GABORONE, Nov. 6 (Xinhua) -- Botswana's President Mokgweetsi Masisi on Monday announced that the southern African nation managed to attract foreign direct investment worth 108.2 million U.S. dollars last year.
In his maiden State of the Nation Address (SONA), Masisi said Botswana has recognized investment promotion as the key economic growth and job creation, as it leads to expansion of existing and establishment of new industries.
According to Masisi, Botswana has since embarked on a transformation agenda to lure investors into the southern African country through a revamped investment promotion drive which the president is leading.
Since ascending to the presidency of the world's largest producer of diamonds by value, Masisi has been globetrotting alongside trade and investment missions to ensure Botswana's visibility and positioning her, as an investment destination.
"We are building the goodwill in the global village through Brand Botswana initiatives including investment booths, marketing our arts and culture, cuisine, dance and song," said Masisi, adding that the efforts have paid dividends in the last year.
"In the year 2017/18, through the Botswana Investment and Trade Centre (BITC), the country generated an estimated 108.2 million U.S. dollars (1.082 billion pula) worth of foreign direct investment," said Masisi.
Masisi said the new investments made in the period under review resulted in the creation of an additional 3,050 jobs thanks to FDI inflows into the country.
In addition, Botswana is also working on stimulating domestic investment by ensuring that the same red carpet in offer for FDI is available for domestic investment.
Furthermore, plans are at an advanced stage to establish the Economic and Investment Board, which the president shall chair and is expected to be operational in 2019.
