo Seitshiro

Increased Government spending as well as cuts in taxation are key when it comes to stimulating and support economic growth, Clover Botswana Managing Director – Mike Joyner has said.

Speaking at annual First National Bank Botswana (FNBB) budget review session, Joyner said the much anticipated civil servant wage increase will boost individual disposable income and stimulate economy.

The dairy products businessman said there is need to harness innovative success to unlock transformative innovation in a way to revolutionise the business environment as well as to use expertise of established private sector enterprises.

He added that there is need for Botswana to place more emphasis on human capital and with skilled manpower to participate successfully in global and regional trade markets.

Joyner said leading businesses to ought to foster an environment where people can innovate to drive business forward. He  cited the Innovation Hub saying it needs to design the future of innovation not only for Science and Technology but a deliberate Innovation Policy.

“We should to tap into new markets via product and process innovations for tomorrow’s world. Market dynamics call for a shift to business led economic growth partnerships,” he said.

Quizzed on the business reforms which should ensure sustainable growth dynamics, Joyner spoke of Cluster Development for business linkages and also gave an example of dairy value chain that includes feed growers, breeders, financiers, milk producers, transport, dairy processors, transport, technical support and also packaging. He said Cluster Development initiative is also aimed at promoting diversification, improving business productivity, value chains and competitiveness.

Joyner stated that there is need to turn Co-Operatives into vibrant, competitive and profitable enterprises based on modern business practices, adding that it is a priority in citizen economic empowerment as well as contributing in poverty eradication and employment creation.

“The heart and soul of a business or business sector is creativity and innovation. There is no innovation and creativity without failure,” he said.

Joyner observed that government legislative reforms ensuring ease of doing business in Botswana are intended to bring improvements not only for investor attraction but existing business.

He said government must cut down bureaucracy and ensure efficiency and effectiveness of some government processes.


Read this week's paper