The private sector is said to be a vital player for a sustainable and innovative economy. This was said by Business Botswana President Lekwalo Mosienyane, recently when Business Botswana (formerly BOCCIM) hosted their 29th Annual gala Dinner. The dinner, the first under the new incarnation Business Botswana, was held under the theme “Leading the private sector to a sustainable and an innovative economy”.
Mosienyane explained that Business Botswana has been able to kick start change leading to the change of names, a process which will be completed by the forthcoming rebranding of the business advocacy institution. “The year 2015 has been challenging for business with delays in work and resident permits, the water and electricity crisis, and delayed payments – government delays in paying the private sector,” he said.
Mosienyane stressed that with benefits of the recently announced Economic Stimulus Program yet to manifest, they are hoping that government would engage the private sector for a successful implementation of the program. He indicated that Business Botswana has been able to establish a High Level Consultative Committee to engage with their partners at a higher level, as well as a new initiative the Private Sector Development Plan (PSDP) which aims at sustained growth of the economy.
Giving the keynote address First National Bank of Botswana CEO, Steven Bogatsu commended Business Botswana on successfully rebranding, adding that the evolution from BOCCIM to Business Botswana is a move to address the private sector challenges. He stressed that the private sector plays a major role in the economy urging business leaders to innovate and participate in economic growth. He suggested that the private sector should augment government initiatives like the Economic Diversification Drive (EDD), by supporting young people in their quest to come up with innovative ideas.
The support could be through the Botswana Innovation Hub, commercialization of youth products, providing young people with business opportunities, giving young people a platform to express themselves, mentorship and procuring goods and services locally. He added that young talent should be supported and nurtured and there is a need to create an ICT friendly environment especially in schools.
The private sector could assist in the provision of internet, creating an ecosystem that would help in import substitution and job creation.
In this light, the private sector could assist in the provision of internet, creating an ecosystem that would help in import substitution and job creation. “We trained these young people, to ensure they grow, we need to support them”, he stressed. Young people should be given a platform to express themselves because if they are excluded they would focus their energies on negative initiatives.
Bogatsu added that Botswana’s membership of SADC and SACU provides potential opportunities that can be leveraged. He stated that it is important to continue to innovate as it could help in market diversification and fostering public private partnerships. He noted that Botswana’s e-commerce is not where it has to be, giving the example of government offices where stamps and paper forms are still a major aspect of work. However he warned that the goal to develop the economy could be hampered by challenges such as power shortage.
“The water and electricity problems that we have recently been experiencing could reverse all our efforts to be an innovative nation,” he concluded. He stated that the innovations put in place can only happen with assistance from government, hence the need to address the major impediments to doing business. “We have only one economy, one Botswana, let us develop it,” he added.
“Without innovation the economy will stagnate and competitiveness will decline”, he warned. He urged Business Botswana to take the lead in ensuring that the private sector is as innovative as possible.
Business Botswana President bestowed an appreciation award to the outgoing Business Botswana CEO, Maria Machailo-Ellis for her outstanding contribution to private sector development. “Business Botswana has built strong relations with foreign missions and development partners like the World Bank,” Machailo-Ellis said, on receiving her award. Machailo-Ellis said good relations with foreign missions have assisted the organ to help their customers to build international connections allowing them to tap into the global market.