Read the Ambassador's Remarks
Introduction
Respected Government of Botswana officials
Members of the Diplomatic Corps present,
Leadership and board members for the Global Entrepreneurship Network in Botswana.
Entrepreneurs and colleagues from the business community,
Other distinguished guests.
Dumelang Bo Mma le Bo Rra.
It is a pleasure to be here with you to mark the beginning of Global Entrepreneurship Week.
This week, and really every day, is a time to celebrate the creativity, drive and innovation of entrepreneurs in Botswana and globally.
The Global Entrepreneurship Network, based in the United States, was created this week in 2008 to encourage potential entrepreneurs, especially the young people, to innovate, and to cultivate their passion for entrepreneurship to advance sustainable development.
Global Entrepreneurship week also creates an opportunity for entrepreneurs to engage with their counterparts, share ideas, support, and inspire one another to develop greater innovative solutions.
The United States is proud to be Botswana’s partner in innovation and entrepreneurship. We are invested in your community, and I am honored to be here today to celebrate the progress we have made and will continue to make jointly.
Botswana is one of Africa’s, and the world’s, great democratic and development success stories. It is one of the longest standing multi-party democracies and one of the most reliable partners of the United States in Africa.
Botswana’s true democracy was tested in the recent elections where we witnessed the will of Batswana to affect change, and the smooth, peaceful transition from a party that had been in power for the past 58 years to another party that had long been in the opposition.
This was a rare and amazing moment to see, one that seldom happens. I truly believe that this transition will go a long way to providing international businesses and investors’ confidence in Botswana as a safe and stable destination for long-term investment.
Not long ago, we also saw young Letsile Tebogo win the first ever Olympic gold medal for Botswana. Letsile’s performance showed the whole world that anything is possible for the youth of Botswana. It is an inspiration to Batswana youth to push harder and never give up in chasing their dreams. To quote His Excellency the Vice President Ndaba Goalathe, “dream bigger.”
The United States wants to help the youth of Botswana to make those dreams come true. I am proud of the role the United States plays in partnering with Botswana to support entrepreneurs, and to lay the foundations required for Botswana’s business landscape to thrive.
Entrepreneurship is the engine of growth for every economy. It creates new markets, develops wealth, brings new ideas and products to the market, and most importantly, it creates new jobs.
Unemployment is a critical challenge for most economies. In Botswana, the youth are the hardest hit, with a reported rate of unemployment over 30 percent.
You could be the solution to this problem! Do not underestimate your potential and the role you play in economic growth and economic development.
In the United States, according to the Small Business Administration, small businesses employ about 46 percent of American private sector workers, contribute about 44 percent of the gross domestic product, and pay 39 percent of the private sector payroll.
You can tell from these statistics how important entrepreneurship is, the contribution it makes to the U.S. economy. Botswana is no different but maximizing job creation through entrepreneurship can only be made possible by deliberately creating a conducive environment and implementing policies that inspire and nurture creativity and innovation.
The United States considers Botswana a good trading partner, and we will continue to work with all relevant stakeholders to strengthen our trade ties.
One of the ways that we do so is working with the entrepreneurs and business leaders that make up the American Business Council (the ABC) in Botswana.
The ABC includes many small-to-medium-sized Botswana-based businesses with Motswana leadership.
The Embassy supports the ABC to build diversity, cooperation and engagement within Botswana’s business community, which in turn, grow U.S.-Botswana business ties.
The U.S. Government is committed to supporting the growth of entrepreneurship in Botswana. Our programs support the Government of Botswana in improving and transforming their procurement system to align with international standards and level the playing field for all companies.
In September 2023, the U.S. Trade and Development Agency awarded a $1 million grant to BoFinet to assess the technical and economic viability of expanding rural broadband and digital infrastructure throughout Botswana to connect the country’s most rural and hard-to-reach communities.
Power Africa is making significant strides to enhance energy security, promote economic diversification, and support the country’s vision of becoming a high-income economy by 2036.
We are working closely with the Government of Botswana and private sector partners to scale up solar power projects that can provide clean, reliable electricity to communities across the country.
Through the United States International Development Finance Corporation (DFC), we have extended loan guarantees that help entrepreneurs access capital and grow their businesses. This includes $250 million in loan guarantees since 2016 for the diamond cutting and polishing sector.
Since 2014, we also supported a $15 million loan guarantee to help small- and medium-sized enterprises have more success accessing loans. Although that particular program has come to an end, DFC is working on extending this loan guarantee and is currently looking for a new local partner bank.
Let me close by saying that Botswana’s prosperity and sustainable development are priorities for the U.S. Mission here.
I want to encourage all of you to innovate and create to transform lives and communities for a better Botswana. As entrepreneurs, you have that power to make change for the better in your country.
The United States stands ready to support Botswana entrepreneurs in realizing vast potential of this amazing country.
I wish you all an excellent Global Entrepreneurship Week.
Thank you.