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Wednesday 23 July 2014

Botswana

 

Top 20 reasons to visit, live, invest and do business in Botswana.

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1. Transparency

According to Transparency International, Botswana is the most transparent country in Africa. In 2009, the same organisation rated Botswana as the least corrupt country in Africa. The country has a proven record of good economic governance and has an official policy of zero tolerance for corruption.

 

2. Economic

Stability Botswana is one of the fasted growing economies in the world. The country has a stable macro-economic environment and economic growth. Botswana has retained its favourable investment grade sovereign credit ratings by both Moody’s Investors Service and Standard and Poor’s Credibility and Creditworthiness rating at grade ‘A’, placing the country among the most stable in Africa.

 

3. Competitiveness

The World Economic Forum, producers of the Global Competitiveness Index (GCI) in 2009/10 ranks Botswana as the third most competitive country in Africa following South Africa and Tunisia.

 

 

4. Peace and Security

Botswana is rated the most peaceful nation in Africa (Global Peace Index - 2010). The index placed the country 33rd out of the 149 countries. The country has a zero tolerance for crime and corruption.

 

5. Tourism

Botswana operates a vibrant tourism industry which is the second largest contributor to the country’s Gross Domestic Product (GDP). The country was this year (2010) granted the Tourism for Tomorrow Award with Botswana Tourism Organisation, and crowned the winners of the Destination Stewardship Award for their successful work in advancing sustainable tourism best practices.

 

6. Foreign Investment

Botswana’s laws encourage Foreign Direct Investment (FDI), particularly in the non-mining sector. This is with the aim to diversify the economy. The government has implemented reforms expediting the application process for business ventures and continues to make positive changes to encourage the ease of doing business in the country.

 

 

7. Ease of doing business

Botswana is in 45th place out of 183 countries in the World Bank’s 2010 Ease of Doing Business Report.

 

8. Banking System

The country’s financial sector is well developed and is one of Africa’s most advanced, housing an independent central bank. Monetary and banking policies contribute to macroeconomic and financial sector stability.

 

9. Leadership and Governance

In 2009, former President of Botswana, Mr. Festus G. Mogae was awarded the Mo Ibrahim Award which was established to recognise and celebrate excellence in African leadership. The country ranks in the top three countries with the best governance in Africa.

 

 

10. Economic Freedom

In 2009, the Index of Economic Freedom compiled by Heritage Foundation (covering 183 countries) stated that Botswana is 69.7% free and is the world’s 34th freest economy.

 

11. Botswana - home to the richest diamond mines in the world

Botswana is home to some of the world’s richest diamond mines. Jwaneng Mine is the richest diamond mine in the world by value of recovered diamonds while the Orapa Mine is the richest by quantity of diamonds recovered. Diamond mining accounts for approximately one-third of Botswana’s GDP and 70% of export earnings.

 

12. Socioeconomic development

The Diamond industry is the mainstay of Botswana’s economy and has enabled significant socioeconomic development. Residents of the country have access to educational facilities, healthcare (within 15 kilometres) and safe drinking water (81%). The countries literacy rate (81%) and total school enrolment is high.

 

 

13. Quality of Life

Overall satisfaction of the lives of Batswana places the country in the top three happiest countries in Africa. Botswana is a cosmopolitan country where people of diverse ethnicity and traditions live in harmony.

 

14. Market Access

Through its membership to the Southern African Development Community (SADC) and Southern African Customs Union (SACU), Botswana has market access to a population of 250 million. Botswana also enjoys duty and quota free access to the US market through the African Growth and Opportunity Act (AGOA).

 

15. Tolerance

Batswana are tolerant and take pride in their way of life which is based on respect for traditional and cultural values of mutual respect (botho), consultation (therisanyo) and the promotion of social harmony (kagisano). Setswana tradition also encourages dialogue.

 

16. Political Stability

Since gaining independence in 1966, Botswana has at 5 year intervals, successfully held free and fair elections to elect government. Botswana’s constitution limits presidency to two 5-year terms and voting age is 18 years. Botswana is rated as one of Africa’s most politically stable countries and is the continent’s longest continuous multi-party democracy.

 

17. Corporate Tax

The country Corporate tax is only 15% for manufacturing enterprises and International Financial Services Centre (IFSC) companies. The highest rate for personal income tax is 25%. Botswana has no foreign exchange control.

 

 

 

18. Infrastructure

Botswana boasts a spectrum of well developed infrastructure ranging from road, rail and air networks as well as Information and Communication Technologies (ICT). Residents have access to products and services including educational facilities, healthcare, electricity and safe drinking water.

 

19. Inflation

One of the major pillars of Botswana’s macroeconomic policy is to maintain a stable inflation rate. According to The Bank of Botswana, the current medium term objective is to maintain inflation at 3-6 % (August 2010).

 

20. Warm spirit of Batswana

Batswana are warm and friendly people who are open, respectful, humble and welcoming of guests at all times.