The Minister of Investment, Trade and Industry, Vincent Seretse has commended financial services consultancy firm, Grant Thornton for its efforts to stimulate growth of the private sector.
Speaking at the recently held Grant Thornton third annual Private Business Growth Awards, Seretse said the awards recognise businesses that demonstrate holistic growth and encompass a broad range of activities across their businesses such as innovation and market development.
He said Grant Thornton has cultivated a healthy competitive behaviour amongst private companies, which has helped stimulate economic growth and opportunities.
“For the past three years, this initiative has gradually and significantly impacted the lives of Batswana as businesses who have won have gone on to grow and employ more people,” he said.
“The awards are a testament of the efforts that the private sector is in support of government’s efforts bridging the unemployment gap in the country.”
Further he commended Grant Thornton on the initiative of encouraging the private sector and recognising growth and excellence as commitment to drive Botswana’s economic prowess beyond diamonds.
“Botswana has achieved high levels of economic growth since independence and this growth has been highly attributable to our mineral endowment,” he said.
“However, diversification remains a priority to actively elevate our economic growth and this is highly dependent on our private sector.”
According to Grant Thornton’s latest International Business report for 2017, which surveyed 36 countries, Botswana businesses showed the second highest intention to expand domestically at 53% in comparison to the global average of 34% and the African average of 38%.
Seretse said this reflects the mind frame of the awards’ participants.
“It is those that are committed to the great cause of growth as outlined in the theme of informed that the Private Business Growth Awards recognise businesses that demonstrate holistic growth,” he said
This year’s awards, which were done in collaboration with Business Botswana, were held under the theme, ‘Creating momentum for growth.’
This year, Grant Thornton in collaboration with Botswana Investment and Trade Centre, introduced special categories, which includes Investor of the Year- manufacturing, which was won by Northern Textiles Mills.
The Investor Award- Expansion was won by Chloride Exide Botswana, and Exporter of the Year, which was won by Radicals Investments.
Hotwire PRC won the best medium sized enterprise while Security Systems won the large-medium awards.
Last year Nashua Botswana won the small to medium category while Flo-Tek won the large category.