South African President Cyril Ramaphosa said on Thursday that “one of the key areas for improvement in economic relations is mutual investment” between South Africa and Botswana.
Speaking during a high-level business roundtable in the Botswana capital Gaborone, Ramaphosa said South Africa’s foreign direct investment in Botswana has increased over the past few years to reach US$5.1 billion in 2021.
“While we will continue to encourage South African investment into Botswana, we are encouraged by the Botswana companies that have already invested in South Africa,” Ramaphosa said.
He added: “Between January 2003 and December 2021 we saw nine foreign direct investment projects from Botswana to South Africa.”
He revealed that Botswana companies have injected capital investment valued at more than US$260 million, resulting in the creation of over 2,000 jobs.
“We would like to see these numbers grow exponentially.”
He said the work being done in the Southern African Customs Union (SACU) by Botswana and South Africa would bode well for the two countries’ ability to take full advantage of the African Continental Free Trade Area (AfCFTA).
This would open new markets in the rest of the continent which hold “immense potential” for the two countries, he said.
“The joint export promotion platforms that are being discussed at SACU level for leveraging AfCFTA trade opportunities are promising,” he said.
He called for the speeding of work towards creation of industrial value-chains in the SACU.
“Through these value-chains, we will be able to grow our industrial exports to the rest of the continent,” Ramaphosa said.
NM/jn/APA