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U.S.-Africa Business Summit: Investment in Botswana’s Creative Industry – Unlocking Economic Opportunities
The U.S.-Africa Business Summit, set to take place in Gaborone, Botswana from July 11-14, 2023, will provide a platform for key stakeholders to explore opportunities and forge partnerships that will enhance Africa’s value in global value chains. EBW is looking into this juggernaut with a specific focus on the creative industry, which features on a plenary panel – one that aims to showcase the immense potential for investment in Botswana & Africa’s creative sector, which is emerging as a significant contributor to the BW’s economy.
Over the past decade, Africa’s creative industry has experienced remarkable growth, transforming from a marginalized sector to a key player in the global creative economy. Valued at an impressive $2.2 trillion, the industry has become a source of employment, foreign exchange, and pride for the continent. Notably, the film sector alone generates $20 billion in revenue and supports an additional 20 million jobs, according to a UNESCO report.
Recognizing the creative industry as a growth agent and an economic multiplier, policymakers have placed greater emphasis on supporting and investing in this dynamic sector. The panel discussion at the U.S.-Africa Business Summit will delve into the current financing tools and emerging opportunities that stakeholders in the industry are leveraging to further expand and solidify the creative sector’s position as a valuable commodity, both within Botswana, Africa and abroad.
Distinguished speakers, including Akunna Cook from Next Narrative Africa, Germàn Cufrè from the International Finance Corporation, and Jade Osiberu from Greoh Studios, will share their insights and expertise on the financing landscape of the creative industry. The panel will also feature Linus Idahosa from Del York International Group, Denim Richards (Co-Founder & Actor), and Masego Mohwasa from Women in Film Botswana. Their collective knowledge and experiences will shed light on the opportunities available for investors and entrepreneurs to tap into the immense potential of Africa’s creative industry.
Investing in the creative sector offers numerous benefits for African and international investors alike. First and foremost, the industry stands to serve as a catalyst for cultural preservation, and job creation, providing employment opportunities for the country’s burgeoning youth population. With the sector experiencing growth rates between 12 and 16% every half-decade, there is a considerable demand for skilled professionals in various creative fields that could see those coming to Africa take advantage of Botswana’s stability, peace, and linkages to access an Africa-wide market.
Creative industries present a unique avenue for foreign exchange earnings. By nurturing and promoting local talent, Botswana is looking to attract international partnerships and collaborations, hopefully leading to increased exports of creative products and services. This, in turn, contributes to a more diverse and robust economy, reducing reliance on traditional sectors such as mining and agriculture…in the face of a government that’s increasingly trying to build a knowledge-based economy.
Additionally, the creative industry has a significant role to play in shaping the country’s cultural identity and promoting tourism. By showcasing Botswana’s rich cultural heritage through music, fashion, film, and art, the creative sector becomes a vital tool for attracting tourists and fostering cultural exchange. Cultural tourism has the potential to create a positive ripple effect across various sectors, stimulating growth in hospitality, retail, and other related industries.
The U.S.-Africa Business Summit provides a unique opportunity for investors and entrepreneurs to engage with government and private sector decision-makers over the course of four days. By participating in the various plenary sessions, sector-focused panel discussions, and networking events, attendees will gain valuable insights into the industry-tested solutions for doing business in Africa’s creative sector.
Moreover, the summit’s focus on enhancing Africa’s value in global value chains aligns perfectly with the Botswana government’s efforts to position the country as a hub for creative industry productions.
As African enterprises continue to forge regional and continental linkages, the implementation of the Africa Continental Free Trade Agreement (AfCFTA) further amplifies the possibilities for growth and job creation. The plenary session on enhancing Africa’s value in global value chains will highlight successful endeavors and explore strategies to replicate and scale these efforts, fostering collaboration between U.S. and African companies.
In conclusion, the U.S.-Africa Business Summit in Botswana presents a prime opportunity to explore the investment potential in Botswana’s creative industry. With its remarkable growth, employment generation, and contribution to the economy, the creative sector is poised to play a pivotal role in Botswana’s economic diversification. By leveraging the insights and networking opportunities offered by the summit, investors can tap into this thriving sector, contributing to the sustainable economic development of Botswana while enjoying the significant returns offered by the creative industry. For us, we’re hoping that it’s more than a talk shop – but a place where Botswana’s Creative Sector finally finds the investment it derserves.