BEDIA/IFSC merger targets November Parliament

MBONGENI MGUNI
Staff Writer | Friday September 3, 2010 00:00

The taskforce, which is chaired by the Ministry of Trade and Industry's deputy permanent secretary (Industry), includes representatives from BEDIA, IFSC, Ministry of Finance and PEEPA and reports to Trade Minister, Dorcas Makgato-Malesu.

According to an IFSC bulletin, the BEDIA Act will be amended to incorporate relevant laws enabling IFSC 'to advance the competitiveness of the new entity to be formed'. The legislative amendments will also update BEDIA Act clauses necessary for the new entity.

'The process of merging the two entities is well on schedule and is targeting approval of the legislative amendments during the November 2010 sitting of Parliament,' the IFSC's bulletin said. The taskforce has already conducted benchmarking exercises in Ireland and Mauritius, with the former involving the Industrial Development Agency and the latter Mauritian financial sector laws.

'The merger taskforce conducted a benchmarking exercise with the Industrial Development Agency of Ireland which evolved through a similar process and the key learning points will inform the committee when structuring the new entity,' the bulletin reads. 'A benchmarking exercise was also conducted with Mauritius on their financial sector laws, in line with the project of enacting new laws for the Botswana IFSC.'

'The Mauritian benchmarking visit included the Board of Investment in Mauritius, which is the focal point for investment promotion and evolved out of the Mauritian equivalent of BEDIA, MEDIA, and its IFSC equivalent, MOBAA.

The findings will inform the process of merging Botswana IFSC with BEDIA.'

Officials were quick to point out that all the incentives offered under the IFSC package would not be 'in any way' affected by the merger. The incentives, which include tax and other services, will continue to be offered under the merged entity.