IFSC goes into partnerships with 13 international firms
Botswana IFSC has forged partnerships with 13 International Professional Service Firms, marking the involvement of private sector’s commitment to support and participate in economic development initiatives.
Botswana has been cautioned by the World Bank about the limited private sector participation in the country’s domestic economy and IFSC has taken heed of this warning hence they have taken this first step to address the concern.
“We want to ensure that the private sector plays a leading role in the investment promotion of our financial centre,” IFSC Acting CEO, Letsebe Sejoe, said. Sejoe revealed IFSC wants to essentially allow the private sector to assume lead role in attracting and facilitating the entry of new entities into its centre.
IFSC signed Memorandum of Understanding with 13 professional service firms, which include Deloitte, Price Water House, Grant Thornton, Turnstone, BDO, along with other highly regarded firms. “Through these partnerships, we expect to achieve acceleration in the growth of the IFSC,” added Sejoe.
IFSC is aiming at vastly increasing the rate at which companies register in the centre in order to quickly reach critical mass ultimately attaining fully fledged financial centre in Botswana.
The signing of MOU’s officially acknowledged the firms as Recognised Management Services Firms empowered to market the Botswana IFSC framework. “Professional Service Firms will play a leading role in promoting Botswana as a preferred investment destination,” said Heinrich Odendaal, Chairman of Turnstone.
Odendaal said the new partnerships forged will bring a great deal of benefits into the country, which include employment, economic activities, retention of intellectual capital and Liquidity in banks. Additionally it will help in internationally marketing the Brand of Botswana and promoting tourism. He commended Botswana’s reasonable tax rates which have made it a strong player in African economics.
Speaking on behalf of other firms, Odendaal said they will assist applicant companies to successfully secure Botswana IFSC certification as well as Assist IFSC certified companies to successfully manage their companies in Botswana.