Senior officials from the UAE and Botswana recently discussed ways to further strengthen bilateral relations between the countries by developing vital sectors like trade and investment.

Officials from the UAE’s Ministry of Economy, Dubai Chamber and the Ministry of Investment, Trade and Industry of Botswana recently took part in the UAE-Botswana Business Forum was held in Dubai, UAE.

Vincent T Seretse, Minister of Investment, Trade and Industry, Botswana; and Abdullah bin Ahmed Al Saleh, undersecretary of the Ministry of Economy for Foreign Trade Affairs on behalf of Eng Sultan bin Saeed Al Mansoori, UAE Minister of Economy, participated in the forum.

Also present at the event were 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, as well as over 200 officials, businessmen and investors from both countries, it said.

Al Saleh: trade growing

Al Saleh said on his speech on behalf Al Mansoori, that bilateral ties between the UAE and Botswana were particularly robust, due to investments in key sectors.

He said: “The UAE has strong commitment and trade ties with the African markets and we have active engagement with the region through our investments in key sectors. Trade volume between UAE and Africa totals around $35 billion and has been growing at a double-digit rate annually.”

“Non-oil trade exchange between UAE and the African countries touched Dh140.5 billion ($38.25 billion) in 2016, at a growth rate of 16 per cent.” he added.

“UAE’s growth in Africa is visible in key sectors such as oil and gas, tourism, aviation and logistics with several national companies including Enoc, DP World, Air Arabia and Fly Dubai, to name a few established in key regional markets,” Al Saled said.

He affirmed that Botswana and the UAE need to bolster ties in key areas of cooperation, particularly in sectors where the both countries have already established investments in Africa such as agriculture, renewable energy, infrastructure, manufacturing and trade on precious metals, including diamonds, and pointed out that the high standards and regulations that the UAE has put in place for diamond trade provides a gateway for Botswana to bolster its international market.

The official said that this further boosts the importance of building a strategic partnership between Botswana and the UAE and taking a step closer to developing strong economic ties based on common interests in line with both countries’ sustainable development agenda, and  added that the UAE is strategically positioned as an ideal investment hub for Africa and we its keen to advance this goal by providing the ideal investment platforms offering a liberal investment environment, state-of-the art infrastructure and seamless government procedures for doing business.

On his part, Seretse said that Botswana stands to learn a lot from the UAE, particularly in sustainable economic diversification, and he added that they wish to learn and emulate how the UAE has successfully diversified its economy by creating other thriving strategic sectors such as tourism, financial and business services, transport and logistics, as well as manufacturing, to name a few.

He commended the firm resolve of the UAE to have 64 per cent of its GDP derive from non-oil reserves by the year 2030.

Seretse continued: “There are a lot of areas where Botswana and the UAE can join hands for the mutual good. Given the negative trade balance in favour of Botswana, there is a lot of potential for the UAE to export more goods and services to Botswana.”

“Currently, Botswana exports goods worth $708 million per annum to the UAE, mostly diamonds; while the United Arab Emirates exports $21 million of diamonds and other consumables to Botswana.”

He affirmed that over and above trade, setting up a production facility in Botswana provides access to multiple preferential trade arrangements, 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 the business climate, he said, and added that they have in place the necessary regulatory framework in terms of policies, laws, and regulations that ensures security of investments and facilitates sustainable profitability and opportunities for business expansion.