Mogae Seeking Indian investments in BotswanaDecember 10, 06
Botswana President Festus Mogae has invited Indian businessmen to invest in his country, saying that it offered an attractive investment climate with low corporate taxes – 15% for manufacturing and 25% for non-manufacturing industries – and a negotiable tax holiday of up to 10 years.
Speaking at a meeting organized by industry bodies CII, FICCI and Assocham, President Mogae said that Botswana has a high credit rating, a transparent governance process, continuity of policy, rule of law and respects the sanctity of contracts.
“We want to attract Indian investment in technology as well as its business acumen especially in the small and medium enterprises sector,” Mogae said.
He added that his government had begun taking steps to facilitate this process. It had set up a full fledged High Commission in India earlier this year and would be opening a branch of The Botswana Export Development and Investment Authority (BEDIA) in India shortly. This would help sort out issues like delays in issuing licenses and other hindrances, he said.
During the presidential visit, the two countries have agreed on a double-taxation avoidance treaty and are negotiating an investment protection agreement. President Mogae also offered his support for a free trade agreement between India and the South African Customs Union (SACU) to avoid the protective tariffs set by SACU.
Mogae said he was looking forward to "consolidate and expand" the friendship and co-operation between India and Botswana. Botswana is the largest producer-exporter of rough diamonds, and India the largest manufacturer of polished.