Coronavirus delays Trade, Industrial Development Acts
Pauline Dikuelo | Wednesday April 8, 2020 15:00
Ministry of Investment, Trade and Industry, permanent secretary, Keganele Malikongwa said the move was influenced by the ongoing coronavirus pandemic.
'In this regard, the current Trade Act 2003 and Industrial Development Act 2006 shall be in force until further notice,' she said.
The Trade Act and the Industrial Development Act were passed during the 11th session of Parliament. The implementation of the Trade Act is aimed at improving the business environment locally. The two Acts will allow the issuance of licences and registration certificates over the counter.
Meanwhile, the Export Credit Reinsurance Act of 1997, is also being reviewed, to among others, expand the Botswana Export Credit Insurance products to include the Outward Investment Insurance and the Medium and Long Term Export Credit Insurance. These products will enable companies that are registered in Botswana to invest in projects outside Botswana and facilitate export of capital goods.
MITI's mandate is to create a conducive business environment, promote investment and help the development of sustainable industries and trade.
The ministry also seeks to ensure a coordinated approach towards Small, Micro and Medium Enterprises development, investment promotion and export development. A focus on these key areas would ensure the achievements of economic diversification as well as economic growth.