Botswana and Russia Eye Closer Ties
January 05, 26
(IDEX Online) - Botswana and Russia, two of the world's biggest diamond producers, are moving towards closer collaboration.
Botswana's foreign minister Phenyo Butale yesterday (4 January) told Russia's state-run TASS news agency he was seeking Russian investments in diamonds, as well as rare earth elements.
Botswana holds promising exploration-stage deposits of rare earths, though they are not yet in commercial production.
"We believe that Botswana is the best market for investment, given the political and economic stability," he said. "This is why we do encourage Russian investors to come to Botswana.
Butale also said Botswana would be opening an embassy in Moscow. Both countries share long-standing diplomatic ties but Botswana currently relies on a non-resident ambassador based in Stockholm, Sweden. Russia has had an embassy in Gaborone since 1976.
Botswana relies on diamonds for around a third of its revenue, but recognizes the need to diversify in the face of an ongoing slump in demand for natural diamonds.
Pic shows Botswana's foreign minister Phenyo Butale.