Botswana looks to China for domestic investment tips as COVID-19 decelerates FDI

GABORONE -- Botswana should take a leaf out of China's book and aggressively promote domestic investment in order to fill up the void created by the declining foreign direct investment (FDI), an official made the encouragement on July 8.

Karabo Gare, the southern African country's assistant investment, trade and industry minister, told journalists on the sidelines of the COVID-19 progress meeting in Francistown, Botswana's second largest city that it is time to look to China for domestic investment tips.

Botswana Investment and Trade Centre (BITC), the country's investment promotion body, late last month announced that Botswana's FDI is expected to register a 40 percent drop this year largely due to economic confusion caused by the ravaging COVID-19.

It is against this background that Botswana has to engage other countries like China that managed to take necessary steps to correct some economic imbalances and boost domestic investment and demand, said Gare.

"We need to take a leaf out of China's book since it is well documented that the Chinese government has actively promoted national strategic plans aimed at integrating domestic economic mega-regions and generating domestic demand," said Gare.

"China has achieved a lot that can assist Botswana to grow. So, we are going to go through our ministry of international affairs (and cooperation) and approach China in that regard," said Gare, adding that Botswana has strong bilateral relations with China.

Botswana regards China as a strategic development partner and remains hopeful for the Asian country's enhanced participation in Botswana's economic diversification agenda.

Last year, Botswana and China held first session of the Joint Committee on Economy, Trade, Investment and Technical Cooperation.