Botswana Innovation Hub (BIH) has signed a Memorandum of Understanding (MoU) with Special Economic Zones Authority (SEZA) aimed at marketing the innovation products.
Speaking during the signing last week, BIH CEO Allan Boshwaen said the MoU is beneficial as it allows them to market their products better internationally.
“The MoU comes in handy as we are looking to attract investors in the innovation and technology sector with some already setup at the science and technology park,” he said.
According to Boshwaen, the MoU would further allow them to integrate development of infrastructure as any future infrastructural developments by SEZA such as roads in the SSKIA special economic zone will be made such that they are in sync with those made by BIH.
“It had always been intended that one of the incentives be part of special economic zone and because we did not have that incentive we just had interims that were investing.
Now that SEZA has managed to secure better incentives from the country’s leadership it will enable BIH to expand successfully,” he said.
On his part SEZA CEO Thatayaone Ndzinge sai the two organisations have a similar vision hence the partnership. BIH has been included as part of the Sir
Ndzinge said they would soon kick-start the first phase of the SEZA named Boulevard One.
“We have a plan of action and will be starting phase one of the plan, which they have named ‘Boulevard One’.”
In addition, Ndzinge said with incentives that they have been able to get from the leadership they have left some space for the intervention of other parastatals, specifically looking at their areas of specialisation such as the Botswana Investment and Trade Centre.
SEZA offers both fiscal and non-fiscal incentives for investors who invest in their SEZAs. Some of the fiscal incentives include five percent corporate tax for the first 10 years, 10% corporate tax thereafter, fast tracked land allocation, long term renewable land leases, duty-free imports of specialist plant and machinery for manufacturing purposes along with other incentives that were approved by cabinet.
Non-fiscal incentives that SEZA offers to investors include support in fast tracking the issuance of visas, work and residence permits, identify and introduce investors to service suppliers, and many other incentives.