Botswana Bureau of Standards (BOBS) Managing Director, Masego Marobela has challenged companies to offer quality products and services.
Speaking at the license award ceremony for Flotek Pipes and Irrigation’ BOS ISO 15877-2:2009 certification, Marobela said companies should utilise government’s Economic Diversification Drive (EDD) to market and sell quality assured products.“These initiatives are aimed at developing sectors that will contribute to the diversification and growth of our nation’s economy,” said Marobela. She further said companies should adhere to standards and ensure products are genuine always.
“I would like to stress that producing quality goods and services should not only be pursued for the tendering purposes, but should be inherent in the culture and way of doing things and business in any entity,” said Marobela.The BOS ISO 15877-2:22009 certificate is a standard for plastics piping systems for hot and cold water installations chlorinated standard, a new plumbing solution on the market.
“This certification underpins Flotek’s commitment to provide continued effective implementation of the requirements of the product standard,” said Marobela. Flotek Pipes and Irrigations is the largest manufacturer of plastic pipes in Southern Africa and produces of over 35 000 tonnes annually, of which 50 percent is produced in Botswana.
According to the company’s statistics, 80 percent of Botswana production is exported into the SADC region. “We don’t consider Botswana to be landlocked, but a land linked country with favourable trade agreements like SADC and SACU. Botswana is also an ideal investment destination because of its low cost of capital, macro-economic stability and investor friendly labour policies,” said Vijay Naik, Flotek Pipes and Irrigations Managing Director.
The company has operations in Botswana, Namibia, Angola and South Africa, with plans to open in Zambia, Mozambique and Zimbabwe.The Ministry of Investment, Trade and Industry recently announced intentions to make the country an export led economy.
Gov’t swiftly acts on BMC
Government has moved swiftly to place Botswana Meat Commission under the care of a management firm; the move is meant to put the Commission into shape both operationally and financially.
This was disclosed by Finance and Economic Development Minister, Dr Thapelo Matsheka, further stating the BMC is technically insolvent despite having received nearly P1billion as a bailout in recent times. The new management company will run BMC, which is based in Lobatse starting on the 2020/2021 financial year.
The finance minister made it crystal clear that, the move to appoint a caretaker firm for BMC was made to protect the interests of all stakeholders, including farmers. According to Matsheka, the Minister of Agriculture Development and Food Security, Dr Edwin Dikoloti will provide more details on the BMC changes in due course during his committee of supply speech. Government is also proceeding with the conversion of BMC to a company under the Companies Act following the approval of BMC Transition Bill and subsequent repeal of the old Act.
The repealing of the BMC Act has since eliminated the monopoly of the Commission when it comes to beef and cattle export. The repeal has also enabled government to establish a beef regulator which will be responsible for regulating the beef and the cattle sector. “Another aspect of the transition is the ultimate privatization of BMC.
The objective of the privatization of BMC is, among others, to engage the private sector in the ownership and management of the BMC to achieve operational efficiency and profitability, as well as reduce Government’s future financial commitments in the entity. This would be an important process in the transformation of the beef and cattle sector,” noted Matsheka. BMC which is 100 percent owned by government has been operating with losses for many years due to internal and external challenges such as poor supply and Foot and Mouth Disease(FMD).
BSE invite companies for CSD project
Botswana Stock Exchange (BSE) has intentions to implement a new Central Securities Depository (CSD) system by the second quarter of next year.
Authorities at the bourse have already put out a call for companies to perform a post migration data verification and quality assessment from the current depository system to a new depository system set to go live in the first half of 2020.“As part of the project, the BSE is to migrate master data and reference data from the current system to the new CSD system,” said BSE in a statement released this week.
According to BSE, the project will include comprehension of the BSE Data Migration Strategy and Plan and data mapping design and rules, review of the data migration ETL processes, data quality verification completeness, accuracy, consistency, definition and scope of data to migrate. In addition, BSE said it will migrate only active or open transactions in the current system to the new system. The scope of open transactions includes active or running corporate actions, active investor accounts, investor account balances above zero, active participants, active issuers and active instruments.
Meanwhile, BSE Chief Executive Officer, Thapelo Tsheole is on record citing that the new CSD system comes with functionalities such as securities borrowing and lending (SBL), management of the settlement guarantee fund, initial public offering (IPO) processing, e-voting for listed entities, repo management and online investor access.
Commenced in the first quarter of 2019, the project is also an integral element of the ongoing single CSD project pioneered by the Ministry of Finance and Economic Development, Non-Bank Financial Institutions Regulatory Authority and BSE.
The system is also expected to help increase the CSD system ratings by Thomas Murray, an assessment of which will be conducted once the system has been commissioned in early 2020.