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IFSC brings P2.5 billion in FDI

IFSC brings P2.5 billion in FDI
POSITIVE: Gare

The International Financial Services Centre (IFSC) has brought in a total of P2.5 billion as part of the Foreign Direct Investment through Botswana Investment and Trade Centre (BITC).

This was revealed by the Assistant Minister of Investment, Trade and Industry, Karabo Gare, on the floor of parliament recently.

He was responding to queries by Member of Parliament (MP) for Gaborone Bonnington South, Christian Greeff who had wanted the ministry to state how much of the P3.2 billion that was alluded to by President Mokgweetsi Masisi in his last State of the Nation Address was from the IFSC.

In response, Gare said during 2018/2019, P2.5 billion was generated through the IFSC which he said was critical in making the country an international financial services hub for the region.

Companies that are registered under the IFSC carry activities such as banking and finance operations transacted in foreign currency, brokering and trading of securities denominated in foreign currency, accounting and financial administration among others.

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For a company to be registered as an IFSC company, it has to be registered in Botswana and has to apply though BITC for certification.

Greeff had also wanted the Assistant Minister to state the names of the companies that invested in Botswana and jobs that have been created.

However, Gare declined citing confidentiality but said 431 jobs were created from this FDI.

Besides the IFSC, manufacturing was the leading sector during the period in terms of FDI, bringing in a total of P68 million according to figures stated in parliament followed by mining at P598 million.

The tourism industry amounted for P31 million while hospitality FDI was P12 million for the same period.

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