Gaborone — Having benefitted extensively from diamond revenue since independence, Botswana now sets to invest funds from mineral deposits into ensuring the country has a bright economic future even beyond the shelf life of the country's mines, President Dr Mokgweetsi Masisi has said.
Giving a keynote address at the US -Africa Business Summit Cultural Night in Gaborone on July 13, Dr Masisi said Botswana sought to prudently invest diamond revenue in value addition and economic diversification to ensure a lasting legacy for the country.
"When we say diamonds are forever, it is not because we are ignorant of the inevitable extinction that our diamonds will face at some point in future, but it is because we have put measures in place to wisely reinvest the diamond proceeds into sustainable ventures so that their fruits will forever be enjoyed by generations to come," said Dr Masisi.
The President told the gathering that Botswana was working on becoming more involved as an active player in the diamond industry with increased human capital and technical know-how to be more engaged in the downstream activities of the sector.
"As we continue to carefully navigate the complex diamond industry, and with more capacitation for participating in the entire diamond value chain, we can only hope to continue to reap more rewards as we get ready to embrace more and greater opportunities before us," said Dr Masisi.
President Masisi pointed out that the theme of the cultural night was to expose Setswana culture to the over 1 000 delegates participating in the US-Africa Business Summit as well as to tell the diamonds for development story that underpinned the country's rise from underdevelopment at independence to current economic stability.
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"Through music, dance, storytelling, art and food, you will be taken on a journey that will connect you to the pulse of who we are as a people. We also witness a re-telling of our diamond story, that we take pride in because of how the discovery of diamonds back in 1967 became the turning point towards our economic transformation and our renewed hope for a better life for all Batswana," said Dr Masisi.
He added that he hoped delegates from outside Botswana would return as tourists to explore new business and partnership opportunities, while also urging fellow Batswana to network with the visitors, to travel extensively to seek new opportunities beyond the country's borders.
For his part, the Minister of Trade and Industry, Mr Mmusi Kgafela said the evening, which included performances by local musical groups such as Shanti Lo, Sebaga Rabantheng, Mophato Dance Theatre, Cqoee Saa Karaee dance troupe as well as Setswana cuisine, displayed the role the country's creative sector could play in the economy.
"The arts is an economic sector on its own and therefore generates economic growth through direct and indirect expenditure as well as through employment generation," Mr Kgafela said.
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