LIVINGSTONE MARUFU
Zimbabwe has bolstered its ties with Botswana as part of plans to increase trade between the two southern African countries, Business Times can report.
Speaking on the sidelines of the business forum organised by the Investment Promotion Unit within the Botswana Investment and Trade Centre (BITC), in collaboration with the Zimbabwe Investment Authority and Coronation Financial Advisors, the Botswana Ambassador to Zimbabwe, Sarah Molosiwa, told Business Times that the meeting was a symbol of the level of commitment and determination by leaders to strengthen the already established bilateral relations between the two countries.
“As of now the trade between Zimbabwe and Botswana remains very minimal. This is why we have come up with an investment forum like this one to promote trade and levels of partnership between the two countries. I would like to emphasise the need to intensify economic and trade cooperation between our two countries,” Molosiwa said.
She added: “There is a lot that we can achieve together given the existing comparative advantage in our respective sectors.
“I wish to reaffirm Botswana Embassy’s commitment and strong desire in further strengthening the fruitful relations between Botswana and Zimbabwe by working with all stakeholders.
“We have a lot in common which include climate, history and colonial masters but what’s more important is that we have managed to keep our relationship very warm and excellent.
“From the embassy here in Zimbabwe and in Botswana we want to ensure that we heighten our relations especially in investment and trade. We want to make the two nations investment and trade hubs in the region and even the whole continent.”
Molosiwa said the convening of the business forum was a clear manifestation of the growing relations between the two countries.
She said the main purpose of this engagement was to encourage trade between Botswana and Zimbabwe especially in the financial services sector. The platform was also meant to grow relations between Zimbabwe and Botswana.
“This was the first ever investment forum and we believe that next time there will be more participants from other sectors,” she said.
Molosiwa said Botswana was courting investors from around Zimbabwe to capitalise on favourable trading conditions in the country.
“We are here with one purpose in mind that is to seek opportunities for investments in Botswana’s financial sector, to prospect, to identify, and to invest in bankable projects,” she said.
Botswana uses the International Financial Service Centre (IFSC) to facilitate trade with other countries.
“Zimbabwe has a well-established and entrenched financial and business services sector, particularly in the banking and insurance related industries. IFSC therefore aims to attract major companies to consider externalising their business operations into Botswana, anchored on a more financially and politically stable jurisdiction amongst others,” she said.
Molosiwa said IFSC is meant to establish and develop Botswana into a world class hub for financial and business investments into Africa, that is, a regional gateway for financial and capital flows into the sub-continent.
The successful implementation of the IFSC will ensure effective attraction of foreign direct investment by channelling capital into local investment projects, creation of sustainable employment opportunities for suitable and qualified citizens, while also enhancing the skills base for the Botswana workforce.
The two countries expansively interrogate business opportunities during business to business and business to government one-on-one meetings, this is expected to deliver on the commitments made by principals.
“The conclusions and decisions we adopt today in our deliberations should go a long way to further enhance not only our collaboration at institutional level, but must also have a direct impact in improving the lives of our peoples.
“Consequently we are also expected to deliver concrete and doable outcomes when reporting to our principals.
“Therefore, let me outline a few key objectives that, I believe, could guide some thoughts to our discussions on this business forum today (Tuesday) and beyond,” Molosiwa said.
