Botswana is seeking to diversify its economy away from diamond dependency by focusing on sectors such as agriculture, copper mining, and tourism. Vice President Ndaba Gaolathe announced that the diversification strategy will also include mineral beneficiation efforts. Projects like Khoemacau Copper Mine are expected to create jobs and increase production capacity significantly.

Botswana, facing an uncertain diamond industry, is actively seeking to extend its economic base. The Vice President, Ndaba Gaolathe, announced initiatives to develop agriculture, copper mining, and tourism. These efforts aim to reduce reliance on diamond revenues, which have proven to be both advantageous and risky for the country.

In his budget presentation in Gaborone, Gaolathe emphasized the necessity of diversifying key sectors, including tourism, agriculture, manufacturing, information technology, and healthcare. He identified the diversification of the mining sector and prioritizing mineral beneficiation as central to the economic strategy.

Gaolathe highlighted the potential of companies such as Khoemacau Copper Mine, recently acquired for $1.88 billion by a Chinese firm, to significantly impact job creation. The company plans to expand copper production significantly, increasing annual outputs from 60,000 tons to at least 130,000 tons, thereby raising employment from 2,000 to 4,000.

Further diversification efforts will focus on seed production, establishing local fertilizer industries to minimize import dependency, and enhancing the power sector by adopting solar energy solutions. These initiatives underscore Botswana’s commitment to a sustainable economic future and resilience against market uncertainties.

Botswana’s strategy to diversify its economy, particularly in light of challenges in the diamond sector, demonstrates a proactive approach to ensure sustainable growth. With significant investments in agriculture, mining, and renewable energy, the nation aims to create jobs and stabilize its economic foundations. The focus on developing various industries reflects a long-term vision for resilience and independence from diamond revenue.

Original Source: english.news.cn

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