BITC makes over P24m in 2018/19.
Botswana Investment and Trade Centre (BITC) generated internal revenue amounting to P24 148 000 in 2018/19 financial year, a 25 per cent increase over the previous year's performance, the organisation's chief executive officer Mr Keletsositse Olebile has said.
Enumerating BITC's achievements during a media engagement session in Gaborone recently, Mr Olebile said the Ministry of Investment, Trade and Industry had awarded BITC a performance score of 89.5 per cent and recognition as the best performing and most enhanced due diligence compliant parastatal.
He said the 2018/19 financial review, which marked the end of the first year of BITC's 5-year strategic plan, showed that the organisation had attained a performance score of 94 per cent against an excellence target of 80 per cent.
The organisation, Mr Olebile said, had opened an office in Francistown which would service the SPEDU region and other areas in northern Botswana.
He said BITC had successfully launched the National Export Strategy and participated in 10 inward and 10 outward investment promotion missions including five export promotion missions.
Mr Olebile attributed BITC's success to President Dr Mokgweetsi Masisi's call and involvement in direct foreign investment strategies which he said had reinvigorated focus on Botswana.
BITC, he said, was always keen to formalise relations around the world to ensure the country achieved economic growth and diversification noting that the investment and promotion of Botswana, including the facilitation of domestic and export development, were among the key issues on the organisation's agenda.
He said an investment board, which would be led by the head of state, would be crucial to unlocking the inefficiencies that normally hindered investor relations in the country.
Mr Olebile observed that the country faced stiff competition for foreign direct investment space in the region and internationally which curtailed some of BITC's nvestment decisions and markets.
However, he said the current opening of regulatory spaces and policies would improve opportunities for more investment impact.
He expressed disappointment that recent financial years had been marked by a decrease in government funding noting that more engagement with government was necessary to consider sizeable fund allocation as the critical to achieving the BITC mandate.
According to Ms Malebogo Morakaladi, who is the executive director of investment promotion, BITC would continue to look at highly liquid economies such as Dubai and Qatar for investment opportunities that would diversify the economy.
Ms Morakaladi said investment pipelines in Botswana continued to embolden due in part to President Masisi's administration where various delegations had recently come to engage Botswana.
The organisation, she said, was also looking internally in order to encourage Batswana to develop a positive outlook for investors coming into the country.