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Botswana signed a Memorandum of Understanding (MOU) with the Democratic Republic of Congo’s (DRC) national investment promotion arm during the recent Botswana-DRC Business Forum.
Botswana signed a Memorandum of Understanding (MOU) with the Democratic Republic of Congo’s (DRC) national investment promotion arm during the recent Botswana-DRC Business Forum.
The MoU aims to explore business opportunities and strengthen economic ties between the two countries. The CEO of Botswana Investment and Trade Centre (BITC), Keletsositse Olebile, signed on behalf of BITC and Botswana while the Managing Director of the DRC’s Investment Promotion Agency, Anthony Nkinzo Kamole, signed on behalf of the DRC. The MoU aims to promote trade and investment between Botswana and the DRC, as well as to foster collaboration in various fields such as mining, agriculture, tourism, and infrastructure.
The agreement also outlines plans for the exchange of information and expertise, joint ventures, and the establishment of a joint business council to enhance private-sector engagement. Addressing delegates during the presidential session of the business forum, both President Mokgweetsi Masisi of Botswana and President Felix Tschiskédi of the DRC described the latter’s visit as the beginning of strong economic and political ties between Botswana and the DRC which will further strengthen bilateral ties.
President Masisi noted that it was disturbing that economic and trade relations between the two countries have stagnated over the past years despite their common interests which include an abundance of mineral resources. The President characterised Botswana as a true champion of transparency – particularly in the rough diamond trade – that has taken a bold step to strengthen its diamond value chain that includes cutting and polishing of diamonds in the country.
President Tschiskédi stated that his country’s mining industry in general and the diamond sector in particular need to be completely rehabilitated. Being endowed with such an abundance of mineral resources means the DRC has to change the paradigm in order for its mineral and mining sector to rightfully benefit its citizens. The President further stated that he learned a lot in the management of national natural resources during his visit to Botswana’s state-of-the-art mines.
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At the Botswana-DRC Business Forum, the chief executive of BITC highlighted that despite its small population, Botswana is a gateway to a large market through various bilateral and multilateral agreements. He said such agreements can give the DRC access to more than 293 million consumers in the SADC region as well as the duty and quota-free access to more than 61 million consumers through the Southern African Customs Union (SACU).
