Home Business ‘World bank rankings affecting FDI’ – Kenewendo

‘World bank rankings affecting FDI’ – Kenewendo

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‘World bank rankings affecting FDI’ - Kenewendo
WELCOMING THE WORLD: Masena

Country ranks 153rd globally for ‘Starting a Business’ # 31st in Africa

Botswana ranks 153rd globally in the 2018 World Bank’s ‘Starting a Business’ rankings, coming in at position 31 in Africa.

The country fared considerably better in the ‘Doing Business’ category, achieving a ranking of 81st in the world and fourth in Sub Saharan Africa.

The figures were revealed by Minister of Investment, Trade, and Industry (MITI), Bogolo Kenewendo, during her address at the official opening of the 2018 Corporate Registers Forum (CRF) on Tuesday.

Taking place under the theme ‘Corporate Registries, A Critical Vehicle for Global Economic Growth,’ the ongoing event is hosted by the Companies and Intellectual Authority (CIPA).

Kenewendo continued that the rankings affect Botswana’s ability to attract the much-needed Foreign Direct Investment (FDI), which is essential for employment creation and economic growth.

“It follows therefore that as a nation we must take deliberate action to improve our international standing as a way of making Botswana a destination of choice for investors,” she said.

Despite the seemingly disparaging news, Kenewendo further noted that the country has in recent years made commendable strides in as far as improvement of the business landscape is concerned.

“The Botswana Unified Revenue Service (BURS) has, since 2016, been operating a more accessible and efficient system for filing and paying taxes and the implementation of a new automated customs data management system has positively impacted cross-border trading,” highlighted the young legislator.

In his welcome remarks, CIPA Registrar General, Conductor Masena stated that for most people starting a business begins with corporate registries as they carry the mandate to give a legal status to a business entity.

He further said corporate registries also ensure that the business environment within which the businesses operate is conducive to doing business.

“Corporate registries also play the vital role of ensuring that entities themselves operate and conform to good governance and transparency in handling corporate information,” he explained.

Masena continued that the CFR 2018 Botswana conference provides opportunities for corporate registries to interact, pointing out that the Ministers of Trade from Kiribati and Vietnam had graced the event.