UAE-Botswana Explore Investment Opportunities
The UAE- Botswana Business Forum held recently in Dubai, in the visibility of H.E Vincent T. Seretse, Minister of Investment, Trade and Industry, Botswana and H.E Abdullah bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy. for Foreign Trade Affairs on behalf of H.E Engr. Sultan bin Saeed Al Mansoori, UAE Minister of Economy. The forum was organized collectively by the Ministry of Economic Situation, the Dubai Chamber and the Ministry of Investment, Trade and Industry of the Republic of Botswana, to discuss ties between the UAE and African countries and to better enhance bilateral connections in between UAE and Botswana by creating vital markets like trade and investment.
Also present at the event were H.E. Lesetedi Manyepedza Ambassador of Botswana to the UAE, Hassan Al Hashemi Vice President of the Dubai Chamber of Commerce, Mohammed Nasser Hamdan Al Zaabi, Director of the Trade Promotion Department at the Ministry of Economy, in addition to over 200 authorities, businessmen and investors from both nations.
H.E Abdullah Al Saleh claimed on his speech on behalf H.E Al Mansoori, that bilateral ties in between the UAE and Botswana were particularly durable, due to financial investments from countries. .
"The UAE has strong commitment and trade ties with the African markets and we have energetic engagement with the region with our investments in key fields. Trade quantity between UAE and Africa amounts to around USD 35 billion and has actually been expanding at a double-digit rate annually," he said. "Non-oil trade exchange in between UAE and the African countries touched AED 140.5 billion in 2016, at a growth rate of 16 per cent." he added.
"UAE's growth in Africa shows up in key sectors such as oil and gas, tourist, aviation and logistics with a number of national firms including ENOC, DP World, Air Arabia and Fly Dubai, among others established in key regional markets," H.E included.
He affirmed that Botswana and the UAE have to strengthen incorporate key locations of teamwork, especially in sectors where the both countries have currently established financial investments in Africa such as farming, renewable energy, facilities, manufacturing and trade on precious metals, including diamonds, and explained that the high requirements and laws that the UAE has actually put in place for ruby trade provides a portal for Botswana to reinforce its international market.
H.E said that this further boosts the importance of constructing a critical partnership between Botswana and the UAE and taking an action closer to developing solid economic ties based upon typical interests in line with both countries' sustainable development program, and added that the UAE is strategically positioned as an optimal investment center for Africa and we its eager to progress this objective by supplying the ideal financial investment platforms offering a liberal investment atmosphere, state-of-the art infrastructure and seamless government treatments for working.
On his part, H.E Vincent T. Seretse stated that Botswana stands to learn a whole lot from the UAE, particularly in lasting economic diversification, and he included that they wish to discover and mimic exactly how the UAE has actually effectively expanded its economic climate by creating various other thriving critical fields such as tourism, financial and business services, transport and logistics, in addition to manufacturing, to name a few. H.E complimented the company willpower of the UAE to have 64 per cent of its GDP derive from non-oil books by the year 2030.
"There are a lot of locations where Botswana and the UAE could join hands for the shared excellent. Offered the negative trade equilibrium in favor of Botswana, there is a great deal of potential for the UAE to export more items and solutions to Botswana. Currently, Botswana exports items worth USD 708 million each year to the United Arab Emirates, mostly rubies; while the United Arab Emirates exports USD 21 numerous diamonds and other consumables to Botswana." H.E Vincent added.
He affirmed that over trade, establishing a production center in Botswana provides accessibility to multiple special trade plans, such as the SADC-EU Economic Partnership Agreement, the Africa Growth and Opportunities Act (AGOA), the Southern Africa Customs Union (SACU), and Southern African Development Community (SADC). As a country, Botswana is working every moment, to improve business environment, he claimed, and included that they have in place the essential regulative structure in regards to policies, regulations, and policies that guarantees protection of investments and helps with lasting productivity and chances for business growth.
"Dubai is an ideal partner for Botswana as a re-export center with strong links throughout the Middle East, Asia and Europe. The emirate offers plenty of advantages to business in Botswana, such as its world-class infrastructure, business pleasant environment and attractive complimentary zones." Mr.HassanAl Hashemi said.
He stressed that Dubai's non-oi trade with Botswana has actually virtually tripled in the last few years to surpass USD 1 billion in the first 9 months of 2017, and explained that pearls, valuable and semi-precious stones and steels represented the biggest share of bilateral trade. He added that there was a lot of range to expand trade and investment ties in between the UAE and Botswana in other key sectors such as tourism, agriculture, health care, manufacturing and ICT.
The forum additionally consisted of presentations and films on the economic situation of Botswana, its investment environment and business techniques. The mining, diamond and gemstone industries represent 20 percent of the area's GDP, 18 per cent for trade, hospitality and restaurants, 14 percent for economic and business solutions and 5 percent for the manufacturing sector. A presentation was likewise given on the ruby market, the main column of the Botswana economy, complied with by an interactive session on oil markets and cooperation in foodstuff, especially beef, and tourist.
