Tibone advocates for support to local companies

Speaking at the recent Botswana Stock Exchange Limited (BSEL) opening bell ceremony in Gaborone, businessman Charles Tibone has bemoaned that the economy is hunting for Foreign Direct Investment (FDI) and shunning local entrepreneurs. He has therefore implored Government and the public in general to embrace growth of local businesses.“The core of your economy is your people and our businesses (local businesses) should be seen as assets in the economy,” Tibone said. Tibone said great initiatives have crumbled, due to market resistance which he views as the main challenge for most entrepreneurs. Citing his pharmaceutical company which closed shop after two years of operation in the early 90s, Tibone said failure to get local support before accessing the export market, lead to the closure of the business. Tibone said lack of local support is crippling many businesses, adding that once a business is funded or initiated, the owners should work hard.“You are on your own,” said Tibone emphasizing that most local entrepreneurs have had more failures than success, due to the limited success. Tibone’s sentiments are also shared by Botswana Export Manufacturers Association (BEMA), Nkosi Mwaba, who is on record calling for the local market to offer unwavering support to local enterprises. “We need to unapologetically support, protect and develop local industries before rushing to conform to often unrealistic regional trade expectations,” Mwaba said.Mwaba further said free trade and an open border system is fair if aligned to the healthy development and growth of Botswana companies. Meanwhile government has recently announced that it is enacting a Business Facilitation Law which will enhance the country’s international standing as an investment destination of choice. Last year, Botswana One Stop Service Shop Centre (BOSSC) was launched to shorten the turnaround time for foreign businesses seeking various government authorizations, business registration, issuance of work and residents permits at no cost to ensure quality service standards to investors.