Government is working towards the acceleration and finalisation of the development of the National Spatial Plan (NSP), according to the acting permanent secretary in the Ministry of Environment, Natural Resources Conservation and Tourism, Bareng Malatsi.
Speaking during the Botswana Real Estate and Infrastructure Forum recently, Malatsi said through the plan, government intends to devise new and productive ways in utilising the national space for social, environment and economic prosperity.
“We remain hopeful that the process would be concluded soon which in turn would obviously facilitate the growth of property development in Botswana. The need to align our interventions according to what worth of the land we have is also a priority area which government has adopted,” he said.
Further he urged Pension Fund Management firms, financial institutions and the banking sector to actively participate in property and infrastructure development.
“By nature these developments are capital intensive and evolution of the sector would purely continue to hinge heavily on the competition space and the liquidity of all these financial institutions,” he said.
He said Botswana is one of the improved markets in Africa and also amongst the top five improved markets globally in terms of transparency adding that the standards of excellence are relative. According to Malatsi, property and infrastructure
He highlighted that they provide for short-term employment and long-term return on investment, which in turn creates a sustainable path of economic growth and general prosperity.
“We need to come together regularly as a collective stakeholders to brainstorm and craft new ways and means through which we could ultimately realise our pursuit of global prosperity and economic well-being for all,” he said. He applauded discussions on the application of renewable energy, green architecture and sustainable building materials in property and infrastructure development.
The Real Estate Professional Act of 2003 was specifically designed to mitigate against the risk of investment in the real estate market. It is meant to ensure that the real estate business is regulated and conducted by practitioners with relevant skills and professionalism. He said the creation of this Act demonstrates their resolve to create a conducive environment that facilitate the growth of the real estate sector in Botswana.